Report Description

According to ConsTrack360, the electric vehicle market in the country are expected to grow by 26.4% on an annual basis to reach US$2.5 billion in 2023.

The medium to long term growth story of the electric vehicle market in India remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 30.0% during 2023-2027. The electric vehicle market in the country will increase from US$2.0 billion in 2022 to reach US$7.2 billion by 2027.

The Indian government has announced several initiatives to drive the growth of the electric vehicles market. These initiatives include the likes of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India (FAME India) and the PLI scheme for the Auto and the Auto component, among others.

This, coupled with the entry of new and innovative startups in the sector, has been the major growth driver of the electric vehicles industry in India over the last 12 months. Going forward, ConsTrack360 expects a substantial increase in investment in the Indian market, especially from global players seeking to tap into the multi-billion-dollar Indian automobile industry. Overall, ConsTrack360 maintains a robust growth outlook for the electric vehicles industry over the next three to four years.

Ola Electric, the wholly-owned subsidiary of ANI Technologies, has continued to dominate the two-wheeler electric vehicles market in India. According to data from Vahan, the firm secured nearly 40% market share in June 2023.

  • Despite the decline in sales, due to a reduction in subsidy, Ola Electric maintained a strong sales number in June 2023. The firm sold nearly 18,000 units during the period, With the expansion of its product portfolio, which includes the launch of S1 Air, Ola Electric is anticipating further growth in sales and market share in H2 2023. The year-end festival shopping season will also provide a sales boost for players like Ola Electric in India.

    To accelerate its market share, Ola Electric has been also strengthening its offline presence in India. The launch of Ola Experience Centers across India is expected to promote and boost the adoption of electric vehicles across India. Ather Energy, another startup in the two-wheeler segment, is expanding its presence in Tier II and III cities to drive market share in the fast-growing category.

    Ather Energy, in September 2023, also announced that the firm had raised INR 9 billion from existing investors like Hero MotoCorp and GIC. The firm is planning to use the capital for the launch of new products and boosting its charging infrastructure across India. The firm also partnered with BPCL to set up charging infrastructure across BPCL’s 21,000 fuel station network. These strategic moves are expected to further drive the competitive landscape in the Indian market, thereby supporting innovation and growth of the industry from the short to medium-term perspective.

    Tata Motors plans to launch EV-only dealership to further strengthen its market share in India

    The strategy to expand the distribution network is not just seen among two-wheeler electric vehicle makers. Even automakers like Tata Motors have announced a similar strategic initiative to expand their market share and strengthen their foothold in the fast-growing four-wheeler EV category.
  • Tata Motors, in September 2023, revealed that the firm is planning to launch EV-only dealerships across India. The new outlets will be launched in both big and small cities. The decision to launch new EV dealerships comes on the back of an expanded product portfolio and growing demand for electric vehicles. Over the next five years, the firm is planning to have 10 electric cars in its portfolio, with electric vehicles making 25% of its total car sales by 2025.


In addition to this, Tata Motors is also planning to enhance its EV footprint outside of India. The firm revealed that it would change the products to better suit the overseas markets before exporting them. These strategic initiatives are expected to further aid the growth of the Indian electric vehicles market over the next five years.

Indian government is expected to draft to new policy to drive investment in the domestic electric vehicles market

Piyush Goyal, the Indian Commerce Minister, revealed that the government is planning to come up with a new policy. This policy change is part of the government’s strategy to attract more investment in the sector while enhancing the domestic production capacity over the next few years.

The change in policy would also incentivize large EV makers like Tesla to commit to local manufacturing, thereby allowing the US-based firm to build its presence in the Indian market. Tesla, for instance, has shown an interest in launching its products for Indian consumers. However, the Indian government has been adamant that the firm manufactures locally before commencing operations in India. The new policy, therefore, might lead to the entry of Tesla into the Indian market from the short to medium-term perspective.

This report provides a detailed data-centric analysis of the electric vehicle and charging infrastructure market, value and volume metrics covering market opportunities and risks across a range of industry categories. with over 75+ KPIs at the country level, this report provides a comprehensive understanding of electric vehicle market dynamics, market size and forecast, and charging infrastructure market statistics.

This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Electric vehicle further breaks down market opportunity by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in India.

The electric vehicle charging infrastructure provides market size data by number of charging stations, and number of charging points. It breaks down market opportunity by type of chargers, by location of charging points, by charging speed, by connection phase, by type of connectivity and by charger connectivity infrastructure.

ConsTrack360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.


