India Electric Vehicles Market Report 2023-2028: Consumers Show Strong Willingness to Consider Electric Cars for Next Purchase

Dublin, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The "Electric Vehicles Market in India 2023 - 2028" report has been added to's offering.

Around 1.18 million EVs were sold in the country in FY 2023, and by the end of FY 2028, it is anticipated that around 17.30 million EVs will be sold, growing at a compound annual growth rate (CAGR) of 72.58 % between FY 2023 and FY 2028.

India is on the brink of embracing an electric vehicle (EV) future, with approximately 70% of tier-I car consumers in the country expressing a willingness to consider electric cars for their next vehicle purchase. This percentage surpasses the global average of 52%, marking a notable inclination towards EVs in India.

Despite recent increases in sales in the Indian internal-combustion engine (ICE) vehicle market, the swift shift towards electrification indicates a crucial turning point for the nation. This transformation is largely fueled by global climate policies, prompting both central and state governments to roll out initiatives like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme.

These efforts are aimed at accelerating the adoption of EVs in the country. Companies such as Olectra, Mahindra & Mahindra, JBM Auto, and Ather are not only involved in the development of electric vehicles but are also actively focusing on expanding the infrastructure for EVs in the market. This dual commitment underscores the comprehensive approach being taken to facilitate the widespread acceptance of electric vehicles in India.

Market Insights:

Electric vehicles (EVs) are now more widely available, with established car manufacturers setting ambitious goals for electrifying their product portfolios. New entrants to the market have introduced models tailored for urban settings in India.

Overcoming the historical hurdle of high total ownership costs for EVs, which deterred potential buyers, has led to cost parity with internal combustion engine (ICE) vehicles. Consequently, the forecast predicts a growth in EV market penetration to reach 10 to 15% by 2030, presenting a substantial opportunity for original equipment manufacturers (OEMs), financial institutions, grid operators, and other stakeholders.

Segment insights:

Electric two-wheelers dominate the EV market; Electric scooters comprise the majority (~97%) of vehicles sold in this segment, while motorcycles and e-bikes account for the remainder.

Moreover, consumer sentiment suggests the transition to electric cars will gain momentum. Most people are eyeing EVs for their next car purchase, with a clear preference for full battery electric vehicles (49 percent) over plug-in hybrid electric vehicles (21 percent).

COVID-19 impact analysis:

The growth of the electric vehicle (EV) market in the country is anticipated to accelerate rapidly. The government has implemented measures to boost the adoption of EVs, including a reduction in the Goods and Services Tax (GST) on EVs to 5%, making them more cost-effective. Additionally, the government plans to offer capital grants to organizations, particularly in the delivery and e-commerce sectors, that actively support EV adoption.

Approval has been granted for the installation of over 2,600 EV charging stations, aiming to ensure charging facilities are available every 25 kilometers, thereby addressing concerns about range anxiety. The Union Budget for 2022-23 includes various proposals to enhance India's EV landscape, such as encouraging EV use in public transport and establishing special mobility zones dedicated to EVs.

Key Topics Covered:

Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure
3.2. Categories in electric vehicles (EV) market in India

Chapter 4: Market overview
4.1. Current market scenario
4.2. Electric vehicles market in India ? Size and growth forecast (FY 2022 - FY 2028e)
4.3. State-wise EV sales trends (FY 2023)

Chapter 5: Market segmentation
5.1. Electric two-wheelers: Sales split (FY 2022 & FY 2023)
5.2. Electric three-wheelers: Sales split (FY 2022 & FY 2023)
5.3. Electric four-wheelers: Sales split (FY 2022 & FY 2023)
5.4. Electric light goods vehicle (LGV): Sales split (FY 2022 & FY 2023)
5.5. Other electric vehicles: Sales split (FY 2022 & FY 2023)
5.6. Key players in each of the segments
5.7. High Speed E - 2W Sales Trend by OEM
5.8. High Speed E - 3W Passenger Sales Trend by OEM
5.9. High Speed E - 3W Cargo Sales Trend by OEM
5.10. High Speed E - 4W Sales Trend by OEM

Chapter 6: COVID-19 impact analysis
6.1. Post COVID-19 impact analysis

Chapter 7: Government policies
7.1. Central government policies
7.2. State government policies

Chapter 8: Market trend analysis
8.1. Market trend analysis

Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges

Chapter 10: Competitive landscape
10.1. Bajaj Auto Limited

  • Company information
  • Business description
  • Products/Services
  • Key people
  • Financial snapshot
  • Key ratios
  • Key financial performance indicators
  • Key business segments
  • Key geographic segments

10.2. JBM Auto Limited
10.3. Mahindra & Mahindra Limited
10.4. Olectra Greentech Limited
10.5. Tata Motors Limited
10.6. Ather Energy Private Limited
10.7. Hero Electric Vehicles Private Limited
10.8. Hyundai Motor India Limited
10.9. MG Motor India Private Limited
10.10. Okinawa Autotech Private Limited

Chapter 11: Recent developments

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