India Electric Vehicle Market Statistics 2023 to 2033
The India electric vehicle market size was estimated at 6.87 billion in 2023 and is predicted to increase from USD 11.36 billion in 2024 to approximately USD 1,053.10 billion by 2034. The market represents a remarkable growth CAGR of 57.3% between 2024 and 2034.
India Electric Vehicle Market Statistics 2023 to 2033
The battery-electric vehicle segment led the market and maintained its dominance during the forecast period.
The four-wheeler segment accounted for the largest market share of 58% in 2023.
The two-wheeler segment is growing at a notable CAGR during the forecast period.
The passenger vehicle segment held the largest market share of in 2023.
Indian origin electric vehicle companies and their sales (Fiscal Year 2023: 1st April 2022- 31st March 2023)
| Company | Electric Vehicle Type | Sales by Units (FY2023) |
| Bajaj | Two-wheeler | 36,260 |
| Tata | Four-wheeler | 5,38,640 (+45%) |
| Ola | Two-wheeler | 1,29,866 |
| Mahindra and Mahindra | Three-wheeler | 36,816 |
| TVS | Two-wheeler | 81,290 (excluding March 2023) |
Market Scope of India Electric Vehicle Market
| Report Coverage | Details |
| Market Size in 2023 | USD 6.87 Billion |
| Market Size in 2024 | USD 11.36 Billion |
| Market Size by 2034 | USD 1053.10 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 57.3% |
| Base Year | 2023 |
| Forecast Period | 2024 To 2034 |
| Segments Covered | Propulsion Type, Platform, Vehicle Type, and Region |
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With a Master of Science in Statistics and over two years of expertise in the market research industry, Rushikesh brings a wealth of knowledge to the world of electric vehicle (EV) news. His passion for the automotive sector, combined with his statistical expertise, allows him to analyze trends, consumer behavior, and emerging technologies with precision. Rushikesh’s ability to dive deep into the numbers, yet communicate them in a reader-friendly manner, makes him a key voice in the fast-evolving EV industry.
Having spent his academic and professional career immersed in data-driven analysis, Rushikesh leverages his strong statistical foundation to offer insights that are both thorough and forward-thinking. His keen interest in the automotive industry, especially electric vehicles, positions him uniquely to understand not only the current landscape but also the trajectory of the sector as governments, manufacturers, and consumers increasingly lean towards sustainable transportation.
