| India Electric Vehicle Market Report Introduction According to IMARC Group’s report titled "India Electric Vehicle Market Size, Share, Trends and Forecast by Vehicle Type, Price Category, Propulsion Type, and Region, 2025-2033" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights. Note : We are in the process of updating our reports to cover the 2026–2034 forecast period. For the most recent data, insights, and industry updates, please click on ‘Request Free Sample Report. Request Free Sample Report : https://www.imarcgroup.com/india-electric-vehicle-market/requestsample India Electric Vehicle Market Overview The India electric vehicle market size was valued at USD 2,360.97 Million in 2024. The market is expected to grow at a CAGR of 57.23% during the forecast period from 2025 to 2033, reaching a significant market size of USD 1,64,420.39 Million by 2033. South India currently dominates this market, holding more than 38.6% of the market share in 2024. This growth is driven by environmental concerns, government support, technological advancements, and expanding infrastructure. India Electric Vehicle Market Key Takeaways - Current Market Size: USD 2,360.97 Million in 2024.
- CAGR: 57.23% during 2025-2033.
- Forecast Period: 2025-2033.
- South India holds the largest regional share at over 38.6% in 2024.
- The market is fueled by growing environmental concerns and the need to reduce carbon emissions.
- Supportive government policies and increased investments are accelerating market expansion.
- Growing cost competitiveness due to advancements in battery technology is enhancing EV appeal.
India Electric Vehicle Market Growth Factors - Rising environmental concerns are increasing demand for cleaner and sustainable mobility solutions.
- Government initiatives such as FAME II and state-level subsidies are accelerating EV adoption.
- Rapid urbanization, smart city development, and EV infrastructure expansion are supporting market growth.
- EV charging infrastructure is expanding across both urban and semi-urban areas.
- Advancements in battery technology are reducing production costs and improving affordability.
- Rising disposable incomes are driving greater interest in sustainable transportation options.
- Consumers are increasingly aware of the long-term economic and environmental benefits of electric vehicles.
- Integration of EV charging solutions with renewable energy sources enhances transportation efficiency.
- Increased investments by domestic and international automotive manufacturers are fostering innovation and market growth.
Buy the Latest 2026 Edition : https://www.imarcgroup.com/checkout?id=5074&method=1337 India Electric Vehicle Market Trends - Rising gas and diesel prices are making electric vehicles (EVs) more cost-effective for consumers.
- Crude oil prices reaching USD 97.67 per barrel in FY2023 have accelerated the shift toward EV adoption.
- Diesel prices have increased by approximately 91% since FY2012, significantly boosting EV demand.
- Advances in battery technology now offer faster charging, longer range, and higher energy density.
- Launch of new EV models with improved fast-charging capabilities is increasing consumer interest.
- Government initiatives such as EMPS 2024, with an outlay of INR 500 crore (USD 60.24 million), are incentivizing electric two- and three-wheelers.
- Development of fast chargers and battery swapping stations is reducing range anxiety among users.
- Urban development and smart city projects are driving demand for EV charging infrastructure.
- Innovations such as India’s first self-driving and Level 5 autonomous electric scooters are creating new growth opportunities in the EV market.
India Electric Vehicle Market Segmentation Analysis by Vehicle Type: - Passenger Vehicles: Lead the market in 2024 due to technology advancements, government incentives, and growing consumer preference for sustainable transport.
- Commercial Vehicles
- Others
Analysis by Price Category: - Mid-Range: Account for around 82.6% market share in 2024, balancing features, affordability, and eligibility for government subsidies.
- High/Luxury Range
Analysis by Propulsion Type: - Battery Electric Vehicle: Dominate the market with approximately 99.7% market share in 2024 due to lower running costs and government support.
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Regional Insights - North India
- West and Central India
- South India
- East India
In 2024, South India dominated the market with over 38.6% share, driven by advanced technology integration, established manufacturing operations, and increased investment in charging infrastructure. The market in this region benefits from growing preference for hybrid electric vehicles and proactive government promotion. India Electric Vehicle Market Recent Developments & News - February 2025: Uno Minda acquired full ownership of its EV joint venture by purchasing FRIWO's 49.9% stake for INR 195 Crore, enhancing its position in the electric two-wheeler market.
- February 2025: Skoda plans to launch its first electric SUV in India by September 2025, model yet to be finalized.
- February 2025: Maruti Suzuki plans to launch four electric vehicles in India by FY2030, aiming for a 50% market share.
- January 2025: MoEVing acquired Euler Motors' EVonGO to expand its electric fleet by 30% in key Indian cities.
- October 2024: Vajram Electric acquired a 40% share in Varcas Automobiles to boost electric two-wheeler production and reach Tier II and III cities.
India Electric Vehicle Market Key Highlights of the Report - Comprehensive quantitative analysis of market segments and historical and current trends.
- Detailed market forecasts from 2019 to 2033.
- Insights on market drivers, challenges, and opportunities.
- Regional and country-level market identification.
- Porter’s Five Forces analysis for competitive assessment.
- Thorough competitive landscape with detailed profiles of leading market players.
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