The Indian electric vehicles market was valued at $0.39 billion in 2021 and it is expected to reach $120.3 billion at a CAGR of 73.0% between 2022 and 2032. In several provinces, the government and auto manufacturers are joined together to make a huge investment under the environmental awareness plans, which would benefit the electric vehicles market to have growth opportunities. Additionally, auto industries are planning to make new strategies to produce innovative vehicles which would run on electricity or battery electricity.
The demand for electric vehicles is increasing due to stringent vehicle emissions regulations. This has further led the market over the past few years. At present days, many manufacturing companies are creating electric vehicles with the help of the government as it produces fewer emissions as compared to traditional vehicles. Furthermore, it also decreases oil consumption, air pollution, and related emissions. Another major driver is growing investments, which would benefit the overall market to have more growth opportunities. So many companies are investing in their upcoming plan to manufacture electric vehicles. In addition, both commercial and government sectors are adopting electric vehicles. These are also anticipated to propel the growth of the market throughout the forecast period. In the automotive industry, India has been recognized as one of the prominent regions. Several key players are aggressively establishing manufacturing facilities in several areas of the country. However, a couple of years ago, the outbreak of the COVID-19 pandemic hindered the electric vehicle market in India. After the pandemic situation, the electric vehicles market is again gradually gaining popularity as well as growth opportunities.
Source: SAI Research
Based on product type, the Indian electric vehicles market is segmented into battery electric vehicles and plug-in hybrid vehicles. The battery electric vehicles segment holds the largest share of the market and is anticipated to boost market growth over the upcoming years. In addition, the growing interest of Indian people in electric vehicles over conventional vehicles is projected to drive the growth of the market. This type of vehicle can reduce the dangerous gas which creates pollution in the environment. The usage of battery electric vehicles could reduce traffic pollution in several areas of India. On the other hand, plug-in hybrid vehicles are also expected to become the second largest segment in the upcoming years due to their increasing demand as the engine comes with a low-range, high voltage battery system.
Based on vehicle type, the Indian electric vehicle market is categorized into passenger cars and commercial cars. The commercial cars or vehicles segment is accounted for the maximum share of the market and is projected to boost the market growth in the upcoming years. Manufacturing companies are producing electric buses for transportation as well as travel and tourism agencies. This would reduce the pollution which is created by traditional cars. However, along with this, the passenger car segment is also anticipated to witness several growth opportunities. The government is focusing on investing in electric vehicle infrastructure due to rising pollution and increasing prices of gasoline and diesel. Hence, the new initiative by the government would also benefit the market.
Based on regions, the Indian electric vehicles market is divided into Uttar Pradesh, Mumbai, Tamil Nadu, Delhi, and others. Among these, the Uttar Pradesh segment holds the maximum share of the market. Most of the auto manufacturing industries are located in Uttar Pradesh making electric vehicles. Maximum registered electric vehicles are from this state. After this state, Delhi holds the second position in registered electric vehicles. Some key players are focusing on implementing new business strategies such as mergers and acquisitions. They are also trying to establish strategic partnerships and collaborations with other manufacturing companies or subsidiaries to hold a strong position in the market.
According to the study, key players such as Ather Energy (India), Ampere Vehicles (India), BMW AG (Germany), Bajaj Group (India), DiDi Global (China), Denso (Japan), Goldstone Infratech Ltd (India), Hinduja Group (U.K), Hero Electric (India), Hyundai Motor Group (South Korea), JBM Auto Ltd (India), Mercedez-Benz Group (Germany), Mahindra Group (India), Ola Cabs (India), Porsche SE (Germany), Suzuki (Japan), SAIC Motor (China), Toyota (Japan), among others are leading the Indian electric vehicles market.
|Market Size in 2021||US$ 0.39 Billion|
|Market Volume Projection by 2032||US$ 120.3 Billion|
|Forecast Period 2022 to 2032 CAGR||73.0%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Product Type: Battery Electric Vehicles, Plug-In Hybrid Vehicles
By Vehicle Type: Passenger Cars, Commercial Cars
|Geographies covered||India Electric Vehicles Market: Uttar Pradesh, Mumbai, Tamil Nadu, Delhi & Others|
|Companies covered||Ather Energy (India), Ampere Vehicles (India), BMW AG (Germany), Bajaj Group (India), DiDi Global (China), Denso (Japan), Greely (China), Groupe Renault (France), Goldstone Infratech Ltd (India), Hinduja Group (U.K), Hero Electric (India), Hyundai Motor Group (South Korea), JBM Auto Ltd (India), Lucid Motors (U.S), Mercedez-Benz Group (Germany), Mahindra Group (India), Ola Cabs (India), Porsche SE (Germany), Suzuki (Japan), SAIC Motor (China), Tesla Inc (U.S), Toyota (Japan) & Others|
The Indian Electric Vehicles Market – by Product Type:
The Indian Electric Vehicles Market – by Vehicle Type:
The Indian Electric Vehicles Market – by Regions:
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