IMARC Group, a leading market research company, has recently releases report titled “India Electric Vehicle Market Report by Vehicle Type (Passenger Vehicles, Commercial Vehicles, and Others), Price Category (Mid-Range, High/Luxury Range), Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the India electric vehicle market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the India Electric Vehicle Market?
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.
India Electric Vehicle Market Overview:
The India electric vehicle market is evolving rapidly, owing to the strong push of government bodies for cleaner energy choices, reflected in various subsidies and incentives for electric vehicle (EV) makers and consumers. Besides this, electric two- and four-wheelers are becoming more popular due to rising income levels and increasing urbanization, which are also driving up demand for personal mobility solutions.
Additionally, the expansion of shared mobility services and the growing popularity of ride-hailing platforms like Ola and Uber are further propelling the India electric vehicle market as these services increasingly incorporate electric vehicles into their fleets. Moreover, the development of charging infrastructure, supported by both government and private sector investments, is facilitating easier and highly convenient use of EVs.
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India Electric Vehicle Market Trends and Drivers:
Technological advancements and innovation play an important role in the expansion of the India electric vehicle market. Furthermore, the development of highly efficient battery technologies, leading to extended range and reduced charging times, is making EVs appealing to consumers. In addition, the integration of smart features and connectivity in electric vehicles is enhancing the user experience and driving consumer interest.
The market is also witnessing increased investments from global automakers and technology companies, which are establishing manufacturing bases and research facilities in the country. Apart from this, public awareness campaigns about the environmental benefits of electric vehicles and the long-term cost savings are contributing to a positive shift in consumer perception, which is anticipated to drive the India electric vehicle market in the coming years.
India Electric Vehicle Market Segmentation:
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
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape of the industry has also been examined, with some of the top India electric vehicle companies covered in the report 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
Ask Analyst for Customization and Explore Full Report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=5074&flag=C
Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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