India Electric Vehicle Market Research Report, 2030

The India electric vehicle (EV) market is rapidly evolving, driven by a combination of government initiatives, rising environmental concerns, and technological advancements. The Indian government has introduced several policies to promote EV adoption, including the FAME India scheme and the National Electric Mobility Mission Plan, which aim to achieve a significant increase in EV sales by 2030. The market is dominated by two-wheelers, which account for the largest share due to their affordability and convenience in navigating congested urban areas. Major players in the market include Ola Electric Mobility Pvt. Ltd., Hero Electric, and Tata Motors, which are investing heavily in R&D and expanding their production capacities. The growing demand for sustainable transportation solutions, coupled with rising fuel prices and increasing consumer awareness, is driving the rapid growth of the EV market in India. The history of India's electric vehicle (EV) market began in the 1990s with the introduction of small electric scooters and three-wheelers aimed at reducing urban pollution. The market saw a significant milestone in 1996 with the launch of the Reva, India's first electric car. However, the adoption of EVs was slow due to limited infrastructure and government support. This changed with the introduction of the National Electric Mobility Mission Plan (NEMMP) 2020 in 2013 and the FAME India Scheme (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) in 2015, which provided subsidies and incentives for EV adoption and infrastructure development. The government has continued to support the EV market with policies like the Production-Linked Incentive (PLI) Scheme for advanced chemistry cell battery storage and the Battery Swapping Policy. These initiatives aim to reduce oil dependency, improve air quality, and establish India as a global leader in EV manufacturing. According to the research report," India Electric Vehicle Market Research Report, 2030," published by Actual Market Research, the India Electric Vehicle Market is anticipated to grow at more than 24.15% CAGR from 2025 to 2030. India's electric vehicle (EV) market is swiftly transforming, with substantial growth fuelled by a mix of government initiatives, technological progress, and a transition toward sustainable transportation. The promotion and advertisement of EVs in India have gained steam as the nation aims to lower its carbon footprint, decrease air pollution, and lessen dependency on fossil fuels. India's EV journey commenced in the early 2000s, but it wasn't until the 2010s that electric vehicles began to gain momentum. The government's emphasis on curbing pollution, especially in cities like Delhi, and tackling energy issues helped pave the way for EV acceptance. Initial electric vehicle options were confined to electric two-wheelers and three-wheelers, with companies such as Hero Electric and Mahindra Electric leading the way. In recent times, the market has broadened to encompass electric passenger cars, with models like the Tata Nexon EV, Mahindra e2o, and the Hyundai Kona EV gaining popularity. Domestic manufacturers like Tata Motors and Mahindra, along with international players such as Tesla and Nissan, are now making significant investments in the EV industry. The Indian government has launched a series of initiatives to foster EV adoption, including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which offers subsidies and motivations for EV purchases. Moreover, state-level policies providing tax rebates and incentives further promote consumers to transition to EVs. Escalating pollution levels, particularly in key cities, have created an urgency surrounding the adoption of cleaner transportation alternatives. The Indian government has established ambitious targets for EV adoption, aiming for 30% of all vehicles to be electric by 2030. Advances in battery technology have made EVs more accessible and feasible, offering longer driving ranges and shorter charging periods.

