India Electric Car Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030

The India Electric Car Market is segmented by Vehicle Configuration (Passenger Cars) and by Fuel Category (BEV, FCEV, HEV, PHEV). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

India Electric Car Market Size

View Global Report
India Electric Car Market Summary
share button
Icons Lable Value
https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2030
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Base Year For Estimation 2023
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 2.56 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2030) USD 17.66 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2030) 37.95 %
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Concentration Medium

Major Players

major-player-company-image

*Disclaimer: Major Players sorted in alphabetical order.

Key Players

WHY BUY FROM US?

1. CRISP & INSIGHTFUL
2. TRUE BOTTOM-UP
3. EXHAUSTIVENESS
4. TRANSPARENCY
5. CONVENIENCE

India Electric Car Market Analysis

The India Electric Car Market size is estimated at 2.56 billion USD in 2024, and is expected to reach 17.66 billion USD by 2030, growing at a CAGR of 37.95% during the forecast period (2024-2030).

2.56 Billion

Market Size in 2024 (USD)

17.66 Billion

Market Size in 2030 (USD)

88.47 %

CAGR (2017-2023)

37.95 %

CAGR (2024-2030)

Largest Segment by Vehicle Body Type

81.39 %

value share, Sports Utility Vehicle, 2023

Icon image

SUVs dominate due to their spaciousness, higher seating capacity, versatility in urban and rural areas, and increasing consumer preference for comfortable and robust vehicles.

Fastest-growing Segment by Vehicle Body Type

75.93 %

Projected CAGR, Hatchback, 2024-2030

Icon image

Hatchbacks are the fastest-growing due to their compact size, affordability, and suitability for urban driving, making them a popular choice among Indian consumers looking for practical EVs.

Largest Segment by Fuel Category

80.71 %

value share, BEV, 2023

Icon image

BEVs dominate due to increased consumer awareness, government incentives for zero-emission vehicles, and rapid advancements in electric vehicle technology.

Fastest-growing Segment by Fuel Category

88.20 %

Projected CAGR, FCEV, 2024-2030

Icon image

FCEVs are growing rapidly due to advancements in hydrogen fuel cell technology, increased investment in hydrogen infrastructure, and the government's push for zero-emission vehicles.

Leading Market Player

33.29 %

market share, Tata Motors Limited, 2023

Icon image

Tata Motors is the leading player in the Indian electric car market. The company has the most number of model offerings in the market to meet the consumer demand.

India is witnessing a burgeoning interest in electric mobility, evident from the evolving vehicle configurations that align with consumer demands and driving conditions

  • Electric hatchbacks serve as the entry point to India's EV market, primarily attracting urban commuters seeking compact, affordable, and efficient vehicles. Their appeal is bolstered by their lower price tag relative to other electric models, making them especially enticing for first-time EV buyers and those with city-centric driving habits. Government initiatives like FAME India, which offer subsidies and tax benefits, further amplify the attractiveness of electric hatchbacks as cost-effective and eco-friendly mobility options.
  • Electric sedans and SUVs are gaining traction in India's EV market, offering a mix of luxury, spaciousness, and performance. These models cater to consumers who prioritize premium features, extended range, and robust performance. The introduction of electric SUVs has garnered particular attention, given the existing popularity of SUVs in the Indian market. Consumers are increasingly drawn to electric SUVs not only for their versatility and space but also for the status they confer. Additionally, the allure of lower operating costs and reduced environmental impact further bolsters their appeal.
  • While MPVs constitute a smaller segment of the electric car market, they hold significant growth potential, especially among consumers with larger families or those seeking vehicles for group travel or commercial purposes. Electric MPVs offer the advantages of spaciousness and efficiency, although their adoption is currently hindered by factors such as higher upfront costs and a developing charging infrastructure.
India Electric Car Market

India Electric Car Market Trends

Government initiatives and stringent norms drive rapid growth in the electric vehicle market in India

