IMARC Group, a leading market research company, has recently releases report titled “India (EV) Electric Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the India (EV) electric vehicle market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the India (EV) Electric Vehicle Market?
The India electric vehicle market size reached US$ 772 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 19,980 Million by 2028, exhibiting a growth rate (CAGR) of 69% during 2023-2028.
What are (EV) Electric Vehicle?
Electric vehicles or EVs are self-propelling automobiles that operate on electricity. They consist of an electric motor that requires a constant energy supply from batteries to function. Some standard electric vehicles include battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. They can be charged by self-charging devices, such as turbochargers and regenerative braking systems, that convert kinetic energy into electrical energy. EVs have also emerged as a convenient and eco-friendly mode of transportation and are increasingly used for conveying passengers and goods. They also reduce harmful exhaust emissions that are usually emitted from fuel-based vehicles.
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What are the growth prospects and trends in the India (EV) Electric Vehicle Industry?
The India electric vehicle market is primarily driven by the rising demand for fuel-efficient and high-performance transportation systems. In addition, the increasing prices of transportation fuels like petrol, diesel, and CNG is also fueling the market growth.
Besides this, EVs do not emit tailpipe emissions, reduce oil dependency, and are economical to operate compared to traditional automobiles. Asa result, the Government of India is implementing stringent rules and regulations regarding vehicle emissions and promoting the adoption of EVs to reduce carbon footprint, thus facilitating market growth.
They are also launching financial aids and subsidies to help consumers purchase EVs. Furthermore, extensive investments to upgrade charging infrastructure, along with technological advancements like the integration of GPS navigation, remote sensors, and anti-theft locking systems, are creating a positive outlook for the market.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Others
Breakup by Price Category:
- Mid-Range
- High/Luxury Range
Breakup by Propulsion Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Who are the key players operating in the industry?
The report covers the major market players including:
- Ampere Vehicles Private Limited (Greaves Cotton Limited)
- Ather Energy Pvt Ltd
- Atul Auto Limited
- Bajaj Auto Limited (Bajaj Group)
- Electrotherm (India) Ltd.
- Hero Electric (Hero Eco Group)
- Hyundai Motor India Limited (Hyundai Motor Company)
- JBM Auto Limited
- Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd)
- MG Motor India Pvt Ltd (SAIC Motor Corporation Limited)
- Okinawa Autotech Pvt Ltd
- Olectra Greentech Ltd.
- Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA)
- Tata Motors Limited (Tata Group)
- TVS Motor Company (Sundaram – Clayton Limited)
- VE Commercial Vehicles Limited
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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