India Electric Vehicle Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The India electric vehicle market size reached approximately USD 5.48 Billion in 2024. The market is further projected to grow at a CAGR of 34.70% between 2025 and 2034, reaching a value of USD 107.76 Billion by 2034 .

Market Size and Forecast

• Market Size (2024): USD 5.48 Billion
• Projected Market Size (2034): USD 107.76 Billion
• CAGR (2025-2034): 34.70%

Key Trends in the Market

Electric vehicles refer to vehicles that use electric motors for propulsion. They can also be powered by external sources such as generators, batteries, and fuel cells. These vehicles can operate partially or completely on electricity, depending upon the type of the vehicle. The two main types of electric vehicles include hybrid electric vehicles and battery electric vehicles.

• The rising awareness about the various negative environmental effects associated with the utilisation of vehicles operating upon traditional fuels is aiding the India electric vehicle market growth. The release of hazardous pollutants and high carbon emissions by vehicles operating upon fuels are further encouraging individuals to switch to electric vehicles due to rising pollution levels in the country.
• The exponential rise in fuel prices in the country is bolstering the adoption of electric vehicles. The high operating costs of petrol and diesel operating vehicles as compared to electrical vehicles is propelling the utilisation of electric vehicles for both personal and commercial applications.
• The strong presence of various key market players including Mahindra & Mahindra Limited and Tata Motors Limited, among others is supporting the market expansion in the country. Various brands are investing in aggressive marketing and promotion strategies for increasing consumer awareness.

India Electric Vehicle Market Segmentation

The Expert Market Research’s report titled “India Electric Vehicle Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Platform

• Two Wheeler
• Three Wheeler
• Four Wheeler

Market Breakup by Propulsion Type

• Battery Electric Vehicle
• Hybrid Electric Vehicle

Market Breakup by Vehicle Type

• Passenger Cars
• Commercial Vehicles

Market Breakup by Region

• North India
• East India
• West India
• South India

Market Share by Propulsion Type

Battery electric vehicles are anticipated to account for a significant India electric vehicle market share in the coming years owing to the ability of the vehicles to reduce operational costs and carbon dioxide emissions. Battery electric vehicles are more environment friendly as opposed to their hybrid counterparts. Due to the efficiency of electric motors, these vehicles aid the owners in saving maintenance costs.

Market Share by Vehicle Type

Passenger vehicles are expected to witness significant growth over the forecast period. This growth can be attributed to the increasing prices of diesel, petrol, and gasoline. The rising investments by the government towards the development and construction of supporting infrastructure is boosting the India electric vehicle market demand. The increasing initiatives by the government towards promoting the adoption of battery and hybrid electric vehicles is further supporting the market expansion.

Competitive Landscape

The comprehensive Expert Market Research report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

Tata Motors Limited

Tata Motors Limited, headquartered in Mumbai, India, is a motor vehicle manufacturing company that is involved in the production of electric vehicles, trucks, buses, sports utility vehicles, and defence vehicles, among others.

BMW AG

BMW AG was founded in 1916 and is headquartered in Munich, Germany. The company is involved in the production of electric vehicles, motorcycles, and luxury vehicles, among others. The company’s brand portfolio includes Alpina, BMW I, Rolls-Royce, and DriveNow, among others.

Mahindra & Mahindra Limited

Mahindra & Mahindra Limited, headquartered in Mumbai, India, is a multinational automotive manufacturing corporation that specialises in electric vehicles, construction equipment, and agriculture equipment, among others.

Other key players in the Indian electric vehicle market include MG Motor India Pvt. Ltd., ANI Technologies Pvt Ltd., Hyundai Motor India, Piaggio Vehicles Private Limited, Kinetic Green Energy & Power Solutions Ltd., TVS Motor Company, and Bajaj Auto Ltd.