According to a TechSci Research report titled "India Electric Vehicle Market - By Region, Competition Forecast & Opportunities, 2018-2028F," the electric vehicle market in India is projected to reach USD 14,910.33 million by 2028, growing at a CAGR of 19.81%. This growth is attributed to the expanding range of electric vehicle products, advancements in charging infrastructure, and the development of battery capacity suitable for Indian roads. NITI Aayog and Rocky Mountain Institute (RMI) predict that India's EV finance industry will reach Rs. 3.7 lakh crore (USD 50 billion) by 2030. With a significant preference for two-wheelers among the younger population for their daily commuting needs, the demand for electric vehicles is expected to remain strong. Between 2000 and 2021, the Indian automobile sector attracted an FDI inflow of USD 30.51 billion and anticipates receiving 8-10 billion in both local and foreign investments by 2023.
Driven by rising oil prices and urban pollution, the Indian government is actively transitioning towards green energy. As of August 2022, the Ministry of Road Transport and Highways reported over 1.3 million EVs on Indian roads, and this number is projected to increase to 20-40 million EVs by 2030. To promote widespread adoption of electric vehicles across the country, the government offers subsidies through programs like FAME II and state-level initiatives. Leading companies, as well as emerging players, are expected to intensify their research and development efforts to create technologically advanced and feature-rich electric vehicles while maintaining competitive prices. This is likely to result in increased sales of electric vehicles. However, the automobile industry experienced a sharp decline in sales due to production limitations and import restrictions during the economic downturn caused by the COVID-19 outbreak in 2020.
The India electric vehicle market can be segmented based on vehicle type, propulsion, range, charging time, region, top 10 states, and company. Electric two-wheelers currently dominate the market, accounting for approximately 42% of the total market share in 2022, followed by three-wheelers and passenger cars. Battery Electric Vehicles (BEVs) hold the largest market share in terms of propulsion, accounting for over 75% of the total market. This trend is expected to continue as the fleet size of electric vehicles grows in the coming years. High-capacity battery ranges above 200 kilometers are the focus of innovation and advancement, making them the dominant segment based on range. In terms of charging time, the majority of vehicles require less than 5 hours for a full charge, and this segment exhibited a significant CAGR of 36.12% in the historical period. It is expected to maintain a CAGR of 24.46% in the forecast period.
Key players in the electric vehicle market for passenger cars, LCV, M&HCV, two-wheelers, and three-wheelers 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 companies are investing in areas such as infrastructure development, swappable battery stations, and high-capacity battery range packs to capitalize on the rapid adoption of electric vehicles and fill the market gap.
Report Scope:
In this report, India electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- India Electric Vehicle Market, By Vehicle Type:
- Two-Wheelers
- Scooter/Moped
- Motorcycle
- Three-Wheeler
- Passenger Carrier
- Load Carrier
- Passenger Car
- Hatchback
- Sedan
- SUV/MPV
- M&HCV
- Truck
- Buses
- LCV
- Pickup Truck
- Van
- Two-Wheelers
- India Electric Vehicle Market, By Propulsion:
- BEV
- HEV
- PHEV
- FCEV
- India Electric Vehicle Market, By Range:
- 0-100 Km
- 101-200 Km
- Above 200 Km
- India Electric Vehicle Market, By Charging Time:
- <5 Hr
- 5-10 Hr
- Above 10 Hr
- India Electric Vehicle Market, By Region:
- North
- South
- West
- East
“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" - https://www.techsciresearch.com/report/india-electric-vehicle-market/1360.html
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