India Electric Vehicle Market Growth, Demand and Challenges of the Key Industry Players 2024-2032
                     India Electric Vehicle 
Market Research and 
Forecast Report 2024-
2032
Format: PDF+EXCEL
© 2023 IMARC All Rights Reserved 
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Acco r d ing  t o  t he  l a t e s t  r epo r t  by  I M ARC G r oup ,  t i t l e d  " I nd i a  E l ec t r i c  Veh i c l e  
M ar ke t :  I nd ust ry  T r ends ,  Sha re ,  S i ze ,  G row t h ,  O ppo r t un i t y  a nd  For ecas t  202 4 -
2032 , "  t he  I nd i a  e lec t r i c  v eh i c le  m a r ke t  s i ze  r eac hed  US$  1 , 327 . 8  M i l l i o n  i n  202 3 .
An  e lec t r i c  veh ic le  o r  EV  i s  a  m ode  o f  t r a nspo r t a t i o n  t h a t  r e l i es  on  e lec t r i c i t y  t o  
Report powe r  i t s  p r opu l s i on  sys t em .  I t  con s i s t s  o f  an  e lec t r i c  m o t o r  powe r ed  by  a  
r ech a r ge ab le  b a t t e r y  pa ck ,  w h ich  r e se r v es  e le c t r i ca l  ene r gy ,  u sua l l y  de r i v ed  f r om  
t he  e lec t r i ca l  g r i d ,  and  s upp l i e s  i t  t o  t h e  m o t o r  t o  ge ne r a t e  m o t io n .  
Highlight and Add i t i ona l l y ,  e l ec t r i c  ve h i c les  a r e  g a in ing  popu la r i t y  due  t o  t h e i r  e nv i r o nm en t a l  
bene f i t s  and  e f f i c i en cy  and  p r o duc e  ze r o  t a i l p i pe  em i ss ions ,  r edu c ing  a i r  po l l u t i on  
Description and  con t r i bu t i ng  t o  a  c l eane r  env i r onm en t .  I t  i s  a l so  ene r gy - e f f i c i en t ,  w i t h  h igh  ene r gy  conve r s ion  r a t es  and  r ege ne r a t i ve  b r ak ing  sy s t e m s  t ha t  cap t u r e  an d  s t o r e  
ene r gy  t y p i ca l l y  l os t  a s  he a t  i n  c onv en t i on a l  veh i c les .  N owada ys ,  t h e  e lec t r i c  
veh ic les  a r e  w id e l y  a dop t e d  ac r oss  t he  coun t r y  t o  cu r b  em iss ion s .
Reque st  f o r  a  P DF  s ampl e  o f  t h i s  repor t :  
h t t p s : / / www. im ar c g r ou p . com / ind ia - e lec t r i c - veh i c le - m ar ke t / r equ es t s am p le
Report Description
I nd i a  E l ec t r i c  Veh i c l e  M ark e t  T rend s :
The  m ar ke t  i s  p r im a r i l y  d r i v en  by  t he  g r o w ing  aw ar enes s  c am pa igns  and  ed uca t io na l  i n i t i a t i ves  l aun ched  t o  i n f o r m  t h e  
pub l i c  a bou t  t h e  be ne f i t s  o f  e lec t r i c  veh i c le s .  I t  c on t r i bu t e d  t o  cha ng ing  pe r c ep t i ons  a nd  i nc r e as ing  acce p t an ce  a m on g  
consu m er s .  I n  add i t i on ,  t he  ad op t i on  o f  e le c t r i c  v eh i c le s  by  co r po r a t i ons  t o  save  cos t s  wh i l e  b ene f i t i ng  f r o m  t ax  
i ncen t i ves  an d  l ower  o pe r a t i ng  co s t s  i s  au gm e n t ing  t h e  m ar ke t  g r ow t h .  M or eo ve r ,  t h e  go ve r n m en t  o f  I n d ia  ( G o I )  i s  
encou r ag in g  t he  p r om o t ion  o f  e lec t r i c  veh i c les  t h r o ugh  va r i o us  p o l i c i es  and  i n i t i a t i ves ,  i nc lu d ing  s ubs id i es  an d  i nce n t i v es  
f o r  m anu f ac t u r e r s  and  con sum er s ,  r ep r e sen t i ng  a no t h e r  m a jo r  g r ow t h - i nd uc ing  f ac t o r .  Th ese  i nc en t i v es  i nc lude  r educe d  
good s  an d  s e r v i ce  t a x  ( G ST)  r a t es  and  i nc om e  t ax  b ene f i t s  en cou r ag ing  au t o m ak e r s  t o  i nve s t  i n  EV  m anu f ac t u r i ng .  A lon g  
w i t h  t h i s ,  t he  i n t eg r a t i o n  o f  e lec t r i c  veh i c les  f o r  u r ba n  m ob i l i t y  so lu t i ons ,  suc h  a s  e - r i c ksh aws  and  e lec t r i c  t w o - whe e le r s  
f o r  l a s t - m i l e  co nnec t i v i t y  a nd  t r an spo r t a t i on  i n  dense l y  popu l a t ed  c i t i es ,  p r ov ide s  an  e f f i c i en t  a nd  eco - f r i end l y  way  t o  
nav iga t e  t h r ou gh  t r a f f i c - cong es t e d  a r e as ,  p r op e l l i ng  t he  m ar ke t  g r o w t h .
