India Electric Vehicle Market

Detailed research report on India's electric vehicle market, focusing on market growth, industry analysis, size, and forecast up to 2030.

The India Electric Vehicle Market is segmented by Vehicle Type (Commercial Vehicles, Passenger Vehicles, Two-Wheelers) and by Fuel Category (FCEV, HEV). 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 Vehicle Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029

India Electric Vehicle Market Size

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India Electric Vehicle Market Summary
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
CAGR (2025 - 2029) 19.44 %
Market Concentration Medium

Major Players

India Electric Vehicle Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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.

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.

Market Analysis of India Electric Vehicle Market: Chart for Vehicle Type

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

  1. Ampere Vehicle Private Limited

  2. Ather Energy Pvt. Ltd.

  3. Okinawa Autotech Pvt. Ltd.

  4. Ola Electric Mobility Pvt. Ltd.

  5. TVS Motor Company Limited

  6. *Disclaimer: Major Players sorted in no particular order
India Electric Vehicle Market Concentration
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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.

India Electric Vehicle Market Report - Table of Contents

1. EXECUTIVE SUMMARY & KEY FINDINGS

2. REPORT OFFERS

3. INTRODUCTION

  • 3.1 Study Assumptions & Market Definition
  • 3.2 Scope of the Study​
  • 3.3 Research Methodology

4. KEY INDUSTRY TRENDS

  • 4.1 Population
  • 4.2 GDP Per Capita
  • 4.3 Consumer Spending For Vehicle Purchase (cvp)
  • 4.4 Inflation
  • 4.5 Interest Rate For Auto Loans
  • 4.6 Shared Rides
  • 4.7 Impact Of Electrification
  • 4.8 EV Charging Station
  • 4.9 Battery Pack Price
  • 4.10 New Xev Models Announced
  • 4.11 Used Car Sales
  • 4.12 Fuel Price
  • 4.13 Oem-wise Production Statistics
  • 4.14 Regulatory Framework
  • 4.15 Value Chain & Distribution Channel Analysis

5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

  • 5.1 Vehicle Type
    • 5.1.1 Commercial Vehicles
    • 5.1.1.1 Buses
    • 5.1.1.2 Heavy-duty Commercial Trucks
    • 5.1.1.3 Light Commercial Pick-up Trucks
    • 5.1.1.4 Light Commercial Vans
    • 5.1.1.5 Medium-duty Commercial Trucks
    • 5.1.2 Passenger Vehicles
    • 5.1.2.1 Hatchback
    • 5.1.2.2 Multi-purpose Vehicle
    • 5.1.2.3 Sedan
    • 5.1.2.4 Sports Utility Vehicle
    • 5.1.3 Two-Wheelers
  • 5.2 Fuel Category
    • 5.2.1 FCEV
    • 5.2.2 HEV

6. COMPETITIVE LANDSCAPE

  • 6.1 Key Strategic Moves
  • 6.2 Market Share Analysis
  • 6.3 Company Landscape
  • 6.4 Company Profiles
    • 6.4.1 Ampere Vehicle Private Limited
    • 6.4.2 Ather Energy Pvt. Ltd.
    • 6.4.3 BYD India Private Limited
    • 6.4.4 Hero Electric Vehicles Pvt. Ltd.
    • 6.4.5 Hyundai Motor India Limited
    • 6.4.6 JBM Auto Limited
    • 6.4.7 Mahindra & Mahindra Limited
    • 6.4.8 MG Motor India Private Limited
    • 6.4.9 Okinawa Autotech Pvt. Ltd.
    • 6.4.10 Ola Electric Mobility Pvt. Ltd.
    • 6.4.11 Olectra Greentech Ltd.
    • 6.4.12 Switch Mobility (Ashok Leyland Limited)
    • 6.4.13 Tata Motors Limited
    • 6.4.14 Toyota Kirloskar Motor Pvt. Ltd.
    • 6.4.15 TVS Motor Company Limited
  • *List Not Exhaustive

7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

8. APPENDIX

  • 8.1 Global Overview
    • 8.1.1 Overview
    • 8.1.2 Porter’s Five Forces Framework
    • 8.1.3 Global Value Chain Analysis
    • 8.1.4 Market Dynamics (DROs)
  • 8.2 Sources & References
  • 8.3 List of Tables & Figures
  • 8.4 Primary Insights
  • 8.5 Data Pack
  • 8.6 Glossary of Terms
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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
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India Electric Vehicle Market Research FAQs

How big is the India Electric Vehicle Market?

The India Electric Vehicle Market size is expected to reach USD 54.41 billion in 2025 and grow at a CAGR of 19.44% to reach USD 110.74 billion by 2029.

What is the current India Electric Vehicle Market size?

In 2025, the India Electric Vehicle Market size is expected to reach USD 54.41 billion.

Who are the key players in India Electric Vehicle Market?

Ampere Vehicle Private Limited, Ather Energy Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Ola Electric Mobility Pvt. Ltd. and TVS Motor Company Limited are the major companies operating in the India Electric Vehicle Market.

Which segment has the biggest share in the India Electric Vehicle Market?

In the India Electric Vehicle Market, the Two-Wheelers segment accounts for the largest share by vehicle type.

Which is the fastest growing segment in the India Electric Vehicle Market?

In 2025, the Passenger Vehicles segment accounts for the fastest growing by vehicle type in the India Electric Vehicle Market.

What years does this India Electric Vehicle Market cover, and what was the market size in 2025?

In 2025, the India Electric Vehicle Market size was estimated at 54.41 billion. The report covers the India Electric Vehicle Market historical market size for years: 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Electric Vehicle Market size for years: 2025, 2026, 2027, 2028 and 2029.

India Electric Vehicle Market Research

Mordor Intelligence offers comprehensive electric vehicle industry analysis and consulting services. We leverage decades of expertise in EV market analysis and research. Our detailed examination of electric vehicle trends and EV growth in India provides stakeholders with actionable insights into this rapidly evolving sector. The report presents an extensive EV industry overview. It combines electric vehicle statistics with detailed analysis of technological advancements, regulatory frameworks, and competitive dynamics in the EV sector.

Our research methodology incorporates robust EV market data and electric vehicle growth projections. This offers valuable insights for manufacturers, investors, and policymakers. The report, available in an easy-to-download PDF format, includes detailed EV industry growth forecasts, electric vehicle sales data India, and thorough EV market segmentation analysis. Stakeholders benefit from our in-depth coverage of EV technology in India, electric vehicle production statistics, and comprehensive EV market analysis India. This enables informed decision-making in this dynamic industry landscape.