Austin, TX, USA, March 26, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “India Electric Vehicle Market Size, Trends and Insights By Propulsion Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), By Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicles), By Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.
“According to the latest research study, the demand of India Electric Vehicle Market size & share was valued at approximately USD 28.4 Billion in 2022 and is expected to reach USD 32.1 Billion in 2023 and is expected to reach a value of around USD 150.2 Billion by 2032, at a compound annual growth rate (CAGR) of about 25.1% during the forecast period 2023 to 2032.”
Click Here to Access a Free Sample Report of the India Electric Vehicle Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=42296
Indian Electric Vehicle Market: Overview
An electric vehicle (EV) is a type of vehicle that uses one or more electric motors for propulsion, relying on electrical energy stored in rechargeable batteries or other energy storage devices. Unlike traditional internal combustion engine vehicles that use gasoline or diesel, electric vehicles operate without a traditional fuel tank and exhaust system.
The Indian electric vehicle (EV) market is witnessing several notable trends reflecting a growing shift towards sustainable mobility. A surge in EV adoption is driven by government initiatives, subsidies, and incentives promoting clean energy.
Major automotive players are increasingly investing in research, development, and production of electric vehicles, contributing to a diverse range of offerings. Additionally, collaborative efforts between the public and private sectors are fostering innovation and technological advancements in battery technology, making EVs more affordable and efficient.
The rise of electric two-wheelers and three-wheelers for last-mile connectivity further defines the evolving landscape of the Indian EV market. As environmental awareness grows and consumer preferences align with sustainability, the Indian EV market is poised for continued growth and transformation in the coming years.
By propulsion type, the battery electric vehicle segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. The trends in battery electric vehicles (BEVs) are driven by rising consumer awareness, government incentives, and advancements in battery technology.
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By vehicle type, the two-wheelers segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. With the government’s push for electric mobility, affordability, and improved charging infrastructure, electric two-wheelers have gained popularity, addressing both environmental concerns and economic considerations for consumers.
By speed, less than 100 MPH segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. Recent trends in electric vehicles (EVs) with speeds under 100 MPH focus on enhancing affordability, improving battery technology for extended range, and introducing compact models suitable for urban commuting.
Manufacturers are prioritizing efficiency, lightweight designs, and innovative charging solutions to meet the growing demand for accessible and practical electric transportation.
In South India, cities like Bengaluru and Chennai are witnessing increased EV manufacturing, innovation, and charging infrastructure development, contributing significantly to the region’s prominence in the Indian electric mobility landscape.
Citroën India positioned itself as the third key player in the local electric passenger vehicle market, with Tata Motors leading and MG Motor India securing the second spot. The e-C3, Citroën emphasizes its 29.2 kWh battery pack and boasts long-term fast-charging capabilities without the typical deterioration associated with DC charging.
Report Scope
| Feature of the Report | Details |
| Market Size in 2023 | USD 32.1 Billion |
| Projected Market Size in 2032 | USD 150.2 Billion |
| Market Size in 2022 | USD 28.4 Billion |
| CAGR Growth Rate | 25.1% CAGR |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Key Segment | By Propulsion Type, Vehicle Type, Speed and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
(A free sample of the India Electric Vehicle report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
- About 220+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on the Request.
- Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated.
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Custom Market Insights (CMI) research methodology
(Please note that the sample of the India Electric Vehicle report has been modified to include the COVID-19 impact study prior to delivery.)
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Custom Market Insights has comprehensively analyzed India’s electric vehicle market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict an depth scenario of the market. Segment-wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Indian electric vehicle industry.
The competitive landscape includes key innovators, after-market service providers, market giants as well and niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
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Key questions answered in this report:
- What is the size of the India Electric Vehicle market and what is its expected growth rate?
- What are the primary driving factors that push the India Electric Vehicle market forward?
- What are the India Electric Vehicle Industry's top companies?
- What are the different categories that the India Electric Vehicle Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the India Electric Vehicle market sample report and company profiles?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2023−2032
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
- Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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India Electric Vehicle Market: Regional Analysis
India Electric Vehicle market is segmented into South India, North India, West India and East India. South India dominated the global market in 2022 with a market share of 45% in 2022 and is expected to keep its dominance during the forecast period 2024-2032.
South India plays a pivotal role in steering India’s electric vehicle (EV) market, significantly influencing its growth and adoption. The region, encompassing states such as Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, and Kerala, has emerged as a key hub for EV manufacturing, research, and development.
