The "India Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in India is expected to grow by 26.4% on an annual basis to reach US$2.5 billion in 2024.
The electric vehicle industry is expected to record strong growth in India over the medium term. Several innovative startups have emerged into the market in the last two years and the trend is projected to continue further in 2024. These startups are raising venture capital and private equity funding to expand distribution and launch new products by investment in research and development.
Investment in the electric vehicle sector is expected to increase substantially over the medium term, amid the fast-growing competitive landscape. Tata Motors is planning to invest INR 160 billion to INR 180 billion into the electric vehicle business by FY 2030. Global firms like VinFast are also setting up manufacturing units to tap into the Indian market. Overall, the publisher maintains a positive growth outlook for the electric vehicle industry in India over the next three to four years.
Electric vehicle startups are raising funding rounds to invest in research and development and to expand the distribution network
The demand for electric vehicles has been on the rise consistently over the last two years. This trend is projected to continue further in the Indian market in 2024. To tap into the market growth, startups in the segment are raising funding rounds to further invest in research and development and to expand their distribution network.
- River, the Bengaluru-based electric vehicle startup, announced that the firm had raised US$40 million under its Series B round in February 2024. The Series B round, notably, was led by Yamaha Motor and included participation from existing investors Al-Futtaim Automotive, Toyota Ventures, Lower carbon Capital, and Maniv Mobility. The firm plans to use the capital infusion to further strengthen its distribution and service network in India, while also investing a part in research and development.
- Ola Electric, in April 2024, also revealed that the firm had secured US$50 million in a debt funding round from EvolutionX Debt Capital. The firm is planning to invest the proceeds towards the establishment of a lithium-ion cell manufacturing facility in Tamil Nadu. The fundraising comes before the initial public offering, through which the firm aims to raise US$660 million. Ola Electric is planning to invest INR 16 billion into research and development.
- Zypp Electric, the B2B-focused electric vehicle startup, also secured US$15 million under its Series C round in May 2024. The capital infusion will enable the firm to expand its fleet from 21,000 scooters to 200,000 e-scooters across 15 Indian cities by 2025. Going forward, in 2024, the publisher expects more startups to raise capital to accelerate their expansion and growth, driving the competitive landscape in the market.
Tata Motors is planning to invest INR 160 billion to INR 180 billion into the electric vehicle business by FY 2030
Tata Motors, through its electric vehicle business Tata Passenger Electric Mobility (TPEM), is leading the Indian passenger electric vehicle market. In FY 2024, the firm clocked overall volumes of 73,833 units. This represents a growth of 48% compared to the last year. The electric vehicle business contributed nearly 13% of the total volumes for Tata Motors in FY 2024. By FY 2030, the firm is expecting electric vehicles to represent 30% of its total volume, and as a result, it is planning to invest INR 160 billion to INR 180 billion into its electric vehicle division.
To drive the adoption of electric vehicles and further grow its market share in the sector, the firm is expected to undertake various initiatives over the medium term. This includes launching new models, expanding retail channels, and boosting charging infrastructure across the nation. By FY 2030, the firm is planning to launch 10 new models in the market. This will also include the Tata Curvv mid-size electric vehicle and the Harrier EV, which are expected to be launched in FY 2025.
Over the next two years, TPEM plans to expand its retail channel in over 50 key Indian cities. To strengthen the charging infrastructure, the firm has also forged collaborations with firms like Hindustan Petroleum, Shell, and Bharat Petroleum. By FY 2030, the firm aims to have 100,000 charging points, up from the 10,000 charging points at the end of FY 2024.
Global EV makers are planning Indian manufacturing to tap into the fast-growing market
With the industry poised to record strong growth over the next five years, global electric vehicle makers are eyeing to build a presence in the Indian market. The government, however, has been adamant that these firms manufacture in India before they sell to consumers. Consequently, to tap into the Indian market growth potential, firms are building EV plants in India in 2024.
- VinFast, the Vietnam-based electric vehicle maker, agreed to build an electric vehicle plant in Tamil Nadu in January 2024. The firm has announced an investment of up to US$2 billion towards the development of the new facility. In the initial phase, the firm is intending to invest US$500 million. The facility is expected to have a total production capacity of 150,000 cars annually.
- Tesla, another global electric vehicle maker, is eyeing an entry into the Indian market. With the government wanting Tesla to manufacture in India first, the US-based automaker is also expected to invest in a manufacturing facility over the medium term.
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% during 2024-2028. The electric vehicle market in the country will increase from US$2 billion in 2023 to reach US$7.2 billion 2028.
Report Scope
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.
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
For more information about this report visit https://www.researchandmarkets.com/r/z23lxw
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