As per the TechSci Research report "India Electric Vehicle Market - By Region, Competition Forecast & Opportunities, 2018-2028F," the Indian electric vehicle market is projected to attain USD 14,910.33 million at a CAGR of 19.81% by 2028, driven by the rapid expansion of product range, development in charging infrastructure, and battery capacity suitable for Indian roads. The Indian government is pushing for green energy due to increasing oil prices and urban pollution. NITI Aayog and Rocky Mountain Institute predict that India's EV finance industry will hit Rs. 3.7 lakh crore (USD 50 billion) by 2030, with a strong demand for EVs expected, particularly in the two-wheeler segment. The Indian automobile sector has received USD 30.51 billion in FDI inflows from 2000 to 2021 and expects 8-10 billion in local and foreign investment by 2023. The Ministry of Road Transport and Highways reports over 1.3 million EVs on Indian roads as of August 2022, with the number expected to reach 20-40 million EVs by 2030.
Furthermore, to promote the widespread adoption of electric vehicles across the country, the government is providing subsidies under FAME II and state EV programs. This is expected to be accompanied by increased R&D efforts by both leading and emerging players to develop advanced technology and features at affordable prices, leading to a rise in electric vehicle sales. However, the COVID-19 outbreak caused an economic crisis in 2020, resulting in a decline in automobile sales due to production and import restrictions.
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 categorized by vehicle type, propulsion, range, charging time, region, top 10 states, and company. Electric two-wheelers hold the largest market share at 42% in 2022, followed by three-wheelers and passenger cars. Battery electric vehicles dominate the propulsion category, accounting for over 75% of the market share. The trend is expected to continue due to the growing fleet size of electric vehicles. The range sector above 200 kilometers is the most prominent as high-capacity battery ranges are the focus of innovation. The majority of vehicles require less than 5 hours of charging time with a prominent CAGR of 36.12% in the historical period, and a forecasted CAGR of 24.46%.
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, Saera Electric Auto Pvt. Ltd. are the major players in the electric passenger cars, LCV, M&HCV, two-wheeler, three-wheeler segments. Many firms are investing in large gap generated by faster adoption of electric vehicles such as in developing infrastructure, swappable batteries stations and high-capacity battery range pack.
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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.
Browse more than 52 market data Figures and 6 Tables spread through 70 Pages and an in-depth TOC on "India Electric Vehicle Market"
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