  • India's electric vehicle (EV) market is in a growth phase, with the government actively formulating strategies to combat pollution. The Fame India scheme, launched in 2015, has played a pivotal role in driving vehicle electrification. Building on its success, Fame Phase 2, active till April 2022, further bolstered EV sales, especially in 2021, with the government offering subsidies like INR 10,000 grants for electric cars with battery capacities up to 15 kWh.
  • State governments across India are increasingly incorporating electric buses into their fleets, aiming to transition from internal combustion engine (ICE) buses. This move not only cuts operational costs but also curbs carbon emissions and improves air quality. In a notable move, the Delhi government greenlit the procurement of 300 new low-floor electric (AC) buses in March 2021, with 100 of them hitting the roads in January 2022. These initiatives contributed to a significant 62.58% surge in demand for electric commercial vehicles in India in 2022 over 2021.
  • The demand for electric cars has surged in recent times, driven by the government's introduction of stringent norms. In August 2021, the Indian government unveiled the Vehicle Scrappage Policy, targeting the phasing out of polluting and unfit vehicles, irrespective of their age. This policy, set to be implemented by 2024, is steering consumers toward electric cars. Additionally, the government has set an ambitious target of having 30% of all cars in India electrified by 2030. These initiatives are poised to propel electric car sales during the 2024-2030 period in India.
India Electric Car Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • India's population, driven by factors like a young demographic and improved healthcare, is projected to reach 1,522.77 million by 2030, reflecting steady growth
  • The consumer spending for vehicle purchases in Asia-Pacific, as exemplified by India, shows signs of cautious optimism during 2022-2023, following a period of volatility
  • India's auto interest rates have shown a consistent downward trend, driven by RBI's measures and evolving lending practices
  • India's electric vehicle charging station market surges with 6,800 slow charging and 4,100 fast charging stations in 2022
  • Various new entries and new product launches may accelerate the battery pack market in India
  • The numerous tax hikes in the country were expected to increase fuel prices in 2023
  • India's GDP per capita is expected to sustain growth, reaching USD 4,205.47 by 2030
  • India's journey toward lower inflation sets the stage for economic resilience and investor confidence
  • The combined revenue from shared rides in India is expected to rise consistently driven by factors like technological advancements, urbanization, and shifting consumer preferences
  • Electric vehicle sales in India increased because of the falling battery prices and government incentives
  • The used car sales market in India presents a landscape teeming with opportunities and growth
  • In India's ICE-CNG passenger car sector, Suzuki leads, followed by Hyundai, with Tata Motors showing notable growth; brands like Toyota and Renault face challenges due to declining production

India Electric Car Industry Overview

The India Electric Car Market is moderately consolidated, with the top five companies occupying 44.21%. The major players in this market are BYD India Private Limited, Hyundai Motor India Limited, Mahindra & Mahindra Limited, MG Motor India Private Limited and Tata Motors Limited (sorted alphabetically).

India Electric Car Market Leaders

  1. BYD India Private Limited

  2. Hyundai Motor India Limited

  3. Mahindra & Mahindra Limited

  4. MG Motor India Private Limited

  5. Tata Motors Limited

India Electric Car Market Concentration

Other important companies include BMW India Private Limited, Daimler AG (Mercedes-Benz AG), Kia Corporation, Maruti Suzuki India Limited, Toyota Kirloskar Motor Pvt. Ltd., Volvo Auto India Private Limited.

*Disclaimer: Major Players sorted in alphabetical order.

bookmark Need More Details on Market Players and Competitors?
Download Sample

India Electric Car Market News

  • August 2023: The Dubai Police Department has placed an electric Mercedes EQS 580 on its fleet of luxury cars and environmentally conscious vehicles to patrol the streets.
  • July 2023: Mercedes Benz Camiones y Buses Argentina announced it is investing USD 30 million to add to the USD 20 million Mercedes-Benz Camiones y Buses announced seven months ago to build a logistics and industrial center in Zárate.
  • July 2023: Mercedes-Benz extended the lay-off time of its second shift that is underway at its plant in São Bernardo do Campo, Brazil where it produces trucks and bus chassis, by another month at least thru the end of August.