Look i ng  f o rw ard ,  I M ARC  G roup  ex pec t s  t h e  m ark e t  va l u e  t o  rea ch  U S$  102 , 6 10 . 8  M i l l i on  by  2032 ,  exh i b i t i ng  a  
CAG R o f  6 0 . 2%  du r i ng  t he  f o rec as t  per i od  ( 2 024 - 2032 ) .
V i ew  Repo r t  T O C,  F i g ures  and  T ab l e s :  h t t ps : / / w w w . i mar cgrou p . com / i n d i a - e l ec t r i c - veh i c l e - m arke t
Vehicle type Insights:
• Passenger Vehicles
• Commercial  Vehicles
• Others
 
Price Category Insights:
Report • Mid-Range
Segmentation • High/Luxury Range
Propulsion Type Insights:
• Battery Electr ic Vehicle
• Hybrid Electric Vehicle
• Plug-In Hybrid Electr ic Vehicle
Regional Insights:
• North India
• West and Central  India
• South India
• East India
Report 
Segmentation
• Ampere  Veh ic les  Pr iva te  L im i ted  (Greaves Cot ton  
L im i ted)
• Ather  Energy  Pvt  L td
• Atu l  Au to  L im i ted
• Ba ja j  Au to  L im i ted  (Ba ja j  Group)
• Elec t ro therm ( Ind ia )  L td .
• Hero  E lect r ic  (Hero  Eco  Group)
Competitive • Hyunda i  Motor  Ind ia  L im i ted  (Hyunda i  Moto r  
Company)
Landscape • JBM Auto  L im i ted
with Key • Mahindra  E lect r i c  Mob i l i t y  L im i ted  (Mah indra  & 
Mah indra  L td)
Players • MG Motor  Ind ia  Pv t  L td  (SAIC  Motor  Corporat ion  
L im i ted)
• Ok inawa Autotech  Pvt  L td
• Olect ra  Greentech  L td .
• Piagg io  Veh ic les  Pv t .  L td .  (P IAGGIO & C .  SPA)
• Tata  Motors  L im i ted  (Tata  Group)
• TVS Motor  Company  (Sundaram -  C layton  L im i ted)
• VE Commerc ia l  Veh ic les  L im i ted
How big is India's EV market?
What is the expected growth rate of the India's EV 
market during 2024-2032?
What are the key factors driving the India's EV market?
Key 
What has been the impact of COVID-19 on the India 
Questions electric vehicle market?
Answered in What is the breakup of the India electric vehicle market based on the vehicle type?
the Report What is the breakup of the India electric vehicle (EV) 
market based on the price category?
What is the breakup of the India electric vehicle (EV) 
market based on propulsion type?
What are the key regions in the India electric vehicle 
(EV) market?
Who are the key players/companies in the India electric 
vehicle market?