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The propulsion segment of the India electric vehicle (EV) market is characterized by a diverse range of technologies aimed at enhancing vehicle performance, efficiency, and sustainability. The market is dominated by battery electric vehicles (BEVs), which rely solely on electric power stored in batteries for propulsion. BEVs are favoured for their zero emission capabilities and are supported by extensive government incentives and tax credits. Plug-in hybrid electric vehicles (PHEVs) combine an internal combustion engine with an electric motor, offering the flexibility of both electric driving and traditional fuel use. PHEVs are popular among consumers who seek the benefits of electric driving without range anxiety. Hybrid electric vehicles (HEVs), which also combine an internal combustion engine with an electric motor but cannot be plugged in for charging, provide improved fuel efficiency compared to conventional vehicles. The market is also witnessing the emergence of fuel cell electric vehicles (FCEVs), which generate electricity through a chemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct. FCEVs are gaining traction due to their potential for long-range travel and quick refuelling times. Key players in the propulsion segment include Ola Electric Mobility Pvt. Ltd., TVS Motor Company Limited, and Mahindra & Mahindra, each investing heavily in research and development to advance their respective technologies. The expansion of charging infrastructure, including high-speed DC fast chargers and home charging solutions, is further driving the adoption of EVs across the country. As consumer awareness of environmental impact grows, the propulsion segment is expected to continue evolving, with a focus on improving energy density, reducing charging times, and enhancing overall vehicle performance. The vehicle type segment of the Indian electric vehicle (EV) market is diverse, encompassing a wide range of vehicle categories designed to cater to different consumer needs and preferences. The market includes two-wheelers, which dominate the segment due to their affordability, convenience in navigating congested urban areas, and lower operating costs. Three-wheelers are also a significant part of the market, particularly for commercial use and last-mile connectivity. Four-wheelers, including passenger cars and commercial vehicles, are gaining traction as the infrastructure for EVs improves and consumer awareness increases. Within the four-wheeler segment, SUVs are becoming increasingly popular, driven by their versatility and appeal to a broader consumer base. The market is also seeing the emergence of electric buses and trucks, supported by government initiatives to promote sustainable transportation solutions. Key players in the vehicle type segment include Ola Electric Mobility Pvt. Ltd., TVS Motor Company Limited, and Mahindra & Mahindra, each offering a wide range of models across different vehicle types. The expansion of charging infrastructure, including high-speed DC fast chargers and home charging solutions, is further driving the adoption of EVs across the country. As consumer awareness of environmental impact grows, the vehicle type segment is expected to continue evolving, with a focus on improving energy density, reducing charging times, and enhancing overall vehicle performance. India's electric vehicle (EV) market is growing swiftly, and the establishment of charging infrastructure is vital for its success. The charging infrastructure in India is divided into two main types: fast charging and normal (standard) charging. Both types are important for facilitating the adoption of electric vehicles, yet they serve different consumer requirements and driving behaviours. Fast charging, also known as DC fast charging, is essential for supporting long-distance travel and enhancing the convenience of EVs for users requiring rapid recharges. Fast chargers can refill an EV to about 80% in 30 minutes, which makes them particularly suitable for highways, transit corridors, and urban locations where speedy recharging is necessary. India's fast-charging infrastructure is currently under development but is progressing quickly, with both governmental and private sectors heavily investing in it. Companies such as Tata Power, BPCL, and Mahindra Electric are at the forefront of expanding fast chargers along significant routes and city centres. Fast chargers are crucial for alleviating range anxiety concerns among EV owners, particularly in less populated regions where charging station availability may be scarce. Normal charging, or Level 2 charging, is the predominant form of EV charging in India. This type of charging operates on 220V power and generally requires several hours to completely charge a vehicle, making it suitable for residential and commercial environments where EVs can be charged overnight or during working hours. Level 2 chargers are less expensive to install and are being incorporated into public facilities such as shopping centres, office buildings, and parking areas. Various state governments have also begun promoting the installation of home chargers to enhance the convenience of EV ownership.

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Nikita Jabrela

Business Development Manager

Considered in this report • Geography: India • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030 Aspects covered in this report • Electric vehicle Market with its value and forecast along with its segments • Region & country wise electric vehicle Market analysis • Application wise electric vehicle marker distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Propulsion • Battery Electric Vehicle (BEV) • Fuel Cell Electric Vehicle (FCEV) • Plug-In Hybrid Electric Vehicle (PHEV) • Hybrid Electric Vehicle (HEV)

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By Vehicle Type • Passenger • Commercial • Two Wheelers By charging type • Fast • Normals The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.