SkyQuest Technology Consulting has released its latest report, Electric Car Market – Global Opportunity Analysis and Industry Forecast, 2025–2032, valuing the sector at USD 738.5 billion in 2024. With a projected compound annual growth rate (CAGR) of 9.8% between 2025 and 2032, the market is expected to reach USD 1,558.72 billion by the end of the forecast period.
A key growth driver is the rising recognition of the harmful effects of air pollution from internal combustion engine (ICE) vehicles. In response, governments around the world are enforcing stricter emissions regulations, accelerating the shift to cleaner alternatives such as electric vehicles (EVs).
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The electric car market is expanding rapidly, particularly in India, where government incentives and policy support are attracting global automakers. India’s latest EV policy significantly cuts import duties for manufacturers that commit to local production, aiming to encourage investment from companies such as Tesla and strengthen the domestic EV ecosystem. Initiatives including the PM E-DRIVE scheme and the Production-Linked Incentive (PLI) programme continue to support both EV purchases and local manufacturing of key components, such as batteries.
Recent industry developments underscore this momentum:
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January 2024 – JSW Group and SAIC Motor formed JSW MG Motor India, with the Indian conglomerate acquiring a significant stake in MG Motor India. The venture will focus on expanding MG’s EV portfolio, localising production, and scaling up manufacturing to meet rising demand.
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April 2024 – Hyundai Motor Company and Kia Corporation signed an MoU with Exide Energy Solutions Ltd. to localise lithium-iron-phosphate (LFP) battery cell production for future Hyundai and Kia EV models in India, aiming to boost cost competitiveness.
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June 2024 – Hubject partnered with Exicom, India’s largest EV charger manufacturer, to enhance the country’s EV charging network. The collaboration will utilise Hubject’s interoperability solutions, including the intercharge platform and Plug&Charge technology, to deliver a seamless charging experience.
One of the main challenges facing EV adoption is the higher initial cost compared with ICE vehicles, driven largely by expensive battery packs. Although subsidies and falling prices are narrowing the gap, the upfront cost remains a significant obstacle for many consumers. This also affects related expenses such as EV insurance, which can be higher.
The competitive landscape remains highly dynamic, with established automakers, innovative startups, and new international entrants vying for market share. The passenger EV and two/three-wheeler segments are particularly competitive. In June 2025, for example, Kadam Mobility and TVS Motor Company announced plans to deploy 500 TVS King EV MAX electric three-wheelers across India by FY2026.
Major players in the global electric car market include:
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Tata Motors
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JSW MG Motor India
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Mahindra & Mahindra (M&M)
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Ola Electric
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TVS Motor Company
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Bajaj Auto
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Ather Energy
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Hyundai Motor India
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BYD India
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Piaggio Vehicles
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Hero Electric/Hero MotoCorp (Vida)
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Kinetic Green
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