Moreover, cities such as Bengaluru, Chennai, and Hyderabad have become focal points for EV production facilities and innovation centers, attracting major players in the industry. The progressive policies and proactive initiatives undertaken by South Indian states have created a conducive environment for EV adoption.
Furthermore, incentives such as subsidies, tax breaks, and supportive infrastructure development, including charging stations and dedicated lanes, have spurred the uptake of electric vehicles. Moreover, the region’s relatively high awareness and acceptance of sustainable practices align well with the environmental benefits offered by EVs.
South India continues to drive advancements in technology, infrastructure, and policy frameworks, it catalyzes the nationwide shift towards electric mobility. The region’s commitment to sustainable transportation contributes significantly to positioning India as a key player in the electric vehicle landscape.
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Browse the full “India Electric Vehicle Market Size, Trends and Insights By Propulsion Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), By Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicles), By Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” Report at https://www.custommarketinsights.com/report/india-electric-vehicle-market/
List of the prominent players in the Indian Electric Vehicle Market:
- Tata Motors
- MG Motor India
- Mahindra & Mahindra
- Hyundai Motor India
- Kia India
- Citroen India
- Hero Electric Vehicles
- Ather Energy
- Okinawa Autotech
- Bajaj Auto
- TVS Motor
- Ampere Electric
- Piaggio India
- Atul Auto Limited
- Jitendra New EV Tech
- Earth Energy EV
- SUN Mobility
- Revolt Motors
- AVERA New & Renewable Energy
- Lohia Auto Industries
- Others
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India Electric Vehicle Market: India Electric Vehicle Market Size, Trends and Insights By Propulsion Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), By Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicles), By Speed (Less Than 100 MPH, 100 to 125 MPH, More Than 125 MPH), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
The Indian Electric Vehicle Market is segmented as follows:
By Propulsion Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
By Vehicle Type
- Two-Wheelers
- Passenger Cars
- Commercial Vehicles
By Speed
- Less Than 100 MPH
- 100 to 125 MPH
- More Than 125 MPH
Click Here to Get a Free Sample Report of the India Electric Vehicle Market @ https://www.custommarketinsights.com/report/india-electric-vehicle-market/
This India Electric Vehicle Market Research/Analysis Report Contains Answers to the following Questions.
- Which Trends Are Causing These Developments?
- Who Are the Key Players in This India Electric Vehicle Market? What are Their Company Profile, Product Information, and Contact Information?
- What Was the Market Status of the India Electric Vehicle Market? What Was the Capacity, Production Value, Cost and PROFIT of the India Electric Vehicle Market?
- What Is the Current Market Status of the India Electric Vehicle Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of India Electric Vehicle Market by Considering Applications and Types?
- What Are Projections of the India Electric Vehicle Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
- What Is India Electric Vehicle Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
- What Is the Economic Impact On India Electric Vehicle Industry? What are Macroeconomic Environment Analysis Results? What Are Macroeconomic Environment Development Trends?
- What Are Market Dynamics of India Electric Vehicle Market? What Are Challenges and Opportunities?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for India Electric Vehicle Industry?
Click Here to Access a Free Sample Report of the India Electric Vehicle Market @ https://www.custommarketinsights.com/report/india-electric-vehicle-market/
Reasons to Purchase India Electric Vehicle Market Report
- India Electric Vehicle Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
- India Electric Vehicle Market report outlines market value (USD) data for each segment and sub-segment.
- This report indicates the region and segment expected to witness the fastest growth and dominate the market.
- India Electric Vehicle Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
- The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
- The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
- India Electric Vehicle Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
- The study provides a thorough overview of the India Electric Vehicle market. Compare your performance to that of the market as a whole.
- Aim to maintain competitiveness while innovations from established key players fuel market growth.
Buy this Premium India Electric Vehicle Research Report | Fast Delivery Available - [220+ Pages] @ https://www.custommarketinsights.com/report/india-electric-vehicle-market/
What does the report include?
- Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide India Electric Vehicle market analysis.
- The competitive environment of current and potential participants in the India Electric Vehicle market is covered in the report, as well as those companies' strategic product development ambitions.
- According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.
- For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
- Participants and stakeholders worldwide India Electric Vehicle market should find this report useful. The research will be useful to all market participants in the India Electric Vehicle industry.
- Managers in the India Electric Vehicle sector are interested in publishing up-to-date and projected data about the worldwide India Electric Vehicle market.
- Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in India Electric Vehicle products' market trends.
- Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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