India Electric Vehicle Market Size worth USD 113.99 Billion, Globally, by 2029 at a CAGR of 66.52%

India Electric Vehicle Market size was valued USD 1.45 billion in 2021. The market size of India Electric Vehicle industry projected to grow from USD 3.21 billion in 2022 to USD 113.99 billion by 2029. The Compound Annual Growth Rate (CAGR) is expected to be 66.52% during this period.; Ford Announced an investment of USD 30 billion with aim to advance electric vehicle development and production.

Pune, India., Feb. 06, 2023 (GLOBE NEWSWIRE) -- India electric vehicle market size to hit USD 113.99 billion by 2029 at a CAGR of 66.52% during the forecast period. The market is growing incredibly well due to the adoption of electric micro-mobility vehicles worldwide. Fortune Business Insights™ stated this in a report titled, “India electric vehicle Market, 2022-2029." The market was valued USD 1.45 billion in 2021, and USD 3.21 billion in 2022 respectively.

The growth of the electric vehicle (EV) market in India is being fueled by several key factors, including government support, heightened environmental awareness, and technological advancements. The Indian government has taken steps to promote EV adoption, offering tax breaks and subsidies for consumers, as well as investing in the development of charging infrastructure. As individuals become more conscious of the environmental impact of traditional fossil fuel-powered vehicles, EVs are becoming increasingly popular as a more sustainable and eco-friendly alternative. Advancements in battery technology and the availability of convenient charging options have further boosted the appeal of EVs. With continued investment from both the public and private sectors, the growth of the EV market in India is expected to continue in the coming years.

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Report Highlights:

Report Coverage Details
Forecast Period 2022-2029
Forecast Period 2022 to 2029 CAGR 66.52%
2029 Value Projection USD 113.99 billion
Base Year 2021
Market Size in 2022 USD 3.21 billion
Historical Data for 2018-2020
No. of Pages 116

Key Takeaways:

  • Consistently Declining Cost of Electric Vehicle Battery to Drive the Market Growth
  • Rapid Demand for Two Wheeler in Urban Areas to Boost The Market Growth
  • Comfort and Driving Range Offered By Passenger Vehicles Make the Segment Dominant in the Market
  • Reasonably Priced Products and Easy Availability for Customers Makes TATA Motors Dominant in Electric Vehicles Market
  • Safety Concerns among the Populace Regarding Fire Hazards are likely to Restrict the Market Growth Slightly
  • Rising Demand for Electric Micro-mobility in the Region is propelling the Market Growth

Drivers & Restraints-

Rising Government Initiatives toward E-Mobility to Fuel Product Demand

The cheap product price and rising government initiatives toward e-mobility adoption are some other factors that help various brands to penetrate the Indian electrification market to grab revenue growth opportunities. Furthermore, the rising adoption of electric micro-mobility vehicles is an essential factor that has led to the growth of India electric vehicle market Meanwhile, the shortage of organ donors for transplantation procedures could impede the global transplantation market growth.

Temporary Halt in Manufacturing Activities Impede Market Growth

A considerable impact of the COVID-19 pandemic has been observed on India electric vehicle market. Certain factors, such as a temporary halt in manufacturing activities, and shortages of essential materials during the outbreak, have negatively affected India electric vehicle market growth. Meanwhile, a steady recovery at the state level during the pandemic has been observed by supporting Indian government initiatives, and hefty subsidies and incentives have augmented the product demand.

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Competitive Landscape

Key Industry Giants Entered into Collaboration to bolster their Portfolio

Major firms such as TATA Motors are investing in R&D activities and technology domains to establish their solid footholds in the electric vehicles segment. Furthermore, the firm produces utility vehicles, buses, trucks, defense vehicles, and cars. It also manufactures engines for industrial & marine aggregates and applications, such as transmissions for commercial vehicles and axles. The firm’s two EVs model, Tigor and Nexon, have the largest sales of EVs 694,159 units in India.


Growing Demand in Automotive Industry Sector Drives Four-Vehicle Segment

On the basis of platform market is classified into four-wheelers, three-wheeler, and two-wheeler. The four-vehicle market is estimated to gain a significant hold on the India electric vehicle market share during the estimated period. The rapid adoption of four-vehicle across the region is expected to fuel the industry's growth due to its economic cost compared to internal combustion engine.

Rising demand for Clean Emissions Will Favor Market Development

By vehicle type market is divided into commercial vehicles and passenger cars. The passenger cars will dominate due to the comfort, luxury, and availability of varied options they provide with clean emissions.

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Ability of Providing Clean Energy spurs Battery Electric Vehicle Segment 

Based on propulsion type, the market is classified as hybrid electric vehicles (HEV) and battery electric vehicles (BEV). The Battery Electric Vehicle segment is expected to rule out due to its ability of providing clean energy at a reasonable price without hampering the ecosystem.

By Platform
  • Two Wheeler
  • Three Wheeler
  • Four Wheeler
Four Wheeler By Vehicle Type
  • Passenger Cars
  • Commercial Vehicles
 By Four Wheeler By Propulsion Type
  • (BEV) Battery Electric Vehicle
  • (HEV) Hybrid Electric Vehicle

Report Coverage

The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.

A list of prominent India Electric Vehicle manufacturers operating in the global market:

  • BMW Group (Germany)
  • Toyota (Japan)
  • Daimler AG (Germany)
  • Volkswagen (Germany)
  • Renault Group (France)
  • Ford Motor Company (U.S.)
  • Mahindra & Mahindra (India)
  • TATA motors (India)
  • Hyundai (South Korea)
  • MG Motors (U.K.)
  • Ola Electric (India)

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Table Of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Industry Developments –Mergers, Acquisitions and Partnerships
    • Porters Five Forces Analysis
    • PEST Analysis
    • Technological Development
    • Key Insights on sales, developments and charge point operator
    • Supply Chain Analysis
    • Impact of Covid-19
  • India Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
    • Key Findings / Definitions
    • Market Analysis, Insights and Forecast – By Platform
      • Two Wheeler
  • Three Wheeler
  • Four Wheeler
    • Market Analysis, Insights and Forecast – By Four Wheeler Vehicle Type
      • Passenger Car
      • Commercial Vehicle
    • Market Analysis, Insights and Forecast – By Four Wheeler Propulsion Type
      • Battery Electric Vehicle (BEV)
      • Hybrid Electric Vehicle (HEV)
  • Competitive Analysis
    • Key Industry Development
    • India Market Share Analysis For Two Wheeler (2020 & 2029)
      • India Market Share Analysis For Four Wheeler (2020 & 2029)
    • India Market Share Analysis For Two Wheeler (2021)
      • India Market Share Analysis For Four Wheeler (2021)
    • Competition Dashboard
    • Comparative Analysis – Major Players
    • Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability)
  • BMW Group
  • Daimler AG
  • Toyota
  • Volkswagen
  • Renault Group
  • Ford Motor Company
  • TATA Motors
  • Mahindra &Mahindra Ltd.
  • Hyundai
  • MG Motors
  • Ola Electric

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