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India Electric Vehicles Market - Share, Size, Growth, Outlook - Industry Trends and Forecast to 2029

India Electric Vehicles Market - Share, Size, Growth, Outlook - Industry Trends and Forecast to 2029

Market Research Reports | Q1 2024 | Report ID: BR05024

About the Report

The Indian EV market is expected to continue its growth spree during the forecast period. Several key factors, including government subsidies and policies, rising fossil fuel costs, decreasing costs of EV batteries, expansion of charging infrastructure, increase in domestic EV manufacturing, and growing consumer interest in electric mobility is driving the Indian electric vehicle market.


However, the limited range and high cost of EVs compared to conventional vehicles, and the infantile charging infrastructure market in the country is a major hindrance, as it limits the widespread adoption of EVs. The lack of standardization in charging technology also presents challenges to the growth of the market. 


Furthermore, India's dependence on imports for key EV components makes it difficult to achieve economies of scale and bring down the cost of EVs on par with conventional vehicles. Consumer scepticism and lack of awareness about EVs are also factors that are hindering their adoption in the Indian market.


Current Scenario of the Electric Vehicle Market in India

The electric vehicle (EV) market in India has shown impressive growth in vehicle sales past year (2023). The 1.53 million EVs sold in 2023 represent a significant 50% year-over-year increase over the million units sold in 2022. The two- and three-wheeler markets were responsible for the majority of the growth. As they are leading the sales of electric vehicles in India because they are cheaper than electric passenger cars or large commercial vehicles.


Electric vehicle sales in India


India made a commitment to reduce its carbon footprint by 33–55% below 2005 levels by 2030 at COP21. With road transportation accounting for 80% of consumption, India's transportation sector has become the third-largest oil consumer in the world as a result of the exponential rise in automotive adoption in the nation over the previous ten years. The shift to more environmentally friendly mobility solutions in the transportation sector can be extremely important for achieving the GHG emission target agreed upon under NDC (Nationally determined contributions).


Government Support

The shift toward clean mobility is one of the federal government's top priorities, owing to which the government of India launched the scheme “Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India”, popularly known as FAME India scheme in April 2015 as part of its National Electric Mobility Mission Plan. The scheme covers Hybrid & Electric technologies like Mild Hybrid, Strong Hybrid, Plug in Hybrid & Battery Electric Vehicles.


The federal government has recently made changes to the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME) II scheme to promote faster adoption of electric and hybrid vehicles by providing upfront incentives on purchases of electric vehicles.  


In order to support public EV adoption, the government has also extended permissions for the installation of private charging stations in homes and workplaces in an effort to enhance the number of EV charging stations. As a result, anyone may now easily request the installation of a private charging point from the municipal or state nodal office. 


Additionally, the government has given permission for the installation of EV charging stations in shopping centres, apartment buildings, office buildings, restaurants, hotels, and other public locations.


Several Indian state governments have adopted EV-specific policies with the goal of enticing investment and creating jobs in their particular states by offering both supply-side and demand-side incentives. To encourage EV manufacturers, incentives are frequently provided, such as capital interest subsidies, stamp duty reimbursements, tax exemptions, SGST reimbursement, and the supply of interest-free loans.


The electric vehicle industry in India is picking pace with 100% FDI possible, new manufacturing hubs, and an increased push to improve charging infrastructure. Federal subsidies and policies favoring deeper discounts for Indian-made electric two-wheelers as well as for localized ACC (advanced chemistry cell) battery storage market are other growth drivers for the Indian EV industry.


Segment Analysis


Electric Two-Wheelers in India 

The two-wheeler segment dominates the Indian electric vehicles market. Electric two-wheelers represented 56% (857,165 units) of total India EV sales in 2023. Ola Electric retained its leading position in the segment with the highest sales of 166,372 units, followed by TVS Motor Company with 266,869 units. Other notable contributors included Ather Energy with 104,514 units and Bajaj Auto with 71,798 units. Other notable OEMs are also engaged in a competitive struggle to dominate the growing electric two-wheeler market in India.


