Market Size of india electric vehicle Industry
| Icons | Lable | Value |
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Study Period | 2016 - 2029 |
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Market Size (2024) | USD 34.80 Billion |
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Market Size (2029) | USD 110.74 Billion |
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CAGR (2024 - 2029) | 26.05 % |
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Largest Share by Vehicle Type | Commercial Vehicles |
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Fastest Growing by Vehicle Type | Commercial Vehicles |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Electric Vehicle Market Analysis
The India Electric Vehicle Market size is estimated at USD 34.80 billion in 2024, and is expected to reach USD 110.74 billion by 2029, growing at a CAGR of 26.05% during the forecast period (2024-2029).
- Largest Segment by Fuel Type - HEV : The reasons influencing the rise of BEV are state subsidies and the continued encouragement of BEV adoption among Indian private automobile owners and corporate and leasing fleets.
- Fastest-growing Segment by Fuel Type - HEV : Government norms, incentives and rebates, and awareness of e-mobility are attracting consumers to buy EVs, further is making BEV the fastest-growing segment in the Indian electric vehicle market.
- Largest Segment by Vehicle Type - Commercial Vehicles : The passenger vehicle acquired the largest sales in electric vehicles in India, due to the increasing need of passenger vehicles and there are very few models of electric CV available in the Inida.