1     P r e f a c e
2     S c o p e  a n d  M e t h o d o l o g y
    2 . 1     O b j e c t i v e s  o f  t h e  S t u d y
    2 . 2     S t a k e h o l d e r s
    2 . 3     D a t a  S o u r c e s
        2 . 3 . 1     P r i m a r y  S o u r c e s
        2 . 3 . 2     S e c o n d a r y  S o u r c e s
    2 . 4     M a r k e t  E s t i m a t i o n
        2 . 4 . 1     B o t t o m - U p  A p p r o a c h
Table of         2 . 4 . 2     T o p - D o w n  A p p r o a c h    2 . 5     F o r e c a s t i n g  M e t h o d o l o g y
3     E x e c u t i v e  S u m m a r y
4     I n t r o d u c t i o n
    4 . 1     O v e r v i e w
Contents     4 . 2     K e y  I n d u s t r y  T r e n d s5     I n d i a  E l e c t r i c  V e h i c l e  M a r k e t
    5 . 1     M a r k e t  O v e r v i e w
    5 . 2     M a r k e t  P e r f o r m a n c e
        5 . 2 . 1     V o l u m e  T r e n d s
        5 . 2 . 2     V a l u e  T r e n d s
    5 . 3     I m p a c t  o f  C O V I D - 1 9
    5 . 4     M a r k e t  F o r e c a s t
        5 . 4 . 1     V o l u m e  T r e n d s
        5 . 4 . 2     V a l u e  T r e n d s
6     I n d i a  M a r k e t  B r e a k u p  b y  V e h i c l e  T y p e
    6 . 1     P a s s e n g e r  V e h i c l e s
        6 . 1 . 1  M a r k e t  T r e n d s
        6 . 1 . 2  M a r k e t  F o r e c a s t
    6 . 2     C o m m e r c i a l  V e h i c l e s
        6 . 2 . 1  M a r k e t  T r e n d s
        6 . 2 . 2  M a r k e t  F o r e c a s t
       
    6 . 3     O t h e r s
        6 . 3 . 1  M a r k e t  T r e n d s
        6 . 3 . 2  M a r k e t  F o r e c a s t
7     M a r k e t  B r e a k u p  b y  P r i c e  C a t e g o r y
    7 . 1     M i d - R a n g e
        7 . 1 . 1  M a r k e t  T r e n d s
        7 . 1 . 2  M a r k e t  F o r e c a s t
    7 . 2     H i g h / L u x u r y  R a n g e
        7 . 2 . 1  M a r k e t  T r e n d s
        7 . 2 . 2  M a r k e t  F o r e c a s t
8     M a r k e t  B r e a k u p  b y  P r o p u l s i o n  T y p e
    8 . 1     B a t t e r y  E l e c t r i c  V e h i c l e
Table of         8 . 1 . 1  M a r k e t  T r e n d s
        8 . 1 . 2  M a r k e t  F o r e c a s t
    8 . 2     H y b r i d  E l e c t r i c  V e h i c l e
Contents         8 . 2 . 1  M a r k e t  T r e n d s        8 . 2 . 2  M a r k e t  F o r e c a s t
    8 . 3     P l u g - I n  H y b r i d  E l e c t r i c  V e h i c l e
        8 . 3 . 1  M a r k e t  T r e n d s
        8 . 3 . 2  M a r k e t  F o r e c a s t
9     M a r k e t  B r e a k u p  b y  R e g i o n
    9 . 1     N o r t h  I n d i a
        9 . 1 . 1  M a r k e t  T r e n d s
        9 . 1 . 2  M a r k e t  B r e a k u p  b y  S t a t e
        9 . 1 . 3  M a r k e t  F o r e c a s t
        9 . 1 . 4  U p c o m i n g  E V  C h a r g i n g  S t a t i o n s   
        9 . 1 . 5  U p c o m i n g  E V  M a n u f a c t u r i n g  P l a n t
    9 . 2     W e s t  a n d  C e n t r a l  I n d i a
        9 . 2 . 1  M a r k e t  T r e n d s
        9 . 2 . 2  M a r k e t  B r e a k u p  b y  S t a t e   
F o r  m o r e  i n f o r m a t i o n ,  v i s i t :  
h t t p s : / / w w w. im a rcg ro u p . co m / in d i a - e l ec t r i c -v e h i c l e - m a r ke t / t o c
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