The India electric vehicles market size was USD 3,709.4 million in 2022 and is anticipated to reach USD 51,747.9 million in 2030, growing at a rate of 36.37% from 2023 to 2030.
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Electric vehicles are powered by electric motor instead of a gasoline engine. Electric vehicles include hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs).
The India EV market involves the production, sale, and distribution of electric vehicles, as well as the supporting infrastructure required for charging and servicing these vehicles. It encompasses a wide range of stakeholders, including automakers, suppliers, charging station providers, and government entities involved in policy development and incentives for electric vehicles.
Key Trends and Drivers
The India electric vehicle market is anticipated to grow significantly in the upcoming years. Some of the major drivers for this growth are the rising concerns about air pollution and climate change and the need to decrease dependence on conventional fuels. Electric vehicles offer several advantages over traditional gasoline-powered vehicles. They produce zero tailpipe emissions, reducing air pollution and greenhouse gas emissions, making them more environmentally friendly. EVs also have lower operating costs due to the generally lower cost of electricity compared to gasoline and fewer maintenance requirements since they have fewer moving parts.
Besides, some of the key trends in the India electric vehicles market include faster charging, longer ranges, and cheaper prices.
Over the past few years, the electric vehicle (EV) industry in India has witnessed significant growth and development. The government’s push for a greener and more sustainable future, coupled with increasing awareness about climate change and rising fuel prices, has spurred the demand for EVs. Several measures such as financial incentives, subsidies, and charging infrastructure expansion have been implemented to promote the adoption of electric vehicles. This has resulted in a surge in EV sales, with major automakers launching electric models and startups entering the market. Additionally, collaborations between domestic and international automakers, advancements in battery technology, and growing consumer awareness have contributed to the rapid growth of the EV sector in India.
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Market Segments
By Vehicle Type
- Electric 2-Wheelers
- Electric 3-Wheelers
- Electric 4-Wheelers
- Electric Buses
By Propulsion Type
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Hybrid Electric Vehicles (HEVs)
By Battery Capacity
- Less Than 110 kWh
- 110 to 300 kWh
- Above 300 kWh
By Region
- North India
- South India
- Central India
- East India
- West India
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Major Players in the India Electric Vehicles Market
The India Electric Vehicles market report includes players such as Hero Electric, Bajaj, Mahindra & Mahindra, Okinawa, TVS, Ather Energy, Revolt, Ola Electric, Piaggio Vehicle, Kinetic Green Vehicles, Hyundai Motor India, Tata Motors, Unique International, Champion Polyplast, J.S. AUTO PVT. LTD, VE Commercial Vehicles Limited, Olectra Greentech, PMI Electro Mobility Solutions Private Limited , Ashok Leyland Limited, Okaya, YC Electric , Saera Electric Auto Pvt. Ltd., Dilli Electric, Mini Metro EV, JBM Group, Ampere, PuR Energy Private Limited, MG Motor, BYD Company Limited, Benling India, Atul Auto, Euler Motors Private Limited, Altigreen, Hykon India, and Bestway Agency Pvt. Ltd. among others. These players adopted product approval, acquisition, product launch, partnership, and expansion to increase market share.
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