India (EV) Electric Vehicle Market Share, Latest Trends, Analysis and Forecast 2023-2028

 How Big is the India (EV) Electric Vehicle Market?

The India electric vehicle market size reached US$ 772 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 19,980 Million by 2028, exhibiting a growth rate (CAGR) of 69% during 2023-2028.

An electric vehicle (EV) is powered by rechargeable batteries or other energy storage systems onboard the automobile. It produces zero tailpipe emissions and aids in reducing pollution and greenhouse gas emissions. It is more energy-efficient than vehicles powered by internal combustion engines. It provides quick acceleration due to instant torque, generates less noise, and contributes to a quieter environment. It helps decrease respiratory and other health problems related to poor air quality. It requires lower maintenance costs as compared to conventional cars. Besides this, it has regenerative braking systems, which recover the energy usually lost during braking and convert it into electricity to charge the battery.

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What are the growth prospects and trends in the India electric vehicle industry? 

The rising consciousness among individuals about the harmful impacts of vehicular emissions on human and environmental health represents one of the key factors catalyzing the demand for EVs. Additionally, the rising prevalence of various acute and chronic respiratory diseases due to rising pollution levels is offering a favorable market outlook. 

Apart from this, rapid urbanization and the increasing need for sustainable urban transport are positively influencing the market. Furthermore, the Government of India (GoI) is taking numerous initiatives to promote the adoption of EVs. 

For instance, the 'Make in India' policy is encouraging domestic manufacturing of electric vehicles and their components, which aids in reducing import dependency.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Vehicle Type:

·      Passenger Vehicles

·      Commercial Vehicles

·      Others

Breakup by Price Category:

·      Mid-Range

·      High/Luxury Range

Breakup by Propulsion Type:

·      Battery Electric Vehicle

·      Hybrid Electric Vehicle

·      Plug-In Hybrid Electric Vehicle

Breakup by Region:

·      North India

·      West and Central India

·      South India

·      East India

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Some of the Top Key players in the India Electric Vehicle 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)
  • VE Commercial Vehicles Limited


If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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