India Electric Vehicle Market to Grow at a 19.81% CAGR by 2028

Increasing shift towards electric mobility and advancement in EV sector to drive the India Electric Vehicle Market through 2028.


pramod singh

10 months ago | 2 min read

India electric vehicle market is anticipated to reach USD14,910.33 million at a CAGR of 19.81% by 2028 because of rapidly expanding wide range of products and advancement in charging infrastructure, and battery capacity suitable to Indian roads. According to NITI Aayog and Rocky Mountain Institute (RMI) India's EV finance industry is likely to reach Rs.3.7 lakh crore (USD50 billion) in 2030. With majority of youngsters preferring two-wheelers for their daily mobility requirements, there is expected to be strong demand for electric vehicles. Between 2000 to 2021, the India automobile sector received FDI inflow of USD30.51 billion and expects 8-10 billion in local and foreign investment by 2023.

Browse more than 52 market data Figures spread through 70 Pages and an in-depth TOC on  "India Electric Vehicle Market"

In addition, the government is offering subsidies under FAME II, as well as state EV programs, to encourage the widespread adoption of electric vehicles across the country. Additionally, top firms, as well as many emerging players, are expected to increase their focus on R&D in order to create sophisticated technology and features while keeping prices low, resulting in increased sales of electric vehicles. However, after the COVID-19 outbreak, which resulted in an economic catastrophe in 2020, the country's automobile sales plummeted due to a lack of production and import restriction.

Key market players in the India electric vehicle market include:

  • Tata Motors Limited
  • MG Motor India Private Limited
  • Mahindra & Mahindra Limited
  • PMI Electro Mobility Solutions Private Limited
  • JBM Auto Ltd.
  • Hero Electric Vehicles Pvt. Ltd.
  • Okinawa Autotech Pvt. Ltd.
  • Greaves Electric Mobility Pvt. Ltd
  • YC Electric Vehicle
  • Saera Electric Auto Pvt. Ltd.

India electric vehicle market can be segmented based on vehicle type, propulsion, by battery capacity, range, charging time, region and company. On the basis of vehicle type, Electric two-wheelers dominate the India Electric Vehicle Market, accounting for around 42% of total market share, followed by three-wheelers and passenger cars. BEV dominates the India Electric Vehicle Market in terms of propulsion, with more than 75% of the total market share. With the growing fleet size of electric vehicles, the similar trend is expected to continue in the coming years. On the basis of range, the sector above 200 kilometers exhibits the most increase, as high-capacity battery ranges are the focus of innovation and advancement. Based on charging time, majority of automobiles required <5 hours of charging time with prominent growth rate of CAGR 36.12% in the historical period, and it is expected to grow at a CAGR of 24.46% in the forecast period.

Tata Motors Limited, MG Motor India Private Limited, Mahindra & Mahindra Limited, PMI Electro Mobility Solutions Private Limited, JBM Auto Ltd., Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Greaves Electric Mobility Pvt. Ltd., YC Electric Vehicle, Saera Electric Auto Pvt. Ltd. are the major players in the electric passenger cars, LCV, M&HCV, two-wheeler, three-wheeler segments.

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