This sharp increase will enable BEVs to secure a market share of 6.6 percent within the overall light vehicle production sector.
The battery electric vehicle (BEV) market in India is set to witness remarkable growth, with production projected to nearly triple by calendar year (CY) 2025. After a relatively subdued demand period in CY 2024, where BEV production is estimated at 130,000 units, the output is expected to surge to 377,000 units in 2025, according to S&P Global Mobility. This sharp increase will enable BEVs to secure a market share of 6.6 percent within the overall light vehicle production sector.
According to the report, Key drivers behind this growth include the introduction of significant BEV models from major players in the automotive industry such as Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors, and JSW MG Motor. These launches are anticipated to boost consumer interest and adoption, marking a transformative phase for the electric passenger vehicle market in India. The accelerated production reflects growing investments, advancements in technology, and a stronger push towards sustainability in the automotive industry.
On the other hand, improving access to EV charging stations is expected to boost adoption. By the calendar year (CY) 2030, light EV production is forecasted to reach 1.4 million units, representing a market share of 19.8 percent. Interestingly, the government aims to achieve a 30 percent market share for EVs by 2035, aligning with broader sustainability and emissions-reduction goals. This anticipated growth is supported by several factors such as the Production-Linked Incentive (PLI) Scheme’s success, which will play a critical role in driving production increases.
