According to a report by TechSci Research, the India electric vehicle market is expected to reach USD14,910.33 million by 2028, with a CAGR of 19.81%, due to the expanding range of products and advancements in charging infrastructure and battery capacity suitable for Indian roads. The EV finance industry in India is predicted to reach USD50 billion by 2030, according to NITI Aayog and Rocky Mountain Institute (RMI). With a majority of young people preferring two-wheelers for daily mobility, there is anticipated strong demand for electric vehicles. From 2000 to 2021, the Indian automobile sector received a total FDI inflow of USD30.51 billion and expects 8-10 billion in local and foreign investment by 2023.
The Indian government is focusing on green energy due to rising oil prices and urban pollution. The Ministry of Road Transport and Highways reported that there were over 1.3 million EVs on Indian roads as of August 2022, and it is expected to increase to 20-40 million EVs by 2030. The government is also offering subsidies under FAME II and state EV programs to encourage widespread adoption of electric vehicles throughout the country. Top firms and emerging players are expected to increase their focus on R&D to create sophisticated technology and features while maintaining affordable prices, leading to increased sales of electric vehicles. However, the country’s automobile sales suffered a downturn after the COVID-19 outbreak in 2020 due to a lack of production and import restrictions.
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Key market players in the India electric vehicle market include:
- Tata Motors Limited
- MG Motor India Private Limited
- Mahindra & Mahindra Limited
- PMI Electro Mobility Solutions Private Limited
- JBM Auto Ltd.
- Hero Electric Vehicles Pvt. Ltd.
- Okinawa Autotech Pvt. Ltd.
- Greaves Electric Mobility Pvt. Ltd
- YC Electric Vehicle
- Saera Electric Auto Pvt. Ltd.
The India electric vehicle market is segmented by vehicle type, propulsion, range, charging time, region, top 10 states, and company. Electric two-wheelers dominate the market, accounting for 42% of the total market share in 2022, followed by three-wheelers and passenger cars. BEV propulsion dominates the market with over 75% of the total market share, and this trend is expected to continue as the fleet size of electric vehicles grows. The sector above 200 kilometers is the most dominant in terms of range, with a focus on innovation and advancement of high-capacity battery ranges. In terms of charging time, the majority of vehicles require less than five hours of charging time, with a prominent CAGR of 36.12% in the historical period and an expected CAGR of 24.46% in the forecast period.
Major players in the electric passenger cars, LCV, M&HCV, two-wheeler, and three-wheeler segments include Tata Motors Limited, Mahindra & Mahindra Limited, MG Motor India Private Limited, PMI Electro Mobility Solutions Private Limited, JBM Auto Ltd., Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Greaves Electric Mobility Pvt. Ltd., YC Electric Vehicle, and Saera Electric Auto Pvt. Ltd. Many firms are investing in developing infrastructure, swappable battery stations, and high-capacity battery range packs to address the large gap generated by the faster adoption of electric vehicles.
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“Electric Two-wheelers accounted for the largest share i.e., 42.55% in India electric vehicle market in 2022 and it is expected to dominate in the forecast period. Many companies are investing in EV’s to improve charging infrastructure and reduce charging time,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Electric Vehicle Market By Vehicle Type (Passenger Car (Hatchback, Sedan, SUV/MPV), LCV (Pickup Truck, Van), M&HCV (Truck, Buses), Two-Wheeler (Scooter/Moped, Motorcycle), Three-Wheeler (Passenger Carrier, Load Carrier)), By Propulsion (BEV, HEV, PHEV, FCEV), By Range (0-100 Km, 101-200 Km, Above 200 Km), By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr), By Region, By Top 10 States, Competition Forecast & Opportunities, 2018- 2028F,” has evaluated the future growth potential of India Electric Vehicle Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India electric vehicle market.
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