Electric Vehicle Market, India, 2023-2030

Intensifying competition between domestic and international EV participants is driving transformational growth

The adoption of electric four-wheelers in India is growing at a promising pace, making it a major market for global companies. The growth of the electric vehicle (EV) market in the country is predominantly driven by government initiatives and incentives, as well as environmental awareness. To keep up with the growing demand, global and domestic companies are on the verge of launching new EV models in the Indian market, which not only opens significant opportunities for charging infrastructure providers and battery technology companies but also paves the way for innovative financing business models, enhances local EV component manufacturing capability, and encourages private and public companies to electrify their fleets; for example, last-mile delivery service companies shifting to EVs will see a significant spike.

KEY FEATURES

This study covers the following topics:

• Industry trends impacting the Indian EV market
• EV adoption by regions/states
• EV sales contributions by primary OEMs
• An overview of subsidies and incentives that primary state contributors offer