Future India Electric Vehicle Market: Key Dynamics, Size & Share Analysis
The 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. Along with this, the market is estimated to grow at a CAGR of around 28.52% during the forecast period, i.e., 2025-30. The India ev industry witnessed a notable growth in the past few years, backed by several factors including rising electric vehicle companies in India, increasing environmental awareness, and E-commerce & last-mile delivery growth.
Top Market Challenges Impacting the India Electric Vehicle Market Growth
Limited After Sales Services & Shortage of Trained Workforce – The lack of after-sales services, along with the shortage of trained EV technicians, poses a significant challenge to the growth & expansion of the Indian EV Market. This is primarily driven by the need for specialized skills due to complex power electronics, battery systems, electric motors, and software of electric vehicles. For instance, according to Automotive Skills Development Council data, presently, there are only around 20% of skilled EV workforce in India, which is negatively impacting the wider EV adoption in the nation.
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Understanding the Core Segments in the India Electric Vehicle Market
India Electric Vehicle Market Size, Share & Industry Trends Analysis– By Vehicle Type (Passenger Cars, [Sedan, Hatchback, SUV], Commercial Vehicles, [Light Commercial Vehicles, [Electric Light Trucks, Electric Minivans], Medium & Heavy Commercial Vehicles, [Electric Trucks, Electric Bus]], Two Wheelers [Scooters, Motorcycles, Moped], Three Wheelers), By Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)) And Others.
Geographical Analysis of the India Electric Vehicle Market
By Region
- North.
- South
- East
- West.
Who Dominates the India Electric Vehicle Market Insights on Key Industry Players?
Companies are strengthening their presence in the India Electric Vehicle market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.
- 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
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