Increasing shift towards electric mobility and advancement in the EV sector to drive the India Electric Vehicle Market through 2028.
According to TechSci Research report, “India Electric Vehicle Market – By Region, Competition Forecast & Opportunities, 2018-2028F,” India electric vehicle market is anticipated to reach USD14,910.33 million at a CAGR of 19.81% by 2028 because of rapidly expanding range of products and advancement in charging infrastructure, and battery capacity suitable to Indian roads. According to NITI Aayog and Rocky Mountain Institute (RMI), India’s EV finance industry is likely to reach Rs. 3.7 lakh crore (USD50 billion) by 2030. With the majority of youngsters preferring two-wheelers for their daily mobility requirements, there is expected to be strong demand for electric vehicles. Between 2000 to 2021, the Indian automobile sector received an FDI inflow of USD30.51 billion and expects 8-10 billion in local and foreign investment by 2023.
The Indian government is heading toward the adoption of green energy as a result of rising oil prices and urban pollution. As of August 2022, there were more than 1.3 million EVs on Indian roads, according to the Ministry of Road Transport and Highways, and by 2030, it is expected to increase to 20–40 million EVs.
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In addition, the government is offering subsidies under FAME II, as well as state EV programs, to encourage the widespread adoption of electric vehicles across the country. Additionally, top firms, as well as many emerging players, are expected to increase their focus on R&D in order to create sophisticated technology and features while keeping prices low, resulting in increased sales of electric vehicles. However, after the COVID-19 outbreak, which resulted in an economic catastrophe in 2020, the country’s automobile sales plummeted due to a lack of production and import restriction.
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.
India electric vehicle market can be segmented based on vehicle type, propulsion, range, charging time, region, top 10 states, and company. On the basis of vehicle type, Electric two-wheelers dominate the India Electric Vehicle Market, accounting for around 42% of total market share in 2022, followed by three-wheelers and passenger cars. BEV dominates the India Electric Vehicle Market in terms of propulsion, with more than 75% of the total market share. With the growing fleet size of electric vehicles, the similar trend is expected to continue in the coming years. On the basis of range, the sector above 200 kilometers is the most dominant, as high-capacity battery ranges are the focus of innovation and advancement. Based on charging time, majority of automobiles required <5 hours of charging time with prominent CAGR of 36.12% in the historical period, and it is expected to register a CAGR of 24.46% in the forecast period.
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.
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