EV market share and size in India | Investment Trends, Industry Expansion & Forecast 2025

Q: What is the expected EV market share in India?

electric vehicle market share remains comparatively low in India, with about 2% of all vehicles sold in 2024 being electric.

Q: What are major companies leading the India EV market?

Ather Energy, Ola Electric, Mahindra Electric, and others are some of the leading companies in the market.

Q: What will be the estimated value of the India EV market?

The market is projected to grow significantly at a CAGR of 12.5% during the upcoming period.

Q: What are the major trends in the India EV market?

Battery-swapping technology and digital platforms for vehicle diagnostics and charging station mapping.

Q: Which EV segments are indicating the rapid adoption in India?

Electric two-wheelers and three-wheelers are currently leading adoption due to lower upfront costs.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

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Code: MTA4291

Publication Date: Jun 2025

What is the EV market share and size in India?

According to 6Wresearch internal database and industry insights, the India Electric Vehicle (EV) market is expected to record a healthy CAGR of 12.5% during the period of forecast.

Currently, India’s electric vehicle market share continues to be comparatively lower, with about 2% of all vehicles sold in 2024 being electric.

The incredible growth of reflectors environmental awareness improvement, faster meaningful government incentives, values of fuel constantly increase, construction of new EV infrastructure, adopted by many of the developed economies. The market continues to be predominantly driven by the two-wheeler and three-wheeler segments in terms of volume, while electric passenger cars and buses are beginning to grow in counts of added fleet and public transport deployments.

Key Drivers of the India EV Market

Policy Schemes from the government like FAME II and other state-level subsidy programs.
Robust investment plans of the EV charging station networks in metro cities and highways.
Regular entry of both domestic and global OEMs with new affordable EV's opening available at a lower price point.
Social awareness of environmental sustainability and long-term financial savings.
Increased attention to EV leasing and subscription options, which are especially attractive to corporate buyers.

India EV Market Trends

India EV Market is rapidly evolving with trends such as battery-swapping technology, localized EV manufacturing, and digital platforms for vehicle diagnostics and charging station mapping. State-level EV policies are introducing dedicated e-mobility zones and incentivizing battery recycling. Shared mobility platforms are deploying e-2Ws and e-3Ws in last-mile delivery and ride-sharing. Additionally, fintech integration is making EV financing more accessible to first-time buyers and SMEs.

Emerging Developments in the India EV Market

India EV Market is witnessing rapid deployment of cutting-edge technologies like AI-based energy management in EVs, cloud-connected telematics, and modular battery packs. Start-ups are driving innovation in lightweight electric components and fast-charging infrastructure. Public-private partnerships are forming EV clusters with dedicated R&D hubs, while urban planners are integrating EV-friendly smart grid systems into future city designs.