Date of Publication- August 2023

India’s electric car market has been experiencing significant growth in recent years, driven by various factors including environmental concerns, government incentives, and the desire for sustainable transportation solutions. This report provides an overview of the electric car market in India, including yearly sales, projections, market drivers, challenges, and key players.

Table of Content

  1. E-Cars Market Overview in India
    • Vehicle Category-Wise Market Share
    • Yearly sales
    • Player-wise sales and Market Share
    • State-wise sales
  2. India Market Outlook
    • Historic Trend
    • Market projection up to 2030
  3. Investments raised
  4. Total Cost of Ownership (TCO) Analysis
  5. Policies and Regulations
    • FAME subsidy
    • Models approved under FAME II
    • Approved & Active E-Car Models and incentives availed under FAME II
    • Timeline of state EV Policies
    • State-wise EV policy incentives
  6. Key Challenges
  7. Key Player Profiles (Company Overview, Sales, Model specifications, Component Suppliers, Clients, Partnerships, Investments, etc)
    • Private Segment:
      • Tata Motors
      • MG Motors
      • Mahindra & Mahindra (M&M)
    • Premium Luxury Segment:
    • Shared Mobility Segment:
      • BluSmart
      • Lithium Urban Technologies
      • Evera
      • Snap E
      • Uber

List of Figures and Tables

Fig.1: Market Share (Cumulative till FY2023)

Fig.2: E-Car Y-O-Y Sales & Market Share

Fig.3: State-wise Distribution of E-Car Sales

Fig.4: State-wise registered E-Car sales – FY2023 

Fig.5: Player-wise Distribution of E-Car Sales

Fig.6: Player-wise E-car sales– FY2023

Figure 7. Electric car sales in India

Figure 8. Electric car sales forecast in India

Figure 9. Player-wise Investment in the Indian Electric car market

Figure 10. Number of E-Cars incentivized under FAME-II (As of 21 Jul 2023)

Fig.11: E-Car 8-Year TCO (INR)

Table 1. Player-wise Investment in the Indian E-Car Market

Table 2. E-Cars State Level Demand Incentives Table 3. Total Cost of Ownership ~ E-car VS. ICE Car

Price: INR 1 lacs+18% GST (USD 1500)

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JMK Research & Analytics is a specialist consultancy firm providing research and advisory services to Indian and International clients across solar, wind and e-mobility segments.

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