India Electric Vehicle Motor Market Share, Size & Competitive Landscape Report 2030

Future India Electric Vehicle Motor Market: Key Dynamics, Size & Share Analysis

The India Electric Vehicle Motor Market size was valued at around USD 0.898 billion in 2024 and is projected to reach USD 2.889 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 21.5% during the forecast period, i.e., 2025-30. The growth of the industry is motivated by rising electric vehicle sales supported by the emergence of environmental concerns, expanding charging infrastructure, reduced running costs, and a burgeoning middle class. The Federation of Automobile Dealers' Association has stated that in 2023, about 82,688 electric vehicles were sold in India, and by 2024, this figure is set to rise by nearly 20 percent to over 100,000 units. And with every such vehicle going with the motor, there will be a need for motors simultaneously.

Top Market Challenges Impacting the India Electric Vehicle Motor Market Growth

High Cost of Rare Earth Metals Used to Make Motors – The prices of rare earth metals, such as Neodymium and Dysprosium, are very expensive because of the cost associated with their mining and processing and because they are highly required to manufacture high-performance magnets used in motors. Also, the batteries used by Indian car manufacturers are mostly imported from other countries due to very limited domestic production capabilities and a lack of infrastructure to process raw materials. For instance, the import of Li-ion batteries by India in 2024 was worth around USD2.8 billion, with China and Hong Kong as the major suppliers. As a result, people avoid purchasing such vehicles and are inclined towards traditional ones.

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Understanding the Core Segments in the India Electric Vehicle Motor Market

India Electric Vehicle Motor Market Size, Share & Industry Trends Analysis- By Vehicle Type (Electric Passenger Cars [Sedan Hatchback SUV] Electric Commercial Vehicles [Electric Light Commercial Vehicles Electric Medium & Heavy Commercial Vehicles] Electric Two Wheelers [Electric Scooters Electric Motorcycles] Electric Three Wheelers) By Type (AC Motor DC Motor) By Motor Type (Brushless Motors Brushed Motors Induction (Asynchronous) Motors Switched Reluctance Motors Synchronous Motors) By Component (Motor Stator Rotor, Shaft, and Bearing Permanent Magnet Casing Wiring & Connectors Others) By Power Rating (Up to 20 kW 21 kW to 100 kW 101 kW to 250 kW Above 250 kW) and others.

Geographical Analysis of the India Electric Vehicle Motor Market

By Region

North
South
East
West.

Who Dominates the India Electric Vehicle Motor Market Insights on Key Industry Players?

Companies are strengthening their presence in the India Electric Vehicle Motor market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

ABB
Tata Motors
Kirloskar Electric
Nidec Corporation
Bharat Heavy Electricals Limited (BHEL)
Bonfiglioli
Laxmi Hydraulics Pvt. Ltd.
Robert Bosch GmbH
CG Power & Industrial Solutions Ltd.
Weg Industries India

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