India Electric Vehicle Market to Grow at a 19.81% CAGR by 2028 | TechSci Research

 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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Electric Vehicle Market to Register Growth at a CAGR of 21.20% in terms of value until 2027

 

Increasing environmental concerns, supportive government policies, and regulations on EV adoption along with subsidies, coupled with decreasing battery prices, and advancement in charging technologies is expected to lead to the growth of electric vehicle all over the world during the forecast period.

According to TechSci Research report, Electric Vehicle Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Global Electric Vehicle Market is anticipated to register a CAGR of 21.20% in terms of value and USD 1,657.10 billion during the forecast period, owing to sustainable government regulations. China, being the largest electric vehicle producer and market in the world, it is expected to grow at a CAGR of 18.17% in terms of volume during the forecast period. According to the government of China, China is planning to improve the productivity of electric vehicles. The government has taken initiative, including providing subsidies for EV buyers, enacting laws requiring all automakers to produce EVs in proportion to the volume of vehicles they produce, providing significant funding for the installation of EV charging stations throughout major cities, and enacting regulations against excessively polluting vehicles. The EV market has also been expanding in Japan and South Korea. The governments of these countries installed EV charging stations, created pollution standards, established deadlines for switching from ICE vehicles to full or hybrid EVs, and other measures to assist the growth of EV demand. India is striving to enhance its EV market demand.

Global Electric Vehicle market is classified based on vehicle type, propulsion type, range, battery capacity, and region. Based on propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle.  Based on vehicle type, the market is segmented into two wheelers, passenger car, light commercial vehicles, and medium and heavy commercial vehicle. Increase in sales of electric passenger cars due to presence of huge population and growing disposable income is driving the growth of passenger car segment.

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In terms of propulsion type, FCEV is expected to be the fastest growing segment during the forecast period. and the battery electric vehicle segment is expected to account for the highest volume of the market. During the forecast period, the battery electric vehicle market is expected to grow at a CAGR of 19.61%.

On the basis of battery type, market is segmented into less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, above 300 kWh. The widespread usage of electric trucks and buses, particularly for applications in public transportation and freight services, is primarily responsible for this market segment's rapid expansion. A wide range of EVs, including passenger cars and light commercial vehicles such as vans, pickup trucks, and utility vehicles, have power outputs between 100kW and 250kW. The surge in fuel prices and government measures to reduce fleet emissions of buses and vehicles are driving the global electric vehicle market.

By region, the market is distributed into Asia-Pacific, Europe, North America, South America, Middle East & Africa. With China accounting for the largest market share in 2021, APAC is expected to register the fastest CAGR in the global electric vehicle market. Moreover, China's Ministry of Finance has reduced the subsidies for hybrid, hydrogen-powered, and plug-in electric vehicles by 20%. With 50% of global sales, China has become the world's largest market for electric vehicles. After the Shanghai Gigafactory opened in 2019, Tesla surpassed other local suppliers to become one of China's top providers of electric vehicles. In the following years, it is predicted that these factors would increase the sales of electric vehicles in Asia-Pacific.

USA is expected to register a CAGR of 26.14% in terms of value and will help boost the market during the forecast period.

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Due to the implementation of lockdown to prevent COVID-19 pandemic, sales of electric vehicles at the end of first quarter and substantially in second quarter fell in most of the countries, affecting current year’s performance. Nevertheless, in most of the regions across globe, the market rapidly recovered rapidly during the end of the second quarter and almost completely in the third quarter. Hence, giving positive outlook to the market forecast of year 2022.

BYD Auto Co., Ltd. company holds the largest share in the global electric vehicle market followed by The General Motors Company, Tesla, Inc., SAIC Motor Corp., Ltd., BMW AG, Vmoto Soco Group, Jiangsu Xinri E-Vehicle Co.,Ltd, Tailing Electric Vehicle Co., Ltd., Gesits Technologies Indo, Voltz Nikola Motor Co., Rivian Automotive, Inc., and Volvo Trucks.

BYD Auto Co., Ltd. dominated the market in the year 2021, due to its remarkable dealership network, which offers a wide range of economical yet qualitative products with adaptive technological demands of their customers as well as withstanding government’s safety norms. The demand for electric vehicles is anticipated to increase globally during the coming years, on account of increased awareness toward environment and increasing adoption of green energy is expected to drive the market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research- based global management consulting firm.

