India Electric Vehicle Industry Insights & Forecast (2025–2030)

India Electric Vehicle Market size was valued at around USD 5.22 billion in 2024 and is projected to reach USD 23.52 billion by 2030.

vocikok299

Jul 7, 2025 - 16:31

India Electric Vehicle Industry Insights & Forecast (2025–2030)

India Electric Vehicle Market Overview

The Indian electric vehicle (EV) market is on a trajectory of explosive growth, with a projected value soaring from approximately USD 5.22 billion in 2024 to around USD 23.52 billion by 2030. This expansion, characterized by a remarkable 28.52% CAGR, is fueled by increasing environmental awareness, government initiatives, and advancements in charging infrastructure. As urban centers grapple with severe air pollution, the transition to cleaner transportation options makes the electric vehicle sector more critical than ever.

Snapshot of the Market

Projected market size: USD 23.52 billion by 2030
CAGR of 28.52% from 2025 to 2030
Two-wheelers dominate with over 50% market share
Government policies significantly boost EV adoption
26,367 charging stations, with rapid expansion underway

Get No Cost Report Sample Copy - https://www.marknteladvisors.com/query/request-sample/india-electric-vehicle-market.html

India EV Market Dynamics

Key Driver

One of the primary drivers of the India Electric Vehicle Market is the favorable government policies promoting EV adoption. Initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) scheme and Production Link Incentive (PLI) scheme are central to these efforts. Such policies offer substantial financial incentives, tax exemptions, and waivers on registration fees, significantly lowering ownership costs for consumers. Moreover, the government's focus on reducing air pollution and dependency on fossil fuels creates a conducive environment for both manufacturers and consumers. As urban areas emerge as major pollution hotspots, the shift to electric mobility is not just beneficial—it's imperative.

Upcoming Challenge

Despite the positive outlook, the Indian electric vehicle market faces significant challenges, particularly a lack of after-sales services and a shortage of trained technicians. Currently, approximately 80% of the workforce in the EV sector lacks specialized skills necessary for maintenance and repair. This gap is especially pronounced in tier 2 and tier 3 cities, where EV service centers are limited. Without adequate after-sales support, potential consumers may hesitate to adopt EVs, impeding market growth. Addressing these workforce issues is crucial for sustaining long-term growth and boosting consumer confidence in electric vehicles.

View Full Research Report - https://www.marknteladvisors.com/research-library/india-electric-vehicle-market.html

Market Segmentation & Regional Insight

By Vehicle Type:

Passenger Cars
Commercial Vehicles
Two Wheelers
Three Wheelers

By Propulsion Type:

Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)

Regional Insights:

North India: Major demand in Delhi and UP
South India: High adoption in Karnataka and Tamil Nadu
West India: Leading market in Maharashtra and Gujarat

Looking for Global, Regional, or Country-specific reports? Visit our website - https://www.marknteladvisors.com/query/request-customization/india-electric-vehicle-market.html

Industry Leaders

Tata Motors
Ola Electric
Ather Energy
Mahindra & Mahindra Ltd.
JSW MG Motor India Pvt. Ltd.
Olectra Greentech Limited
Audi AG
BMW AG
Hyundai Motor India
Mercedes-Benz Group AG
Toyota Motor Corporation
Others

Frequently Asked Questions (FAQs)

What is the current market size of the India Electric Vehicle industry?
How fast is the India Electric Vehicle market expected to grow?
What are the key factors driving growth in the India Electric Vehicle sector?
Who are the leading companies in the India Electric Vehicle market?
What are the major challenges facing the India Electric Vehicle market?

About US:

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

Related Research Report: