Market Overview
| Study Period | 2017 - 2029 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2029 |
| Market Size (2025) | USD 54.41 Billion |
| Market Size (2029) | USD 110.7 Billion |
| Growth Rate (2025 - 2029) | 19.44% CAGR |
| Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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India Electric Vehicle Market Analysis
The India Electric Vehicle Market size is estimated at 54.41 billion USD in 2025, and is expected to reach 110.7 billion USD by 2029, growing at a CAGR of 19.44% during the forecast period (2025-2029).
India's electric vehicle industry is experiencing a transformative phase characterized by increasing domestic manufacturing capabilities and technological advancements. Major automotive manufacturers are establishing dedicated EV production facilities, with companies like Ola Electric and Ather Energy leading significant investments in research and development. The EV industry in India has witnessed a surge in domestic production capacity, with manufacturers focusing on localizing critical components to reduce dependency on imports. This shift towards local manufacturing has been particularly evident in the battery and powertrain segments, where Indian companies are developing indigenous technologies suited to local conditions.
The market landscape is witnessing a notable transformation in consumer preferences and product offerings. Premium automotive manufacturers are introducing sophisticated electric vehicles with advanced features, exemplified by recent launches such as BYD's luxury sedan Seal with a 700-km range and Hyundai's Ioniq 5 with its 450-km range capability in 2023. These product launches demonstrate the industry's commitment to addressing range anxiety while offering enhanced performance capabilities. The market is also seeing increased collaboration between traditional automakers and technology companies, particularly in developing connected vehicle capabilities and smart charging solutions.
The charging infrastructure ecosystem has shown remarkable progress, with the number of publicly available charging stations reaching 10,900 in 2022. This expansion has been accompanied by innovations in charging technology, including the introduction of fast-charging capabilities and smart charging solutions. Private sector participation in charging infrastructure development has increased significantly, with several companies establishing partnerships to create comprehensive charging networks across major urban centers and highways.
The industry is witnessing substantial progress in supply chain localization and manufacturing efficiency. Companies are investing in advanced manufacturing technologies and automation to improve production efficiency and quality control. The focus on sustainable manufacturing practices has led to the adoption of renewable energy in production facilities and the implementation of circular economy principles in the manufacturing process. These developments are complemented by the emergence of specialized EV component manufacturers and suppliers, creating a robust domestic supply chain ecosystem that supports the industry's growth trajectory.
India Electric Vehicle 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.
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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
- Suzuki and Hyundai lead India's HEV sector, while Toyota and Renault face declining numbers
Segment Analysis: Vehicle Type
Two-Wheeler Segment in Indian Electric Vehicle Market
The two-wheeler segment dominates India's electric vehicle market, commanding approximately 92% market share in 2024. This dominance is driven by increasing consumer adoption of electric scooters and motorcycles. The segment's leadership can be attributed to factors such as affordability, convenience in navigating congested urban areas, and lower operating costs compared to conventional vehicles. Growth is further bolstered by supportive government policies, including the FAME India Scheme and various state-level incentives that make electric two-wheelers more accessible to the mass market. Additionally, the expanding network of charging infrastructure and improvements in battery technology have addressed range anxiety concerns, making electric two-wheelers an increasingly practical choice for daily commuting. The segment has also benefited from the entry of multiple manufacturers offering a diverse range of products across different price points, catering to various consumer preferences and needs. The electric two-wheeler market size in India is expected to expand significantly as a result.
Commercial Vehicle Segment in Indian Electric Vehicle Market
The commercial vehicle segment, while currently holding a smaller market share, is projected to experience substantial growth from 2024 to 2029. This growth is primarily driven by the increasing adoption of electric buses in public transportation fleets and the rising demand for electric delivery vehicles in the logistics sector. The segment's expansion is supported by government initiatives promoting the electrification of public transport and commercial fleets, along with the development of dedicated charging infrastructure for commercial vehicles. Fleet operators are increasingly recognizing the long-term cost benefits of commercial electric vehicles in India, particularly in terms of lower operating and maintenance expenses. The segment is also witnessing technological advancements in battery capacity and charging solutions, making electric commercial vehicles more viable for various applications, from urban delivery to long-haul transportation.
Remaining Segments in Vehicle Type
The passenger vehicle segment represents a significant opportunity in India's electric vehicle market, with various subsegments including hatchbacks, sedans, MPVs (Multi-Purpose Vehicles), and SUVs (Sport Utility Vehicles). This segment is witnessing increased activity with multiple manufacturers launching new models across different price points and vehicle categories. The SUV subsegment, in particular, has gained considerable traction due to growing consumer preference for larger vehicles with higher ground clearance, while sedans and hatchbacks continue to attract buyers looking for efficient urban mobility solutions. The segment's growth is supported by improving charging infrastructure, increasing range capabilities, and enhanced features that make electric passenger vehicles more appealing to traditional car buyers. The EV car market share in India is expected to evolve as these trends continue.
