India Electric Vehicles Market Size 2022: Share, Top Company Overview, Trends, Analysis, Industry Report, Growth & Forecast – Brits in Kenya

The Electric vehicle market size in India reached a value of US$404 million in 2021. Looking ahead, IMARC Group expects the market to reach US$14,913 million by 2027, growing at a CAGR of 87% in 2022- 2027.

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Electric vehicles or EVs are self-propelled automobiles that run on electricity. They consist of an electric motor that requires a constant supply of energy from the batteries to operate. Some standard electric vehicles include battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. They can be charged by self-charging devices, such as turbochargers and regenerative braking systems, which convert kinetic energy into electrical energy. Electric vehicles have also become a convenient and environmentally friendly mode of transport and are increasingly used to transport passengers and goods. They also reduce harmful exhaust emissions that are typically emitted from fuel-powered vehicles.

Indian Electric Vehicle Market Trends and Drivers:

The Indian electric vehicle market is mainly driven by the growing demand for fuel-efficient and high-performance transportation systems. Additionally, rising prices of transportation fuels such as gasoline, diesel, and CNG are also fueling the growth of the market.

In addition, electric vehicles emit no tailpipe emissions, reduce dependence on petroleum, and are economical to operate compared to traditional automobiles. As a result, the Indian government is implementing stringent rules and regulations regarding vehicle emissions and encouraging the adoption of electric vehicles to reduce carbon footprint, thereby facilitating market growth.

They are also launching financial aids and grants to help consumers buy electric vehicles. Additionally, large investments to upgrade the charging infrastructure, along with technological advancements such as the integration of GPS navigation, remote sensors, and anti-theft locking systems, are creating a positive outlook for the market.

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Indian electric vehicle market Report scope
Report cover Details
Market size value in 2021 US$404 million
Market forecast in 2027 US$14,913 million
Rate of growth CAGR of 87% from 2022 to 2027
Base year for the estimate 2021
Historical data 2016-2021
Forecast period 2022-2027

Analysis and segmentation of the Indian electric vehicle market 2022-2027:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.

Some of these major key players include:

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. (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 class, and propulsion type.

Breakdown by type of vehicle:

  • Passenger vehicles
  • Commercial vehicles
  • Others

Breakdown by price category:

  • Midrange
  • High/Luxury Range

Breakdown by type of propulsion:

  • Battery electric vehicle
  • Hybrid electric vehicle
  • Plug-in hybrid electric vehicle

Breakdown by region:

  • North India
  • West and Central India
  • South India
  • Eastern India

If you want the latest primary and secondary data (2022-2027) with cost module, business strategy, distribution channel, etc. Click request a free sample report, the published report will be emailed to you in PDF format within 24-48 hours of receipt. full payment.

Main highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market drivers and success factors
  • SWOT analysis
  • Value chain
  • Complete mapping of the competitive landscape

If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.

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