Electric Vehicle Market size in India | Adoption Trends and Future Forecast 2025

Q: Which segments are leading EV adoption in India?

Two-wheelers and three-wheelers are currently leading due to affordability and ease of urban mobility.

Q: What is driving the growth of the EV Market in India?

Government incentives, rising fuel prices, and increasing environmental awareness are key growth drivers.

Q: Who are the major players in the Indian EV Market?

Tata Motors, Ola Electric, Ather Energy, Hero Electric, and Mahindra Electric are among the leading companies.

Q: Are charging stations available widely across India?

Charging infrastructure is growing steadily, with public and private players expanding networks in major cities.

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Code: MTA4239

Publication Date: Jun 2025

What is the India Electric Vehicle Market size and growth rate?

According to 6Wresearch internal database and industry insights, the India Electric Vehicle Market is expected to grow remarkably with the robust CAGR of 32.5% from the forecast period 2025 to 2031.

India Electric Vehicle (EV) Market is ready to grow and develop due to supportive policies from the government, growing awareness of the environment, and growing acceptance of clean mobility methods. From two wheelers to fleets, the transition to electrification is happening across the transportation landscape. Increasing charging infrastructure, technological advances in batteries, and the presence of affordable EV models are currently quickening this transition.

Major Growth Factors of the Electric Vehicle Market

Rising fuel prices
Government incentives and subsidies
Advancements in battery technology
Growing consumer awareness of sustainable mobility
Urban air pollution and environmental concerns
Entry of new Market players and startups
Supportive FAME II policy and state-level EV policies
Expansion of charging infrastructure

India Electric Vehicle Market Trends

India Electric Vehicle (EV) market in India is moving toward more localization, with increased emphasis on domestic manufacturing of components and batteries. There has been notable growth in the pace of adoption of two-wheelers and three-wheelers, particularly in urban and semi-urban areas. Subscription-based battery models, rapid deployment of charging stations, and changing consumer preferences due to the arrival of connected EV technologies are causing shifts in the development of EV products and business models e.g. auto-manufacturers pursuing partnerships and collaborating with digital platforms to support the EV ownership experience.

Emerging Development in India Electric Vehicle Market

Indian Electric Vehicle Market landscape is undergoing incredible momentum, with new models and changing infrastructure approaches on the rise. The first trend is the introduction of new scooters with battery subscription models to reduce upfront costs, while Ather Energy and Ola Electric are scaling up their retail and charging networks all over the country. Second, transitioning to demonstrable state-led initiatives like the aggressive charging rollouts in Uttar Pradesh and the emergence of big EV production facilities in manufacturing friendly cities like Kanpur all indicate deeper capability for manufacturing.