India Electric Vehicle Market is expected to expand at a CAGR of 94.4% from 2021 to 2030

 India Electric Vehicle Industry Overview

The India electric vehicle market size is expected to reach USD 152.21 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 94.4% from 2021 to 2030. The stringent regulations being drafted by the Indian government in response to the rising levels of vehicular emissions and the growing demand for environment-friendly vehicles are expected to drive the growth of the market over the forecast period. The efforts being pursued by the government to develop sustainable charging infrastructure in India also bodes well for the growth of the market.

 

India Electric Vehicle Market Segmentation

Grand View Research has segmented the India electric vehicle market based on product and vehicle type:

 

Based on the Product Insights, the market is segmented into BEV and PHEV

  • The BEV segment accounted for the largest revenue share of around 96% of the overall market in 2020. The dominating market share of the segment can be attributable to the increasing preference of consumers towards EVs over ICE vehicles and restrictions on vehicular CO2 emissions. BEVs can help significantly in cutting down vehicular emissions and reducing the total cost of ownership in the long run. Advances in battery technology and the plummeting lithium-ion batteryprices are also expected to drive the demand for BEVs over the forecast period.
  • The PHEV segment is projected to expand at a CAGR of over 105% over the forecast period. Plug-in Hybrid Electric Vehicles (PHEVs) are designed to enhance the use of the internal combustion engine in interaction with a low-range, High Voltage (HV) battery system. PHEVs have a more powerful electric motor and a significantly larger battery that can be recharged not only with the help of an external source of power but also using the ICE and regenerative braking. Hence, PHEVs offer a flexible and convenient mobility option for consumers.

 

Based on the Vehicle Type Insights, the market is segmented into Passenger Cars and Commercial Vehicles

  • Thecommercial vehicle segment accounted for the largest share of around 57% of the overall market in 2020. The growth of the segment can be attributed to the continued introduction of electric light-duty commercial trucks and electric buses in the country. Electric buses are already gaining traction as the government is pursuing aggressive plans to have more and more electric vehicles plying on the roads to reduce vehicular pollution in major cities across the nation. 
  • The passenger cars segment is projected to register a CAGR of over 106% over the forecast period. The diesel and gasoline-based passenger vehicle market is witnessing a shift toward electric passenger vehicles owing to increasing investments by the government in EV infrastructure, along with tax benefits offered to consumers.

 

Key Companies Profile & Market Share Insights

The companies are particularly focusing on introducing advanced and technology-driven products in the market. They are also pursuing strategic initiatives, such as mergers and acquisitions, and strategic partnerships and collaborations, to strengthen their position in the market. 

Some of the prominent players operating in the India electric vehicle market are:

  • Audi AG
  • BMW AG
  • Hyundai Motor India
  • Jaguar Land Rover Limited
  • Mahindra & Mahindra Ltd
  • Mercedes-Benz AG
  • MG Motor India Pvt. Ltd.
  • Olectra Greentech Limited
  • Tata Motors
  • Toyota Motor Corporation

 

Order a free sample PDF of the India Electric Vehicle Market Intelligence Study, published by Grand View Research. 

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