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

 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.

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.

Browse more than 52 market data Figures and 6 Tables spread through 70 Pages and an in-depth TOC on "India Electric Vehicle Market"

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. 

Market Players : 

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.

Press Release : https://www.techsciresearch.com/news/7529-india-electric-vehicle-market.html

 

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

 Increasing shift towards electric mobility and advancement in EV sector to drive the India Electric Vehicle Market through 2028.

According to TechSci Research report, “India Electric Vehicle Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 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 wide 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) in 2030. With 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 India automobile sector received FDI inflow of USD30.51 billion and expects 8-10 billion in local and foreign investment by 2023.

Browse more than 52 market data Figures 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

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, by battery capacity, range, charging time, region 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, 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 exhibits the most increase, 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 growth rate of CAGR 36.12% in the historical period, and it is expected to grow at a CAGR of 24.46% in the forecast period.

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. are the major players in the electric passenger cars, LCV, M&HCV, two-wheeler, three-wheeler segments.

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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 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.

Press Release : https://www.techsciresearch.com/news/7529-india-electric-vehicle-market.html

“India Electric Vehicle Market By Vehicle Type (Passenger Car, LCV, M&HCV, Two-Wheeler, Three-Wheeler), 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, By 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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https://www.techsciresearch.com/report/autonomous-vehicle-testing-market/11747.html

 

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

Email: sales@techsciresearch.com

Web:  https://www.techsciresearch.com

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

 Increasing shift towards electric mobility and advancement in EV sector to drive the India Electric Vehicle Market through 2028.

According to TechSci Research report, “India Electric Vehicle Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 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 wide 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) in 2030. With 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 India automobile sector received FDI inflow of USD30.51 billion and expects 8-10 billion in local and foreign investment by 2023.

Browse more than 52 market data Figures spread through 70 Pages and an in-depth TOC on  "India Electric Vehicle Market"

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, by battery capacity, range, charging time, region 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, 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 exhibits the most increase, 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 growth rate of CAGR 36.12% in the historical period, and it is expected to grow at a CAGR of 24.46% in the forecast period.

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. are the major players in the electric passenger cars, LCV, M&HCV, two-wheeler, three-wheeler segments.

Download Sample Report

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 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, LCV, M&HCV, Two-Wheeler, Three-Wheeler), 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, By 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.

Press Release : https://www.techsciresearch.com/news/7529-india-electric-vehicle-market.html

 

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

Email: sales@techsciresearch.com

Web:  https://www.techsciresearch.com

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.

Browse XX Figures spread through XX Pages and an in-depth TOC on “India Electric Vehicle Market”.

https://www.techsciresearch.com/report/india-electric-vehicle-market/1360.html

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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