INDIA ELECTRIC VEHICLE MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

 Analysis of the Indian Electric Vehicle Market

The market for electric vehicles in India is anticipated to grow at a CAGR of 23.76%.

Largest Segment by Fuel Type - HEV: State subsidies and ongoing promotion of BEV adoption among Indian private auto owners, corporate fleets, and leasing fleets are factors contributing to the rise of BEV.

Fastest-growing category by Fuel Type - HEV: Government regulations, incentives and rebates, as well as increased consumer awareness of e-mobility, are encouraging people to purchase electric vehicles, making the BEV category the fastest-growing one in the Indian market for such vehicles.

Commercial vehicles make up the largest segment by vehicle type: Due to the growing demand for passenger vehicles and the dearth of electric vehicle models in India, the passenger vehicle segment had the biggest sales of electric vehicles.

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