Electric 2 wheeler sales in India, 2013-2023


Electric Passenger Vehicles in India

The passenger EV segment is gradually growing. The electric car sales were 72,623 units in 2023, a 92.15% increase in sales relative to 2022. Accordingly, the market for electric four-wheelers in India represents a market share of close to 5% of overall EV market in India.


Electric 4 wheeler sales in India, 2013-2023


The business with the largest portfolio of EVs, Tata Motors, has sold 51,189 units and holds an 71% EV market share of India. With 9,263 vehicles, MG Motor India holds 12.8%, the second largest market share of electric vehicles in India.


Commercial Electric Vehicles in India

With 582,119 retailed units in 2023, electric three-wheelers were the other significant growth driver for the commercial EV market and accounted for 38% of total EV sales in India.


Heavy and medium commercial electric vehicles are still in the pilot stages in India. The Indian government has plans to deploy electric buses for public commuting and has even started implementing the plan by introducing electric buses in a phased manner in some cities.


The rise in cost of gasoline, diesel, and compressed natural gas, as well as state subsidies and incentives provided under FAME II, are all factors that are expected to contribute to the domestic EV industry's sales growth in 2024. It also helps that consumers are becoming more aware of the importance of using environmentally friendly transportation. Certainly, another major driver is the long-term affordability of EV ownership costs.


Recent Developments

  • In January 2024, Servotech Power Systems Ltd (SPSL) successfully obtained a contract valued at INR 120 crore from Bharat Petroleum Corporation Limited (BPCL) for the installation of 1,800 fast Electric Vehicle (EV) charging stations across diverse locations in India. The project encompasses two charger variants, namely 60 kW and 120 kW. Servotech has expressed its commitment to completing this initiative by the conclusion of the current year.
  • In January 2024, JSW Group unveiled its ambitious strategy to invest USD 4.18 billion in electric vehicle (EV) manufacturing projects located in the coastal state of Odisha, India. This move positions JSW to compete with both domestic and international players in India's rapidly growing EV market.
  • Servotech Power Systems and EMCOR Power Solutions have entered into an agreement in Oct 2023, to develop 1,000 EV charging stations at various locations in India.
  • The second tender for 4,675 electric buses under the National Electric Bus Program was announced by Convergence Energy Services Ltd (CESL), an entirely owned subsidiary of Energy Efficiency Services Ltd (EESL), in January 2023. After the Grand Challenge tender for 5,450 electric buses, and a recently finished tender for 6465 electric buses, this is the third electric bus tender.
  • Omega Seiki Mobility Pvt. announced in January 2023 that it would invest 8 billion rupees (USD 981 million) to construct two facilities in India for the production of electric vehicle parts such as batteries and powertrains.
  • In Jan 2023, Maruti Suzuki India Ltd announced its plans to expand its EV line-up in India by 2030. According to the corporation, its whole product portfolio will consist of 60% internal combustion engines (ice vehicles), 25% hybrid electric vehicles, and 15% battery electric vehicles by 2030.
  • Tata Power stated in January 2023 that it would install 25,000 EV charging points around the nation to assist in a quicker uptake of electric mobility over the following five years.
  • BYD India, a subsidiary of BYD Company China, announced their target of selling 15,000 units of its E-SUV in 2023. The company also unveiled its electric sedan car BYD Seal at the 2023 Auto Expo in New Delhi.
  • The Uttar Pradesh government and the UK-based Causis Group signed an agreement to invest INR 1.25 lakh crore in the electric cars industry. The business intends to build an electric vehicle technology park and produce electric vehicles in Uttar Pradesh.


*The recent developments list is not exhaustive


The new report from Blackridge Research on India Electric vehicles Market comprehensively analyses the electric vehicles market and provides deep insight into the current and future state of the electric vehicle industry in India.

The study examines the drivers, restraints, and regional trends influencing India Electric vehicles Market demand and growth.

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the EV Market in India, important commercial developments, trends, countries, and segments poised for the fastest growth, and competitive landscape.

Further, the report will also provide India Electric vehicles Market size, demand forecast, and growth rates.


What Do We Cover in the report?

Electric vehicles Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.