“Electric Vehicle Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027F, Segmented By Vehicle Type (Two Wheelers, Passenger Cars (PC) Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV)), By Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)), By Range (0-50 Miles, 51-150 Miles and 151-200 Miles, 201-400 Miles and Above 400 Miles), By Battery Capacity (Less Than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 200 kWh, 201 kWh to 300 kWh, Above 300 kWh), By Region” has evaluated the future growth potential of global 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 Global Electric Vehicle Market.

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BEV segment to dominate India Electric Vehicle market through FY2027 – TechSci Research

 Expansion of automotive sector and rise in awareness to curb pollution levels is expected to drive the demand for India electric vehicle market for the forecast period.

According to TechSci Research report, “India Electric Vehicle Market By Vehicle (Passenger Cars, Commercial Vehicles, Two- and Three-wheelers), By Vehicle Class (Mid-priced & Luxury), By Propulsion (BEV, PHEV & FCEV), By EV Sales (OEMs/Models), By End User (Shared mobility providers, Government organizations, Personal Users, Others), By Company, By Region, Forecast & Opportunities, FY2027”, India electric vehicle market is expected to witness steady growth for the next five years. Favorable government policies and financial aids in terms of subsidies, income tax rebates and other non-financial benefits are the major drivers for electric vehicle market growth. Introduction of new vehicles and electric vehicle manufacturing companies to widen the product portfolio is contributing significantly for high demand of the market for the next five years. Government initiatives such as Make in India to boost the production of electric vehicles and the charging infrastructure is creating new avenues for the growth of the market. Implementation of BS VI norms by leading authorities to reduce carbon emissions into the environment is fueling the demand for electric vehicles in India. High-end investments by electric automobile manufacturers to provide electric vehicles in different segments and technological evolutions to upgrade the existing electric vehicle infrastructure is expected to account for major growth of the market in the predicted period.

Due to the ongoing pandemic COVID-19, lockdown was imposed all over the country. Complete shutdown was observed, and people started practicing social distancing following the precautionary measures. Imposition of strict regulations and policies by leading authorities, led to the shut down of manufacturing units in the country. Movement of workers from working locations to their native homes led to shortage of skilled labors for the production of electric vehicles. After the lockdown is lifted, the electric vehicles market is expected to pick up the pace eventually.

However, lack of sufficient electric vehicle charging stations may hamper market growth during the forecast period.

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India electric vehicle market is segmented into vehicle, vehicle class, propulsion, EV sales, end user, regional distribution, and company. Based on propulsion, the market is further divided into BEV, PHEV & FCEV. Battery electric vehicle BEV segment is expected to account for major market share throughout the forecast period, 2022-2026. Higher subsidies offered by government compared to its counterparts is the major factor accelerating the growth of BEV segment. Availability of different models for battery electric vehicles, declining battery costs coupled with minimal upfront costs are important factors bolstering the growth of the electric vehicles market in India. Based on end user, the market is fragmented into shared mobility providers, government organizations, personal users, and others. Huge population in India is giving rise to need for more public transports on road. Low cost involved to ride the public transport and no burden of operational and maintenance costs are the factors for huge demand for public transports. Shared mobility providers segment is expected to dominate the market for the next five years due to surge in need for transport systems. Transportation systems are increasing at a high pace due to favorable business models adopted by major automobile manufacturing companies, manufacturing roads for seamless connectivity between regions and gradually declining cost of technology. Based on EV sales, original equipment manufacturers comprising of both luxury and mass market launched online buying experience of electric vehicles due to rising trend of online transaction owing to high internet penetration and proliferation of smart devices to increase the convenience of consumers. Increase in numbers of appointment bookings through the use of online channels, doorstep pickup and delivery options and the facility for online transactions is bolstering the growth of the electric vehicles market.

Maruti Suzuki India Limited (Maruti), Mahindra Electric Mobility Limited, Tata Motors Limited, Toyota Kirloskar Motor (Toyota), Honda Cars India Limited (Honda Cars), Renault India Private Limited, Ather Energy Pvt. Ltd., MG Motors India, JBM Auto Ltd., Olectra Greentech Ltd are the leading players operating in India electric vehicle market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several electric vehicle manufacturers are coming up with their technologically advanced offerings.

