The India Electric Vehicle Market size is expected to reach USD 152.21 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 94.4% from 2021 to 2030. The stringent regulations being drafted by the Indian government in response to the rising levels of vehicular emissions and the growing demand for environment-friendly vehicles are expected to drive the growth of the market over the forecast period. The efforts being pursued by the government to develop sustainable charging infrastructure in India also bodes well for the growth of the market.
Although the electric vehicle market in India is in
its nascent stages at present, it is poised to emerge as one of the leading
electric vehicle markets in the world. The Indian government has been pursuing
consistent and committed efforts and has already drafted dedicated EV policies
and rolled out various demand and supply incentives as part of the efforts to
encourage the adoption of e-mobility across various market segments. For
instance, India’s Department of Heavy Industry (DHI), under the National
Electric Mobility Mission Plan (NEMMP) 2020, has formulated the Faster Adoption
and Manufacturing of Electric Vehicles (FAME) scheme to support the development
of both Hybrid Vehicles (HV) and Electric Vehicle (EV) markets as well as that
of their manufacturing eco-systems.
The growing popularity of electric vehicles is
prompting the leading automotive manufacturers to launch electric vehicles in
India. For instance, in October 2019, Maruti Suzuki, a leader in the
conventional vehicle market, announced plans to launch electric vehicles for
personal use for the Indian market in the following years. Similarly, in August
2021, Tata Motors launched the Tata Tigor EV in the Indian market. As the
market continues to evolve and the consumer preference continues to shift from
conventional vehicles to electric vehicles, more and more conventional vehicle
manufacturers are expected to launch electric vehicles in the Indian market,
thereby driving the growth of the market over the forecast period.
The outbreak of the COVID-19 pandemic triggered a
global economic slowdown. The electric vehicle market is particularly
vulnerable to any global economic slowdown owing to its reliance on global
sourcing for the core battery technology. Moreover, the initial purchase price
of electric vehicles tends to be higher than the gasoline-fired and hybrid
vehicles, which particularly restrains the adoption of electric vehicles among
price-sensitive customers. However, the Indian electric vehicle (EV) market was
unaffected by the outbreak of the pandemic. In India, the registration of
new electric passenger cars increased by 109% y/y in 2020, with 5,905
new vehicle registrations noted during the year.
Related Press Release @ India Electric Vehicle Market Report
India Electric Vehicle Market
Report Highlights
- In terms of product, the BEV segment dominated the market in 2020
and is anticipated to value at USD 116.80 billion by 2030. This can be
attributed to the increasing preference of consumers towards EVs over ICE
vehicles and restrictions on vehicular CO2 emissions
- The passenger cars segment is expected to expand at the highest
CAGR of around 106% over the forecast period. The growth can be attributed
to increasing investments by the government in EV infrastructure, along
with tax benefits offered to consumers
- The rising popularity of electric vehicles is prompting the leading
automotive manufacturers to launch electric vehicles in India, which is
anticipated to create growth opportunities for the market in the country
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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