Series Overview
- First of a three-part series on the EV value chain: OEMs (Vol 1), Battery Manufacturers (Vol 2), Battery Recyclers (Vol 3)
- India is the world’s 3rd largest automotive market at ₹12.5 lakh crore (US$151 billion)
- Indian EV market expected to grow from US$23.38 billion (2024) to US$117.78 billion (2032)
- Government target: 30% electric mobility by 2030
India’s EV Market
India’s automotive sector is expected to cross ₹24.9 lakh crore (US$300 billion) by 2030, contributing over 7.1% to GDP. EV sales have grown at a CAGR of 22.4% from FY18 to FY24, with 16.7 lakh EVs sold in FY24. However, EVs still represent only 6.38% of India’s total auto sales, indicating tremendous growth potential.
Competitive Landscape
In the two-wheeler EV market, Ola Electric dominates with 35% market share, followed by TVS (19%) and Ather (12%). Ola’s success came from investment in technology, product positioning, and creating an EV ecosystem. In four-wheelers, Tata Motors leads as the classic first-mover. The publication provides detailed competitor benchmarking on price ranges, driving range, battery capacity, R&D spend, and manufacturing capacity.
Growth Drivers
Four key factors will drive EV growth: technological advancements in battery technology (energy density, cost reduction, charging speeds), infrastructure development (fast-charging networks, home charging), government policies and incentives, and supply chain localisation to reduce dependency on foreign suppliers.
Regulatory Framework & Government Support
The publication covers the complete regulatory landscape and government incentive schemes supporting EV adoption in India, including FAME II, PLI schemes, and state-level policies.