Introduction
The electric vehicle (EV) market in India is poised for a dynamic transformation, driven by a confluence of factors such as rapid product expansion, advancements in charging infrastructure, and battery technology tailored to the demands of Indian roads. This comprehensive report by TechSci Research delves into the various facets of the India Electric Vehicle Market.
Charting the EV Revolution in India
The India Electric Vehicle Market is anticipated to make a significant mark, with a projected worth of USD 14,910.33 million by 2028, driven by a compelling Compound Annual Growth Rate (CAGR) of 19.81%. This meteoric growth can be attributed to the expanding range of EV products and the evolution of charging infrastructure, bolstered by battery capacities tailored to India’s unique road conditions.
Evolving Financial Landscape
According to estimates by NITI Aayog and the Rocky Mountain Institute (RMI), India’s EV finance industry is set to reach an impressive INR 3.7 lakh crore (equivalent to USD 50 billion) by 2030. The preference of a significant portion of India’s youthful population for two-wheelers as their primary mode of daily transport is expected to drive robust demand for electric vehicles.
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Foreign Investment and FDI Inflows
Between 2000 and 2021, the Indian automobile sector received a substantial Foreign Direct Investment (FDI) inflow of USD 30.51 billion. The sector expects an additional 8-10 billion USD in combined local and foreign investments by 2023.
Government Initiatives Fueling Adoption
The Indian government is actively steering the nation towards green energy adoption, motivated by escalating oil prices and the pressing issue of urban pollution. As of August 2022, the Ministry of Road Transport and Highways reported more than 1.3 million EVs on Indian roads. By 2030, this number is projected to surge to a staggering 20-40 million EVs.
Incentives and Subsidies
The government is playing a pivotal role in expediting EV adoption, offering incentives and subsidies under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) II program, as well as various state-level EV initiatives. These incentives are designed to encourage the widespread adoption of electric vehicles across the nation.
R&D and Technological Advancements
Key industry players, including established giants and emerging firms, are expected to intensify their focus on Research and Development (R&D). This concerted effort aims to create cutting-edge technology and features while maintaining competitive price points, a strategy set to bolster EV sales.
Challenges Amidst the Pandemic
The COVID-19 outbreak in 2020 led to an economic downturn, severely impacting the Indian automobile industry. Production constraints and import restrictions resulted in a significant decline in automobile sales.
Segmentation of India Electric Vehicle Market
The India Electric Vehicle Market can be comprehensively segmented based on various criteria, offering profound insights into market diversity:
- Vehicle Type: Electric two-wheelers dominate the market, accounting for approximately 42% of the total market share in 2022, followed by three-wheelers and passenger cars.
- Propulsion: Battery Electric Vehicles (BEVs) hold a commanding position in the Indian EV market, constituting over 75% of the total market share.
- Range: Vehicles with a range of above 200 kilometers emerge as the dominant segment, with a primary focus on high-capacity battery ranges.
- Charging Time: The majority of EVs require less than 5 hours of charging time, with a prominent Compound Annual Growth Rate (CAGR) of 36.12% in the historical period. This trend is anticipated to persist, with a CAGR of 24.46% in the forecast period.
Major Players in the Market
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. are the prominent players in various EV segments, including electric passenger cars, Light Commercial Vehicles (LCVs), Medium and Heavy Commercial Vehicles (M&HCVs), two-wheelers, and three-wheelers.
Industry Investment Trends
Several firms are strategically investing in areas where there exists a significant gap due to the rapid adoption of electric vehicles. These investments span the development of crucial infrastructure, swappable battery stations, and high-capacity battery range packs.
Who Will Benefit from This Report?
This comprehensive report caters to a wide spectrum of stakeholders:
- Automotive Industry Professionals: Professionals in the automotive sector will gain invaluable insights into market dynamics, technological advancements, and investment trends.
- Government Authorities: Government bodies and regulatory agencies will benefit from a comprehensive overview of government initiatives and their impact on the EV market.
- Investors: Investors interested in the Indian electric vehicle market will find valuable data for assessing investment opportunities and future growth potential.
- Market Researchers: Researchers and analysts seeking a comprehensive understanding of the Indian EV market will find this report to be an indispensable resource.
In conclusion, the India Electric Vehicle Market is at a pivotal juncture, poised for exponential growth driven by evolving consumer preferences, advancing technology, and government support. TechSci Research’s report offers a detailed exploration of these market dynamics, making it an indispensable resource for a diverse range of stakeholders interested in the Indian electric vehicle market.
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.
Customers can also request for 10% free customization on this report.
“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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