Market Size of india electric car Industry
| Icons | Lable | Value |
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 2.56 Billion |
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Market Size (2029) | USD 14.79 Billion |
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Largest Share by Sub Body Type | Hatchback |
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CAGR (2024 - 2029) | 42.02 % |
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Fastest Growing by Sub Body Type | Sports Utility Vehicle |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Electric Car Market Analysis
The India Electric Car Market size is estimated at USD 2.56 billion in 2024, and is expected to reach USD 14.79 billion by 2029, growing at a CAGR of 42.02% during the forecast period (2024-2029).
- Largest Segment by Vehicle Type - Hatchback : Most of the models are launched in sedans and more options to choose from Sedan over hatchbacks is making sedans the best-selling segment in passenger car sales in India.
- Fastest-growing Segment by Vehicle Type - Sports Utility Vehicle : The growing interest of people towards adventure and tough driving on various terrains and growing preference towards bold looks is driving the growth SUV in the passenger car segment in India.
- Largest Segment by Fuel Type - BEV : The rebates provided by the government are high on BEV and stringent norms are encouraging people to invest in clean fuel vehicles, which makes BEV the largest fuel type in India electric car sales.
- Fastest-growing Segment by Fuel Type - HEV : The governmental subsidies for BEV, various norms, better fuel economy, less maintenance cost, chrging station development is making BEV the fastest growing segment in passenger car sales in India.
