India Electric Vehicle Market Size & Insights
The India Electric Vehicle Market size was valued at around USD 5.22 billion in 2024 and is projected to reach USD 23.52 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 28.52% during the forecast period, i.e., 2025-30. The India ev industry witnessed a notable growth in the past few years, backed by several factors including rising electric vehicle companies in India, increasing environmental awareness, and E-commerce & last-mile delivery growth.
What are the Key DROs in the India Electric Vehicle Market?
Favorable Government Policies Driving Market Growth – In recent years, the growing number of government policies to promote electric vehicle adoption has positively impacted the Indian electric vehicle industry. The major reason for promoting EV adoption is air pollution, caused by the transport sector, which is more than 40% particularly due to the widespread use of diesel and petrol vehicles in cities such as Delhi, Mumbai, and Bengaluru. To overcome this, the Indian government is actively introducing various initiatives, including subsidies, incentives, tax exemptions, and registration fee waivers. For instance, the Ministry of Heavy Industries introduced the FAME India-II policy and Production Link Incentive (PLI) scheme, which promotes domestic manufacturing of EV batteries and components, reduces import dependence, and builds a robust electric vehicle supply chain in India.
Moreover, from 2021, the Ministry of Road Transport & Highways announced waived registration certificate fees for all battery-operated electric vehicles across India, which means no charges for new or renewed registrations. For instance, in 2023, the state-level government of Uttar Pradesh announced 100% waiver on road tax and registration fees for electric vehicles. Therefore, all these favorable policies of the government authorities are driving market demand, and ultimately augmenting the size & volume of the electric vehicle industry.
What are the Key Segments in the India Electric Vehicle Market?
The India Electric Vehicle Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
- By Vehicle Type
- Passenger Cars- Market Size & Forecast 2020-2030, Thousand Units
- Sedan - Market Size & Forecast 2020-2030, Thousand Units
- Hatchback - Market Size & Forecast 2020-2030, Thousand Units
- SUV- Market Size & Forecast 2020-2030, Thousand Units
- Commercial Vehicles- Market Size & Forecast 2020-2030, Thousand Units
- Light Commercial Vehicles - Market Size & Forecast 2020-2030, Thousand Units
- Electric Light Trucks - Market Size & Forecast 2020-2030, Thousand Units
- Electric Minivans - Market Size & Forecast 2020-2030, Thousand Units
- Medium & Heavy Commercial Vehicles - Market Size & Forecast 2020-2030, Thousand Units
- Electric Trucks - Market Size & Forecast 2020-2030, Thousand Units
- Electric Bus - Market Size & Forecast 2020-2030, Thousand Units
- Two Wheelers
- Scooters - Market Size & Forecast 2020-2030, Thousand Units
- Motorcycles - Market Size & Forecast 2020-2030, Thousand Units
- Moped - Market Size & Forecast 2020-2030, Thousand Units
- Three Wheelers- Market Size & Forecast 2020-2030, Thousand Units
- By Propulsion Type
- Battery Electric Vehicle (BEV)- Market Size & Forecast 2020-2030, Thousand Units
- Hybrid Electric Vehicle (HEV)- Market Size & Forecast 2020-2030, Thousand Units
Out of all these, Battery Electric Vehicle holds the largest market share of more than 90%.
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How does geographical analysis highlight in the India Electric Vehicle market?
By Country
- North
- South
- East
- West
Who are the Key Players in India Electric Vehicle Market?
- Tata Motors
- Ola Electric
- Ather Energy
- Mahindra & Mahindra Ltd.
- JSW MG Motor India Pvt. Ltd.
- Olectra Greentech Limited
- Audi AG
- BMW AG
- Hyundai Motor India
- Mercedes-Benz Group AG
- Toyota Motor Corporation
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India Electric Vehicle Market News
- 2025: Tata Motors launched the Harrier.ev, a premium electric SUV, priced at around USD25,118, aiming to attract urban SUV buyers in the growing electric car market in India.
- 2024: Ather Energy launched the Ather Rizta, a smart, affordable electric scooter featuring IoT dashboards and app connectivity, aiming to target family and budget-conscious urban riders.
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