This article is the first of a three-part KCM Lens series on the EV value chain — OEMs (Vol 1), Battery Manufacturers (Vol 2), and Battery Recyclers (Vol 3) — covering India’s EV market, competitive landscape, growth drivers, and regulatory framework[1].
India’s EV Market
According to KCM’s published guide (KCM secondary; primary Indian market statistics not available in this research pack), India’s automotive sector is expected to cross ₹24.9 lakh crore (US$300 billion) by 2030, contributing over 7.1% to GDP[1]. 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 growth potential[1].
Competitive Landscape
KCM’s published guide states that in the two-wheeler EV market, Ola Electric dominates with 35% market share, followed by TVS (19%) and Ather (12%) (KCM secondary)[1]. Ola’s success came from investment in technology, product positioning, and creating an EV ecosystem[1]. In four-wheelers, Tata Motors leads as the classic first-mover[1]. The publication provides detailed competitor benchmarking on price ranges, driving range, battery capacity, R&D spend, and manufacturing capacity[1].
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[1].
Regulatory Framework & Government Support
The publication covers the regulatory landscape and government incentive schemes supporting EV adoption in India, including FAME II, PLI schemes, and state-level policies[1]. Operative legal text for these schemes was not available in this research pack; readers should confirm current incentive frameworks against controlling primary sources.
References
- KCM Consultants, EV Series — Vol. 1: OEMs (Knowledge Hub, 20 June 2026).