Scope

This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in India through 97 tables and 119 charts. Below is a summary of key market segments:

India Overall Vehicle Market Size and Future Growth Dynamics

  • Market size by value
  • Market size by volume


    India Electric Vehicle Market Size and Forecast
  • Market size by value
  • Market size by volume

    India Electric Vehicle Market Volume By Drive Segment
  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive

    India Electric Vehicle Market Value and Volume By Car Segment
  • Passenger Car
  • Commercial Vehicle

    India Electric Vehicle Market Value and Volume By Passenger Car Segment
  • Small Car
  • Medium Car
  • Crossover Car
  • Large Car
  • SUV

    India Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
  • Light Duty Vehicle (Class 1-Class 3)
  • Medium Duty Vehicle (Class 4-Class 6)
  • Heavy Duty Vehicle (Class 7-Class 8)

    India Electric Vehicle Market Value By Vehicle Class
  • Low-Priced
  • Mid-Priced
  • Luxury Class

    India Electric Vehicle Market Value By Powertrain
  • Parallel Hybrid
  • Series Hybrid
  • Combined Hybrid

    India Electric Vehicle Market Value By Distance Range
  • Up to 150 Miles
  • 151-300 Miles
  • Above 300 Miles

    India Electric Vehicle Market Value By Charging Type
  • Normal Charging
  • Super Charging

    India Electric Vehicle Market Value By Propulsion Type
  • Plug-In Hybrid Electric Vehicles (PHEVs)
  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Fuel Cell Electric Vehicles (FCEVs)

    India Electric Vehicle Market Value and Volume By Vehicle Type
  • Two Wheelers (e2W)
  • Three-Wheeler (e3W)
  • Four Wheelers (e4W)
  • Electric Buses

    India Electric Vehicle Market Value By Cities
  • Tier 1 Cities
  • Tier 2 Cities
  • Tier 3 Cities

    India Electric Vehicle Market Value By Components
  • Battery Cells & Packs
  • On-Board Charge
  • Motor
  • Reducer
  • Power Control Unit
  • Battery Management System
  • Fuel Processor
  • Power Conditioner
  • Air Compressor
  • Humidifier

    India Electric Vehicle Infrastructure Market Value

    India Electric Vehicle Infrastructure Market Volume
  • Number of Charging Points
  • Number of Charging Stations

    India Electric Vehicle - Number of Charging Points By Charging Type
  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)

    India Electric Vehicle - Number of Charging Stations By Charging Type
  • Level 1 – 240 (V)
  • Level 2 – 120 (V)
  • Direct Current (DC)

    India Electric Vehicle - Number of Charging Points By Location
  • Residential and Destination
  • Streets
  • Workplaces
  • Flew depots

    India Electric Vehicle - Number of Charging Points By Charging Speed
  • Slow
  • Fast
  • Rapid
  • Ultrarapid

    India Electric Vehicle - Number of Charging Stations By Charging Speed
  • Slow
  • Fast
  • Rapid
  • Ultrarapid

    India Electric Vehicle - Number of Charging Points By Vehicle
  • Passenger Cars
  • Buses
  • Trucks
  • Light Commercial Vehicles

    India Electric Vehicle - Number of Charging Points By Connection Phase
  • Single Phase
  • Three Phase

    India Electric Vehicle - Number of Charging Points By Infrastructure Type
  • CSS
  • CHAdeMO
  • GB/T
  • Other

    India Electric Vehicle - Number of Charging Points By Connectivity
  • Smart Charging Station
  • Non-Connected Charging Station


    Reasons To Buy

    The report provides a comprehensive overview of the India electric vehicle market and infrastructure, covering the following key aspects:
  • Market size by value and volume: This report provides detailed market size and forecast data for electric vehicles in India, by value and volume. This data is essential for understanding the current and future potential of the market.
  • Detailed EV market opportunity: This report segments the electric vehicle market by drive segment, car segment, commercial vehicle segment, passenger car segment, commercial vehicle segment, vehicle class, powertrain, distance range, charging type, propulsion type, vehicle type, and cities. This segmentation provides a granular view of the market and helps to identify key growth areas.
  • EV infrastructure: This report also provides a comprehensive overview of the India electric vehicle infrastructure market, including market size and forecast data, along with detailed market segmentation. This information is essential for businesses that are looking to invest in the India electric vehicle infrastructure market.
  • Assess risks: Granular segment level information helps in identifying new business opportunities and risks in the India electric vehicle and infrastructure market.