Segment Analysis: Fuel Category
HEV Segment in Indian Electric Vehicle Market
The Hybrid Electric Vehicle (HEV) segment dominates the Indian electric vehicle market, commanding approximately 99% market share in 2024. This overwhelming dominance can be attributed to several factors, including the segment's established manufacturing infrastructure, wider product availability, and consumer familiarity with hybrid technology. Major automotive manufacturers have significantly expanded their HEV offerings, with companies like Toyota, Honda, and domestic players introducing various hybrid models across different vehicle categories. The segment's strong performance is further bolstered by the availability of charging infrastructure and government incentives promoting hybrid vehicle adoption. Additionally, the lower total cost of ownership compared to conventional vehicles and the flexibility of dual power sources have made HEVs an attractive option for Indian consumers looking to transition to cleaner mobility solutions. The EV market segmentation highlights the significant role of HEVs in the electric vehicle share in India.
FCEV Segment in Indian Electric Vehicle Market
The Fuel Cell Electric Vehicle (FCEV) segment emerges as the fastest-growing category in India's electric vehicle market, with projections indicating an impressive growth rate of approximately 85% from 2024 to 2029. This remarkable growth trajectory is driven by significant technological advancements in hydrogen fuel cell technology and increasing investments in hydrogen infrastructure development. The segment's expansion is further supported by government initiatives promoting hydrogen as an alternative fuel source and efforts to establish a robust hydrogen distribution network. Major automotive manufacturers are actively developing and introducing FCEV models, particularly in the commercial vehicle segment where the technology's longer range and faster refueling capabilities offer distinct advantages. The segment's growth is also catalyzed by increasing corporate and government fleet adoption, particularly in heavy-duty transportation applications where FCEVs' superior range and payload capabilities make them an ideal choice. The EV market share by company in India is likely to shift as FCEVs gain traction.
India Electric Vehicle Industry Overview
Top Companies in India Electric Vehicle Market
The Indian electric vehicle market is characterized by intense competition and rapid innovation among key EV players in India like Ola Electric, TVS Motor, Ather Energy, and Tata Motors. These EV companies in India are heavily investing in research and development to enhance battery technology, charging solutions, and overall vehicle performance. Product innovation remains a key focus, with manufacturers regularly launching new models with improved range, features, and connectivity options. Operational agility is demonstrated through flexible manufacturing processes and quick adaptation to market demands. Strategic partnerships, particularly in charging infrastructure development and battery technology, have become increasingly common. Companies are also pursuing aggressive expansion strategies through dealership network growth, production capacity enhancement, and entry into new vehicle segments. The emphasis on localization of components and vertical integration is helping manufacturers maintain cost competitiveness while ensuring supply chain resilience.
Dynamic Market with Strong Local Leadership
The Indian EV market exhibits a healthy mix of established automotive conglomerates and specialized EV startups, with domestic Indian EV companies holding significant market share. Traditional automotive giants like Tata Motors, Mahindra & Mahindra, and TVS Motor have successfully leveraged their manufacturing expertise and brand presence to establish strong EV divisions. Meanwhile, pure-play EV manufacturers like Ola Electric and Ather Energy have disrupted the market with their technology-first approach and innovative business models. The market structure is evolving from fragmented to moderately consolidated, particularly in the two-wheeler segment where a few EV competitors in India command substantial market share.
The market is witnessing increased merger and acquisition activity as companies seek to acquire technological capabilities and scale operations. Strategic partnerships between automotive manufacturers and technology companies are becoming more prevalent, particularly in areas like battery technology and charging infrastructure. International players are entering the market through joint ventures and technical collaborations with local manufacturers, bringing global expertise to the Indian market. The industry is also seeing vertical integration as companies invest in battery manufacturing and charging infrastructure to control key aspects of the value chain.
Innovation and Infrastructure Drive Future Success
For incumbent players to maintain and expand their market share, focus on product differentiation and cost optimization through localization will be crucial. Companies need to invest in advanced battery technology and smart features while maintaining competitive pricing. Building strong dealer networks and after-sales service infrastructure remains essential for market success. The development of proprietary charging networks and integration with existing charging infrastructure will provide competitive advantages. Manufacturers must also focus on building strong brand equity through customer engagement and sustainable practices.
New entrants and challenger brands can gain ground by focusing on specific market segments or geographic regions before expanding. Success factors include developing innovative financing solutions, establishing strategic partnerships for technology and infrastructure, and creating unique value propositions for different customer segments. The regulatory environment, particularly government policies supporting EV adoption and manufacturing, will continue to shape market dynamics. Companies must also address concerns about battery safety, range anxiety, and charging infrastructure to build consumer confidence. The ability to adapt to evolving customer preferences and technological advancements while maintaining cost competitiveness will determine long-term success in the market.
India Electric Vehicle Market Leaders
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Ampere Vehicle Private Limited
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Ather Energy Pvt. Ltd.
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Okinawa Autotech Pvt. Ltd.
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Ola Electric Mobility Pvt. Ltd.