Free with this Report

For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.

India Electric Car Market
India Electric Car Market
India Electric Car Market
India Electric Car Market

India Electric Car Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study​

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP Per Capita

    3. 2.3. Consumer Spending For Vehicle Purchase (cvp)

    4. 2.4. Inflation

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Shared Rides

    7. 2.7. Impact Of Electrification

    8. 2.8. EV Charging Station

    9. 2.9. Battery Pack Price

    10. 2.10. New Xev Models Announced

    11. 2.11. Used Car Sales

    12. 2.12. Fuel Price

    13. 2.13. Oem-wise Production Statistics

    14. 2.14. Regulatory Framework

    15. 2.15. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 3.1. Vehicle Configuration

      1. 3.1.1. Passenger Cars

        1. 3.1.1.1. Hatchback

        2. 3.1.1.2. Multi-purpose Vehicle

        3. 3.1.1.3. Sedan

        4. 3.1.1.4. Sports Utility Vehicle

    2. 3.2. Fuel Category

      1. 3.2.1. BEV

      2. 3.2.2. FCEV

      3. 3.2.3. HEV

      4. 3.2.4. PHEV

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. BMW India Private Limited

      2. 4.4.2. BYD India Private Limited

      3. 4.4.3. Daimler AG (Mercedes-Benz AG)

      4. 4.4.4. Hyundai Motor India Limited

      5. 4.4.5. Kia Corporation

      6. 4.4.6. Mahindra & Mahindra Limited

      7. 4.4.7. Maruti Suzuki India Limited

      8. 4.4.8. MG Motor India Private Limited

      9. 4.4.9. Tata Motors Limited

      10. 4.4.10. Toyota Kirloskar Motor Pvt. Ltd.

      11. 4.4.11. Volvo Auto India Private Limited

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter’s Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. INDIA ELECTRIC CAR MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
  1. Figure 2:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 3:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 4:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 5:  
  2. INDIA ELECTRIC CAR MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
  1. Figure 6:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 7:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 8:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 9:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 10:  
  2. INDIA ELECTRIC CAR MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
  1. Figure 11:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
  1. Figure 12:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 13:  
  2. INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
  1. Figure 14:  
  2. INDIA ELECTRIC CAR MARKET, VOLUME IN UNITS, 2017 - 2030
  1. Figure 15:  
  2. INDIA ELECTRIC CAR MARKET, VALUE IN USD, 2017 - 2030
  1. Figure 16:  
  2. INDIA ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 17:  
  2. INDIA ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
  1. Figure 18:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 19:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 20:  
  2. INDIA ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 21:  
  2. INDIA ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
  1. Figure 22:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 23:  
  2. INDIA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 24:  
  2. INDIA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
  1. Figure 25:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 26:  
  2. INDIA ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 27:  
  2. INDIA ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
  1. Figure 28:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 29:  
  2. INDIA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 30:  
  2. INDIA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
  1. Figure 31:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
  1. Figure 32:  
  2. INDIA ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 33:  
  2. INDIA ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
  1. Figure 34:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 35:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 36:  
  2. INDIA ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 37:  
  2. INDIA ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 38:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 39:  
  2. INDIA ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 40:  
  2. INDIA ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 41:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 42:  
  2. INDIA ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 43:  
  2. INDIA ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 44:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 45:  
  2. INDIA ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
  1. Figure 46:  
  2. INDIA ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
  1. Figure 47:  
  2. INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
  1. Figure 48:  
  2. INDIA ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
  1. Figure 49:  
  2. INDIA ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
  1. Figure 50:  
  2. INDIA ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021

India Electric Car Industry Segmentation

Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.