India Electric Vehicles Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations in the region.

This section provides an assessment of COVID-19 impact on electric vehicles demand in the country.


Electric vehicles Market Size and Demand Forecast

The report provides India Electric vehicles Market size and demand forecast until 2029, including year-on-year (YoY) growth rates and CAGR.


Electric vehicles Market Industry Analysis

The report examines the critical elements of electric vehicles industry supply chain, its structure, and participants

Using Porter's five forces framework, the report covers the assessment of the Electric vehicles industry's state of competition and profitability.


Electric vehicles Market Segmentation & Forecast

The report dissects the India electric vehicle market into various segments based on vehicle type (two-wheelers, passenger vehicles, and commercial vehicles). A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.


Key Company Profiles

This report presents detailed profiles of Key companies in each segment of the Electric vehicles industry in India such as Hero electric, OLA electric, Ather Energy, Tata Motors Ltd, MG Motor India, Toyota Motor Corporation, etc. In general, each company profile includes - an overview of the company, relevant products and services, a financial overview, revenue growth, market share analysis and recent developments.


Competitive Landscape

The report provides a comprehensive list of notable companies in the regional market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.


Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.


Get a free sample copy of India Electric vehicles Market report by clicking the "Download a Free Sample Now!" button at the top of the page.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Market Opportunities
  • 3.5 Market Size and Demand Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter's Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Vehicle Type
    • 5.1.1 Two Wheelers
    • 5.1.2 Passenger Vehicles
    • 5.1.3 Commercial Vehicles

6. Key Company Profiles

  • 6.1 Two-Wheeler Companies
    • 6.1.1 OLA Electric
    • 6.1.2 TVS Motors
    • 6.1.3 Hero Electric
    • 6.1.4 Ather Energy
    • 6.1.5 Okinawa Autotech
    • 6.1.6 Ampere Vehicles
    • 6.1.7 Bajaj Auto
    • 6.1.8 Other Notable Players
  • 6.2 Passenger Vehicle Companies
    • 6.2.1 Tata Motors
    • 6.2.2 MG Motor India
    • 6.2.3 Hyundai Motor Company
    • 6.2.4 KIA Motors
    • 6.2.5 BYD India
    • 6.2.6 Mercedes-Benz
    • 6.2.7 Other Notable Players
  • 6.3 Commercial Vehicle Companies
    • 6.3.1 Omega SEIKI
    • 6.3.2 Mahindra & Mahindra Ltd
    • 6.3.3 Piaggio & C.SpA
    • 6.3.7 Other Notable Players

7. Competitive Landscape

  • 7.1 List of Notable Players in the Market
  • 7.2 M&A, JV, and Agreements
  • 7.3 Market Share Analysis
  • 7.4 Strategies of Key Players

8. Conclusions and Recommendations

List of Tables & Figures


Additional Notes


  This report helps to:-

  • Gain a deeper understanding of the India electric vehicles (EV) market.
  • Equip yourself with rigorous analysis and forward-looking insight into the Indian electric vehicles market.
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand for different segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • Automotive Manufacturers
  • EV Component Manufacturers
  • EV Battery Manufacturers
  • EV charging station manufacturers
  • Investor and Financing companies

  Tables and charts

Total Annual Electric Vehicle Sales in India (2013-2023)

Total Annual Two-Wheeler Electric Vehicle Sales in India (2013-2023), by no of Units

Total Annual Three-Wheeler Electric Vehicle Sales in India (2013-2023), by no of Units

Total Annual Four-Wheeler Electric Vehicle Sales in India (2013-2023), by no of Units

India Electric Vehicles Market Revenue (in USD million), 2022-2029

India Electric Vehicles Market Revenue (in USD million), by Vehicle Type, 2022-2029


Detailed list of Tables and Charts are available in the full report.

  What's included

Report - India Electric Vehicle Market Outlook to 2029 PDF Report - India Electric Vehicle Market Outlook to 2029.pdf
Market Data - India Electric Vehicle Market Outlook to 2029 XLS Market Data - India Electric Vehicle Market Outlook to 2029.xls

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