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India's electric vehicle (EV) market has been witnessing rapid growth, with major automotive players like Tata Motors, Hyundai, and Kia striving to capture significant market shares. As of 2024, the Indian EV market achieved record-high sales, nearing the 1 lakh-unit mark, reflecting a 20% increase from the previous year. This surge underscores the nation's shift towards sustainable mobility solutions.
Tata Motors has been at the forefront of India's EV revolution. In 2024, the company sold 61,496 electric vehicles, marking a modest 2% increase compared to 2023. This performance positioned Tata with a 62% market share in the EV segment. However, by November 2024, Tata's market share experienced a decline, dropping to 49% as competitors intensified their efforts.
The company's EV portfolio includes models like the Tiago EV, Tigor EV, Nexon EV, Punch EV, and the upcoming Curvv EV. Despite having the most extensive lineup of electric vehicles in India, Tata Motors has seen its market share dip to 38%. To counteract the increasing competition, Tata Motors has set an ambitious target: aiming for EVs to constitute 30% of its total sales by 2030. Additionally, the company is investing in local battery production to enhance supply chain efficiency and reduce costs.
Hyundai, a prominent player in India's automotive sector, has been recalibrating its EV strategy. In January 2025, the company launched the Creta EV at a starting price of ₹17.99 lakh, offering a range of up to 473 kilometers on a single charge. This move signifies Hyundai's commitment to capturing a substantial share of the EV market, with aspirations to achieve a 20% market share in the long term.
Despite these efforts, Hyundai's EV sales in 2024 were modest. The company sold 889 EVs between January and November 2024, a 40% decrease from the previous year's 1,480 units. This decline was partly due to the discontinuation of the Kona EV in mid-2024, leaving the Ioniq 5 as its sole electric offering. However, with the introduction of the Creta EV and plans to launch four more EV models by 2030, Hyundai aims to revitalize its position in the Indian EV market.
Kia's journey in India's EV sector has been gradual. In 2024, the company sold 410 EVs, a slight decrease from 438 units in 2023. The EV6, Kia's flagship electric model, has been its primary offering. In October 2024, Kia expanded its EV lineup with the launch of the EV9 SUV, priced at ₹1.3 crore. The EV9, imported as a completely built unit, positions Kia in the luxury EV segment, competing with models like the Mercedes EQS SUV and BMW iX.
Looking ahead, Kia plans to introduce two new mass-market EVs in India by 2026. This strategic move aims to bolster its presence in the burgeoning EV market and cater to a broader consumer base.
The Indian EV market is poised for exponential growth. Projections indicate that the market, valued at US$ 8.49 billion in 2024, is expected to grow at a compound annual growth rate (CAGR) of 40.7% from 2025 to 2030. Government initiatives, such as subsidies and infrastructure development, are pivotal in promoting EV adoption.
However, challenges persist. High upfront costs, limited charging infrastructure, and range anxiety remain significant barriers to widespread EV adoption. To address these concerns, manufacturers are implementing innovative strategies. For instance, Tata Motors and MG Motor have introduced incentives like free charging and battery rental services to make EVs more accessible and affordable.
In conclusion, while Tata Motors currently leads India's EV market, the landscape is rapidly evolving. Hyundai and Kia are intensifying their efforts, introducing new models, and setting ambitious targets to capture larger market shares. As competition heats up, consumers stand to benefit from a wider array of choices and improved technologies, steering India towards a more sustainable automotive future.
