India electric vehicle market to soar to USD 113.99bn by 2029

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Key Highlights of the Report:

  • The India electric vehicle market is expected to grow at a CAGR of 66.52% from 2022 to 2029.
  • The market is being driven by the rising adoption of electric vehicles as a low-emission alternative to fuel vehicles.
  • The government is also providing subsidies and incentives to promote the adoption of electric vehicles.
  • BEVs are expected to dominate the market during the forecast period.
  • Passenger cars are expected to dominate the market during the forecast period.
  • Four-wheelers are expected to dominate the market during the forecast period.
  • BEVs are expected to dominate the market during the forecast period.
  • Tata Motors, Mahindra & Mahindra, NIO, BYD, and Tesla are the key players in the India electric vehicle market.

PUNE, 26 June 2023: The India electric vehicle market is expected to grow at a CAGR of 66.52% from 2022 to 2029. The market is being driven by the rising adoption of electric vehicles as a low-emission alternative to fuel vehicles. The government is also providing subsidies and incentives to promote the adoption of electric vehicles.

The market is segmented by type, vehicle type, platform, propulsion type, and region. By type, the market is segmented into battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). BEVs are expected to dominate the market during the forecast period.

By vehicle type, the market is segmented into passenger cars, commercial vehicles, and two-wheelers. Passenger cars are expected to dominate the market during the forecast period.

electric vehicle

By platform, the market is segmented into four-wheelers, three-wheelers, and two-wheelers. Four-wheelers are expected to dominate the market during the forecast period.

By propulsion type, the market is segmented into BEVs and HEVs. BEVs are expected to dominate the market during the forecast period.

The key players in the India electric vehicle market include Tata Motors, Mahindra & Mahindra, NIO Inc, BYD, and Tesla. These companies are investing in R&D and expanding their product portfolios to meet the growing demand for electric vehicles in India.

The India electric vehicle market is expected to grow significantly in the coming years due to the increasing government support and the rising adoption of electric vehicles as a low-emission alternative to fuel vehicles.

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