India Electric Vehicle Market to Reach US$ 102,610.8 Million by 2032, Propelled by Growing Awareness Campaigns and Educational Initiatives

October 12, 2023 | Automotive Industry

The latest report by IMARC Group, titled “India Electric Vehicle Market Report by Vehicle Type (Passenger Vehicles, Commercial Vehicles, and Others), Price Category (Mid-Range, High/Luxury Range), Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle), and Region 2024-2032,” finds that the India electric vehicle market size reached US$ 1,327.8 Million in 2023. An electric vehicle or EV is a mode of transportation that relies on electricity to power its propulsion system. It consists of an electric motor powered by a rechargeable battery pack, which reserves electrical energy, usually derived from the electrical grid, and supplies it to the motor to generate motion. Additionally, electric vehicles are gaining popularity due to their environmental benefits and efficiency and produce zero tailpipe emissions, reducing air pollution and contributing to a cleaner environment. It is also energy-efficient, with high energy conversion rates and regenerative braking systems that capture and store energy typically lost as heat in conventional vehicles. Nowadays, the electric vehicles are widely adopted across the country to curb emissions.

India Electric Vehicle Market Trends:

The market is primarily driven by the growing awareness campaigns and educational initiatives launched to inform the public about the benefits of electric vehicles. It contributed to changing perceptions and increasing acceptance among consumers. In addition, the adoption of electric vehicles by corporations to save costs while benefiting from tax incentives and lower operating costs is augmenting the market growth. Moreover, the government of India (GoI) is encouraging the promotion of electric vehicles through various policies and initiatives, including subsidies and incentives for manufacturers and consumers, representing another major growth-inducing factor. These incentives include reduced goods and service tax (GST) rates and income tax benefits encouraging automakers to invest in EV manufacturing. Along with this, the integration of electric vehicles for urban mobility solutions, such as e-rickshaws and electric two-wheelers for last-mile connectivity and transportation in densely populated cities, provides an efficient and eco-friendly way to navigate through traffic-congested areas, propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 102,610.8 Million by 2032, exhibiting a CAGR of 60.2% during the forecast period (2024-2032).

Market Summary:

Based on the vehicle type, the market has been classified into passenger vehicles, commercial vehicles, and others. Among these, the passenger vehicles represent the leading market segment.
On the basis of the price category, the market has been bifurcated into mid and high/luxury ranges. Presently, mid-range accounts for the largest market share.
Based on the propulsion type, the market has been segregated into battery, hybrid, and plug-in hybrid electric vehicles. Currently, battery electric vehicles dominates the market.
Region-wise, South India holds the leading position in the market. Other major regions include North, West and Central, and East India.
The competitive landscape of the industry has also been examined in the report, with some of the key players being 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million, ‘000 Units
Segment Coverage	Vehicle Type, Price Category, Propulsion Type, Region
Region Covered	North India, West and Central India, South India, East India
Companies Covered	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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India Electric Vehicle Market to Reach US$ 102,610.8 Million by 2032, Propelled by Growing Awareness Campaigns and Educational Initiatives

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