  • Electric hatchbacks serve as the entry point to India's EV market, primarily attracting urban commuters seeking compact, affordable, and efficient vehicles. Their appeal is bolstered by their lower price tag relative to other electric models, making them especially enticing for first-time EV buyers and those with city-centric driving habits. Government initiatives like FAME India, which offer subsidies and tax benefits, further amplify the attractiveness of electric hatchbacks as cost-effective and eco-friendly mobility options.
  • Electric sedans and SUVs are gaining traction in India's EV market, offering a mix of luxury, spaciousness, and performance. These models cater to consumers who prioritize premium features, extended range, and robust performance. The introduction of electric SUVs has garnered particular attention, given the existing popularity of SUVs in the Indian market. Consumers are increasingly drawn to electric SUVs not only for their versatility and space but also for the status they confer. Additionally, the allure of lower operating costs and reduced environmental impact further bolsters their appeal.
  • While MPVs constitute a smaller segment of the electric car market, they hold significant growth potential, especially among consumers with larger families or those seeking vehicles for group travel or commercial purposes. Electric MPVs offer the advantages of spaciousness and efficiency, although their adoption is currently hindered by factors such as higher upfront costs and a developing charging infrastructure.
Vehicle Configuration
Passenger Cars
Hatchback
Multi-purpose Vehicle
Sedan
Sports Utility Vehicle
Fuel Category
BEV
FCEV
HEV
PHEV
customize-icon Need A Different Region Or Segment?
Customize Now

Market Definition

  • Vehicle Type - The category includes passenger cars.
  • Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
  • Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
Keyword Definition
Electric Vehicle (EV) A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles.
BEV A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models.
PEV A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids.
Plug-in Hybrid EV A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally.
Internal combustion engine An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel.
Hybrid EV A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking.
Commercial Vehicles Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV).
Passenger Vehicles Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
Light Commercial Vehicles Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category.
M&HDT Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category.
Bus A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses.
Diesel It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed.
Gasoline It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug.
LPG It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study.
CNG It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines.
HEV All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices.
PHEV PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly.
Hatchback These are compact-sized cars with a hatch-type door provided at the rear end.
Sedan These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage.
SUV Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles.
MPV These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive.
bookmark Need More Details on Market Definition?
Ask a Question

Research Methodology

Mordor Intelligence follows a four-step methodology in all its reports.

  • Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
research-methodology
download-icon Get More Details On Research Methodology
Download Sample
close-icon
80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!

WHY BUY FROM US?
card-img
01. Crisp, insightful analysis
Our focus is NOT on word count. We present only the key trends impacting the market so you don’t waste time finding a needle in the haystack.
card-img
02. True Bottom-Up Approach
We study the industry, not just the market. Our bottom-up approach ensures we have a broad and deep understanding of the forces that shape the industry.
card-img
03. Exhaustive Data
Tracking a million data points on the vehicles industry. Our constant market tracking covers over 1 million+ data points spanning 45 countries and over 150 companies just for the vehicles industry.
card-img
04. Transparency
Know where your data comes from. Most market reports today hide the sources used behind the veil of a proprietary model. We proudly present them so you can trust our information.
card-img
05. Convenience
Tables belong in spreadsheets. Like you, we also believe that spreadsheets are better suited for data evaluation. We don't clutter our reports with data tables. We provide an excel document with each report that contains all the data used to analyze the market.

India Electric Car Market Research FAQs

The India Electric Car Market size is expected to reach USD 2.56 billion in 2024 and grow at a CAGR of 37.95% to reach USD 17.66 billion by 2030.

In 2024, the India Electric Car Market size is expected to reach USD 2.56 billion.

BYD India Private Limited, Hyundai Motor India Limited, Mahindra & Mahindra Limited, MG Motor India Private Limited and Tata Motors Limited are the major companies operating in the India Electric Car Market.

In the India Electric Car Market, the undefined segment accounts for the largest share by null.

In 2024, the undefined segment accounts for the fastest growing by null in the India Electric Car Market.

In 2023, the India Electric Car Market size was estimated at 2.56 billion. The report covers the India Electric Car Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Electric Car Market size for years: 2024, 2025, 2026, 2027, 2028, 2029 and 2030.

India Electric Cars Industry Report

Statistics for the 2023 India Electric Car market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Electric Car analysis includes a market forecast outlook to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.

India Electric Car Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030