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TVS Motor Company Limited
- *Disclaimer: Major Players sorted in no particular order
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India Electric Vehicle Market News
- August 2023: Gabriel India Limited (Gabriel India), a flagship company of Anand Group, announced that during the quarter that ended on June 30, 2023, it developed components for Maruti Suzuki Jimny and Stellantis electric Citroen C3. At present, it is developing parts for new models of VW, Tata, Stellantis, Mahindra, and Maruti Suzuki.
- August 2023: Ola Electric launched S1X for INR 79,999. Ola S1X will be offered in two battery capacities: 2-kWh and 3-kWh. The 2-kWh variant will have a range of 91 km, while the 3-kWh will have a 151 km range. The scooter has a 3.5-inch segmented display, and the physical key unlocks and comes without smart connectivity.
- August 2023: Hyundai Motor India Limited (HMIL) signed an asset purchase agreement (APA) in Gurugram, Haryana, for the acquisition and assignment of identified assets related to General Motors India's (GMI) Talegaon Plant in Maharashtra.
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.
List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, INDIA, 2017 - 2030
- Figure 2:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, INDIA, 2017 - 2030
- Figure 3:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, INDIA, 2017 - 2030
- Figure 4:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, INDIA, 2017 - 2030
- Figure 5:
- AUTO LOAN INTEREST RATES, PERCENTAGE, INDIA, 2017 - 2022
- Figure 6:
- USED CAR MARKET, REVENUE IN USD, INDIA, 2017 - 2030
- Figure 7:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, INDIA, 2017 - 2030
- Figure 8:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, INDIA, 2017 - 2022
- Figure 9:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, INDIA, 2017 - 2030
- Figure 10:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, INDIA, 2023 - 2027
- Figure 11:
- USED CAR MARKET, REVENUE IN USD, INDIA, 2017 - 2030
- Figure 12:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, INDIA, 2017 - 2022
- Figure 13:
- OEM-WISE PRODUCTION STATISTICS, VOLUME IN UNITS, INDIA, 2017 - 2022
- Figure 14:
- INDIA ELECTRIC VEHICLE MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- INDIA ELECTRIC VEHICLE MARKET, VALUE IN USD, 2017 - 2030
- Figure 16:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 17:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 18:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 19:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 20:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 21:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 22:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 23:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 24:
- INDIA ELECTRIC VEHICLE MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 25:
- INDIA ELECTRIC VEHICLE MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 26:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 27:
- INDIA ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- INDIA ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 30:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 31:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 32:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 33:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 34:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 35:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 36:
- INDIA ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 37:
- INDIA ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 38:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 39:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 42:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 43:
- INDIA ELECTRIC VEHICLE MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- INDIA ELECTRIC VEHICLE MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 46:
- INDIA ELECTRIC VEHICLE MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 47:
- INDIA ELECTRIC VEHICLE MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 48:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 49:
- INDIA ELECTRIC VEHICLE MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 50:
- INDIA ELECTRIC VEHICLE MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 51:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 52:
- INDIA ELECTRIC VEHICLE MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 53:
- INDIA ELECTRIC VEHICLE MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 54:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 55:
- INDIA ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 56:
- INDIA ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VALUE IN USD, 2017 - 2030
- Figure 57:
- INDIA ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 58:
- INDIA ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 59:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 60:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 61:
- INDIA ELECTRIC VEHICLE MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 62:
- INDIA ELECTRIC VEHICLE MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 63:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 64:
- INDIA ELECTRIC VEHICLE MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 65:
- INDIA ELECTRIC VEHICLE MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 66:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 67:
- INDIA ELECTRIC VEHICLE MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 68:
- INDIA ELECTRIC VEHICLE MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 69:
- INDIA ELECTRIC VEHICLE MARKET SHARE(%), BY MAJOR PLAYERS
India Electric Vehicle Industry Segmentation
Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. FCEV, HEV are covered as segments by Fuel Category.| Vehicle Type | Commercial Vehicles | Buses | |
| Heavy-duty Commercial Trucks | |||
| Light Commercial Pick-up Trucks | |||
| Light Commercial Vans | |||
| Medium-duty Commercial Trucks | |||
| Passenger Vehicles | Hatchback | ||
| Multi-purpose Vehicle | |||
| Sedan | |||
| Sports Utility Vehicle | |||
| Two-Wheelers | |||
| Fuel Category | FCEV | ||
| HEV | |||
Vehicle Type
| Commercial Vehicles | Buses |
| Heavy-duty Commercial Trucks | |
| Light Commercial Pick-up Trucks | |
| Light Commercial Vans | |
| Medium-duty Commercial Trucks | |
| Passenger Vehicles | Hatchback |
| Multi-purpose Vehicle | |
| Sedan | |
| Sports Utility Vehicle | |
| Two-Wheelers |
Fuel Category
| FCEV |
| HEV |
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Market Definition
- Vehicle Type - The category includes passenger cars, commercial vehicles, and two-wheelers.
- Vehicle Body Type - TUnder Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses; and for Two-Wheelers, it encompasses Scooters and Motorcycles.
- 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. |
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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.
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