The India electric vehicle market reached a value of US$ 404 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 14,913 Million by 2027, exhibiting at a CAGR of 87% during 2022-2027.
An electric vehicle (EV) refers to an automobile that runs on an electric motor, which requires a constant energy supply from batteries to operate. Some common battery variants include the lithium-ion battery, nickel-metal hydride battery, lead-acid battery, etc. Electric vehicles offer several benefits, such as minimizing carbon emissions, controlling vehicular maintenance costs, mitigating fuel dependency, producing high energy per unit mass, etc. As a result, they are gaining prominence over conventional gasoline-powered automobiles across India.
Base Year: 2021
Forecast Year: 2022-2027
India Electric Vehicle Market Trends and Drivers:
The growing concerns towards the negative impact of fuel-based vehicles on the environment are primarily bolstering the India electric vehicle market. Moreover, the escalating demand for EVs across several sectors, such as construction, logistics, transportation, mining, etc., is further catalyzing the market growth.
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Apart from this, the launch of numerous favorable initiatives by government bodies for promoting the utilization of EVs to curb air pollution, particularly in metropolitan cities, is acting as another significant growth-inducing factor. Furthermore, the widespread availability of various subsidies and financial aids to incentivize the purchase of electric vehicles is also positively influencing the market growth.
In addition to this, the enhancing focus on the electrification of public transport fleets is propelling the product demand. Besides this, the shifting consumer preferences towards electric two-wheelers and hybrid EVs to ensure ecological sustainability are expected to stimulate the India electric vehicle market over the forecasted period.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Electric Vehicle Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Ampere Vehicles Private Limited (Greaves Cotton Limited), Ather Energy Pvt Ltd, Atul Auto Limited, Bajaj Auto Limited (Bajaj Group), Electrotherm (India) Ltd., Hero Electric (Hero Eco Group), Hyundai Motor India Limited (Hyundai Motor Company), JBM Auto Limited, Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd), MG Motor India Pvt. Ltd (SAIC Motor Corporation Limited), Okinawa Autotech Pvt. Ltd, Olectra Greentech Ltd., Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA), Tata Motors Limited (Tata Group), TVS Motor Company (Sundaram – Clayton Limited), and VE Commercial Vehicles Limited.
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The report has segmented the market on the basis of region, vehicle type, price category and propulsion type.
Breakup by Vehicle Type:
Breakup by Price Category:
Breakup by Propulsion Type:
Breakup by Region:
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