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“Electric vehicles market is still at a nascent stage and consists of huge untapped potential for tremendous market growth, Commercial and two-wheeler electric vehicles are expected to witness huge growth. Presence of supportive government policies allowing 100 foreign investment in automatic route is boosting the market for two-wheelers segment. Major companies are setting-up electric vehicles production of two-wheelers due to financial aids and high demand for electric vehicles. Expansion of charging infrastructure of electric vehicles and domestic manufacturing of batteries is leading to high market growth throughout the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Electric Vehicle Market By Vehicle (Passenger Cars, Commercial Vehicles, Two- and Three-wheelers), By Vehicle Class (Mid-priced & Luxury), By Propulsion (BEV, PHEV & FCEV), By EV Sales (OEMs/Models), By End User (Shared mobility providers, Government organizations, Personal Users, Others), By Company, By Region, Forecast & Opportunities, FY2027” has evaluated the future growth potential of India electric vehicle market and provided statistics & information on market size, shares, 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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Shell New Energies Acquires Greenlots

Shell announces acquisition of electric vehicle solutions company, Greenlots

North America: Shell New Energies LLC, the clean energy investment arm of Royal Dutch Shell Plc, acquired Greenlots, a Los Angeles, US based provider of EV charging and energy management software and services. Shell already has been active in Europe, where the company acquired NewMotion, a leading EV charging provider in Europe, and signed an agreement with Ionity to offer E charging in ten European countries.

VP of New Energies for Shell stated that, “As customers’ needs evolve, the company will increasingly offer a range of alternative energy sources, supported by digital technologies, to give people choice and the flexibility, wherever they need to go and whatever they drive. The latest investment in meeting the low-carbon energy needs of US drivers today is part of the wider efforts of company to make a better tomorrow. It is a step towards making EV charging more accessible and more attractive to utilities, businesses and communities.”

CEO of Greenlots stated that “Utilities are playing a pivotal role in accelerating the transition to a future electric mobility system that is safer, cleaner and more efficient. The company look forward to now working with the resources, scale and reach of Shell to further accelerate this transition.”

According to TechSci Research, oil and gas major, Shell New Energies is seeking to leverage the company’s strengths in fast-growing EV charging market. Moreover, the increasing demand for the reduction of harmful gas emissions from the automobile sector backed by favorable government policies in the form of subsidies and increasing inclination towards electric vehicles are contributing to the growth of global electric vehicle and electric vehicle infrastructure market, globally.

According to TechSci Research report, “Global Electric Vehicle Infrastructure Market By Type (AC Charger & DC Charger), By Installed Location (Commercial & Residential), By Region (North America, Europe & Asia-Pacific), Competition Forecast and Opportunities, 2011 - 2021”, the global market for electric vehicle infrastructure is forecast to grow at a CAGR of over 27% during 2016-2021, on account of favorable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution. Additionally, grid integration of electric vehicles is expected to offer huge impetus to global electric vehicle infrastructure market in the coming years. Evolution of smart grid technologies and the concept of virtual power plants is forecast to further boost the global market for electric vehicles and its related charging infrastructure in the coming years. The option of power trading for electric vehicles owners is also expected to positively influence the global electric vehicle infrastructure market during the forecast period.

According to another recently published report by TechSci Research, “Global Electric Passenger Car Market, By Vehicle Type (Sedan, Hatchback & SUV), By Technology Type (PHEV Vs. BEV), By Driving Range (Up to 150 Miles Vs. Above 150 Miles), By Region, Competition Forecast & Opportunities, 2013 – 2023”, the global electric passenger car market stood at $ 40 billion in 2017 and is projected to grow at a CAGR of more than 26% to reach $ 189 billion by 2023, on account of increasing government efforts aimed at encouraging the use of electric vehicles amid alarming pollution levels, globally. Technological advancements on account of increasing focus on research & development activities by leading automobile companies to launch affordable and premium quality electric passenger cars, in addition to rising penetration of electric passenger cars in developing economies are expected to aid the global electric passenger car market over the coming years. Growing environmental awareness among consumers and improving charging infrastructure are some of the other factors that would positively influence the market during the forecast period.

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