India Electric Vehicle Market to 2032

Q: What is the current market size of the India Electric Vehicle Market?

India Electric Vehicle Market was valued at USD 21,116.78 (Revenue in USD Billion) in 2021.

Overview

The India Electric Vehicle Market is expected to reach a 114,053.92 USD Billion by 2032 and is projected to grow at a CAGR of 35.02% from 2025 to 2032.

Revenue, 2024 (USD Billion)

21,116.78

Forecast, 2032 (USD Billion)

114,053.92

CAGR, 2024 - 2032

35.02%

Report Coverage

India

India Electric Vehicle Market 2018-2032 USD Billion

India Electric Vehicle Market, Key Findings (2025-2032)

Market Growth and Projections:

Market Size (2024): 21,116.78 USD Billion
Projected Market Size (2032): 114,053.92 USD Billion
CAGR (2025-2032): 35.02%

Key Findings of India Electric Vehicle Market

The India Electric Vehicle Market was valued at 21,116.78 USD Billion in 2024.
The India Electric Vehicle Market is likely to grow at a CAGR of 35.02% during the forecast period of 2024 to 2032.
In 2024, the Largest segment Normal Charging in Charging Station Type Segment accounted for the largest share of the market with a revenue of 13,286.57 USD Billion
The fastest growing segment Hybrid Electric Vehicle(HEVs) in Propulsion Type Segment grew Fastest with a CAGR of 38.50% during the forecast period from 2024 to 2032.

India Electric Vehicle Market Scope

India Electric Vehicle Market Segmentation & Scope

Vehicle Type

Commercial Vehicles
Two Wheelers
Passenger Cars

Power Train

Combined Hybrid
Parallel Hybrid
Series Hybrid

Class

Luxury
Mid-Priced

Charging Station Type

Super Charging
Normal Charging

Propulsion Type

Fuel Cell Electric Vehicle(FCEVs)
Hybrid Electric Vehicle(HEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Battery Electric Vehicle (BEV)

Component

Others
Infotainment System
On-board Charger
Battery Cells & Packs

India Electric Vehicle Market Data Coverage Insights

Study Period	2024-2032
Base Year	2021
Unit	Revenue in USD Billion
Market Value in 2024	21,116.78 USD Billion
Market Value in 2032	114,053.92 USD Billion
CAGR (2025-2032)	35.02%
Historic Data	2016-2023
Market Segments Covered	Vehicle Type,Power Train,Class,Charging Station Type,Propulsion Type,Component

Regional Insights:

Leading Market (2024-2032): India, leading in terms of revenue 21,116.78 USD Billion in 2024
- Key Country: India, leading in terms of revenue with value of 21,116.78 USD Billion in 2024.

Segments and Scope

India Electric Vehicle Market to 2032, By Vehicle Type
- Passenger Cars is the largest segment in India Electric Vehicle Market to 2032 with a revenue of 10,278.11 USD Billion in the year 2024.
- Passenger Cars is the Fastest growing segment in India Electric Vehicle Market to 2032 with a Growth rate of 37.01 % in forecast period 2025-2032.
India Electric Vehicle Market to 2032, By Power Train
- Series Hybrid is the largest segment in India Electric Vehicle Market to 2032 with a revenue of 9,056.43 USD Billion in the year 2024.
- Combined Hybrid is the Fastest growing segment in India Electric Vehicle Market to 2032 with a Growth rate of 32.53 % in forecast period 2025-2032.
India Electric Vehicle Market to 2032, By Class
- Mid-Priced is the largest segment in India Electric Vehicle Market to 2032 with a revenue of 12,981.98 USD Billion in the year 2024.
- Mid-Priced is the Fastest growing segment in India Electric Vehicle Market to 2032 with a Growth rate of 35.87 % in forecast period 2025-2032.
India Electric Vehicle Market to 2032, By Charging Station Type
- Normal Charging is the largest segment in India Electric Vehicle Market to 2032 with a revenue of 13,286.57 USD Billion in the year 2024.
- Normal Charging is the Fastest growing segment in India Electric Vehicle Market to 2032 with a Growth rate of 35.93 % in forecast period 2025-2032.
India Electric Vehicle Market to 2032, By Propulsion Type
- Battery Electric Vehicle (BEV) is the largest segment in India Electric Vehicle Market to 2032 with a revenue of 9,504.35 USD Billion in the year 2024.
- Hybrid Electric Vehicle(HEVs) is the Fastest growing segment in India Electric Vehicle Market to 2032 with a Growth rate of 34.64 % in forecast period 2025-2032.
India Electric Vehicle Market to 2032, By Component
- Battery Cells & Packs is the largest segment in India Electric Vehicle Market to 2032 with a revenue of 9,424.99 USD Billion in the year 2024.
- Battery Cells & Packs is the Fastest growing segment in India Electric Vehicle Market to 2032 with a Growth rate of 37.08 % in forecast period 2025-2032.

India Electric Vehicle Market Company Share Analysis

Company Name
Ford Motor Company
Tesla
General Motors
Nissan Motor Co., Ltd.
TOYOTA MOTOR CORPORATION

India Electric Vehicle Market Geographical Sales Distribution, 2018-2032 USD Billion

India Electric Vehicle Market Company Profiling

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Frequently Asked Questions

What are the primary segments covered in the India Electric Vehicle Market?

The India Electric Vehicle Market is segmented based on Segmentation Vehicle Type,Power Train,Class,Charging Station Type,Propulsion Type,Component.

What is the current market size of the India Electric Vehicle Market?

India Electric Vehicle Market was valued at USD 21,116.78(Revenue in USD Billion) in 2021.

What is the expected growth rate of the India Electric Vehicle Market?

India Electric Vehicle Market is projected to grow at a CAGR of 35.02% during the forecast period of 2024 to 2032.

Which is the dominating segment in the India Electric Vehicle Market?

The Normal Charging segment is expected to dominate the India Electric Vehicle Market, holding a largest market share of 13,286.57 USD Billion in 2024