India Electric Vehicle Market Overview 2024-2032

 The latest report by IMARC Group, titled “India Electric Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the market share. The India electric vehicle market size reached US$ 1,327.8 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 102,610.8 Million by 2032, exhibiting a growth rate (CAGR) of 60.2% during 2024-2032.

 Electric vehicles (EVs) are automobiles powered by electric motors rather than internal combustion engines (ICEs). These vehicles use energy stored in rechargeable batteries, which can be replenished by plugging the vehicle into an external electric power source. EVs come in various forms, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). BEVs run solely on electricity, while PHEVs combine an electric motor with a traditional engine, allowing them to switch between electric power and fuel. HEVs also use both power sources, but unlike PHEVs, they cannot be plugged in to recharge the battery and instead rely on regenerative braking and the internal combustion engine to recharge. EVs are known for their efficiency, as electric motors convert over 85% of electrical energy into mechanical energy, compared to about 20-30% for ICEs. They also produce zero tailpipe emissions, contributing to improved air quality and reduced greenhouse gas emissions. The adoption of EVs supports the transition to renewable energy sources and fosters energy independence by reducing reliance on imported fossil fuels. Moreover, EVs offer benefits such as lower operating costs, fewer maintenance requirements due to fewer moving parts, and enhanced performance with instant torque and smooth acceleration.

India Electric Vehicle Market Trends and Drivers:

The electric vehicle market in India is witnessing substantial growth, driven by several key factors and emerging trends. A significant driver is the Indian government's robust policy support, including initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which provides financial incentives for EV buyers and manufacturers. Additionally, the introduction of stricter emission norms and the push towards sustainable mobility solutions are encouraging both manufacturers and consumers to pivot towards electric vehicles. The growing awareness of environmental issues and the need to reduce carbon footprints are also motivating individuals and businesses to adopt EVs, aligning with global sustainability goals.

The rise in urbanization and the increasing need for efficient and eco-friendly transportation in congested city environments further bolster the demand for EVs. The advancements in EV technology, including improvements in battery performance, increased driving range, and faster charging capabilities, are making electric vehicles a more viable and attractive option for consumers. The development of a robust charging infrastructure, supported by both government initiatives and private sector investments, is also crucial in facilitating the growth of the EV market in India. Furthermore, the entry of various domestic and international automakers into the Indian EV market is enhancing competition and driving innovation, leading to the introduction of new and affordable EV models.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/india-electric-vehicle-market/requestsample

India Electric Vehicle Market 2024-2032 Analysis and Segmentation:

Top key players covered in this report:

  • 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

The report segmented the market on the basis of region, vehicle type, price category and propulsion type.

Vehicle Type Insights:

  • Passenger Vehicles
  • Commercial Vehicles
  • Others

Price Category Insights:

  • Mid-Range
  • High/Luxury Range

Propulsion Type Insights:

  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-In Hybrid Electric Vehicle

Regional Insights:

  • North India
  • West and Central India
  • South India
  • East India

Key highlights of the report:

  • Market Performance (2018-2023)
  • Market Outlook (2024- 2032)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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