India Electric Vehicle Market Assessment, By Usage Type [Passenger Vehicle, Commercial Vehicle], By Vehicle Type [Two-Wheeler, Three-Wheeler, Passenger Car, Buses, Others], By Region, Opportunities and Forecast, FY2016-FY2030F

The Indian electric vehicle market size was valued at USD 3.86 billion in FY2023 and is projected to reach USD 22.95 billion in FY2031, growing at a CAGR of 25.07% between FY2024 and FY2031.

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The Indian electric vehicle market size was valued at USD 3.86 billion in FY2023 and is projected to reach USD 22.95 billion in FY2031, growing at a CAGR of 25.07% between FY2024 and FY2031. The Indian electric vehicle market is being driven by factors such as increased adoption of electric vehicles, low running and maintenance cost, technological innovations and government schemes. As people become more aware about the environmental impact of traditional fossil fuel-powered automobiles, EVs are becoming more popular as a more sustainable and eco-friendly option.

Low Running and Maintenance Cost of Electric Vehicles

Electric vehicles have a lower running and maintenance cost as compared to internal combustion engine. Electric vehicles are more efficient, and when combined with the electricity cost, charging an electric vehicle is less expensive than using petrol or diesel. Electric vehicles are more cost-effective to charge than diesel or petrol vehicles due to their higher efficiency and lower cost of energy.

Technological Innovations in Electric Vehicle Market

India has been witnessing several technological innovations in the electric vehicle market, with a growing focus on sustainability and reducing carbon emissions. Rapid technological advancements such as constant upgradations in battery, establishment of charging infrastructure and emergence of solar powered EV. Several startups are working on developing EVs with built-in solar panels, which can recharge the vehicle’s batteries while driving or parked in the sun.

Environmental Benefits of Electric Vehicles

Hazardous emissions from petrol and diesel automobiles have long-term negative consequences on health of Indians. Electric automobiles emit far less pollution than petrol or diesel vehicles. Electric vehicles can convert 60% of the electrical energy from the grid to power the wheels, but gasoline and diesel vehicles can only transmit between 17% and 21% of the energy contained in the fuel to the wheels. To reduce the environmental impact of charging electric vehicles, India aims to attain approximately 40% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.

Government Scheme

The Indian government has implemented several incentives to promote the adoption of electric vehicles in India. The government provides tax benefits to EV owners. For example, the EV owners do not have to pay road tax and registration fees. The government has also initiated plans to set up charging infrastructure across the country. Exemptions and incentives are being given to EV manufacturers, there is lower tax rate for EV components and manufacturers are exempted from certain duties on imported EV components.

Impact of COVID-19 on India Electric Vehicle Market

The electric vehicle industry witnessed a downward trend during the pandemic phase, affecting the demand for electric automobiles, two-wheelers and three-wheelers. The Society of Electric Vehicle Manufacturers (SMEV) stated that the total electric vehicle registrations fell 20% in FY2021 to 236,802 units, down from 295,683 in FY2020. The supply chain was disrupted by temporarily closed manufacturing facilities, and the industry’s growth was significantly hampered by the lack of raw materials.

India Electric Vehicle Market Assessment, Opportunities and Forecast, FY2016-FY2030F: Report Scope

"India Electric Vehicles Market Assessment, Opportunities and Forecast, FY2016-FY2030F,” is a comprehensive report by Market Xcel, providing in-depth analysis and qualitative and quantitative assessment of electric vehicles market in India, industry dynamics and challenges. The report includes market size, segmental shares, growth trends, COVID-19 impact, opportunities and forecast between FY2023 and FY2030. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute

Details

Base Year of Analysis

FY2023

Historical Period

FY2017-FY2022

Forecast Period

FY2024-FY2031

Market Size in FY2023

USD 3.68 Billion

Projected Growth Rate

CAGR of 25.07% between FY2024 and FY2031

Revenue Forecast in FY2031

USD 22.95 billion in FY2031

Units

Revenue in USD and Volume in Units

Segments Covered

By Usage Type

By Vehicle Type  

Regions Covered

North

South

East

West and Central

Key Companies Profiled

Tata Motor Limited, MG Motor India Private Limited, Hero Electric-Vehicles Private Limited, Okinawa Autotech Pvt. Ltd., Ampere Vehicle Private Limited, Ather Energy Private Limited,

Ola Electric Technologies Pvt. Ltd., Mahindra Electric Mobility Limited, Toyota Kirloskar Motor Private Limited

Customization Scope

15% free report customization with purchase.

Pricing and Purchase Options

Avail the customized purchase options to fulfil your precise research needs.

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/PDF format on special request).

Download Free Sample Report

 

In this report, India Electric Vehicle Market has been segmented into following categories:

1.       India Electric Vehicles Market, By Usage Type

1.1.    Passenger Vehicle

1.2.    Commercial Vehicle

2.        India Electric Vehicles Market, By Vehicle Type

2.1.    Two-wheeler

2.2.    Three-wheeler

2.3.    Passenger Car

2.4.    Buses

2.5.    Others

3.       India Electric Vehicles Market, By Region

3.1.    North

3.2.    South

3.3.    East

3.4.    West and Central

Key Player Landscape and Outlook

Wide range of companies involved in the development and manufacturing of electric vehicles have been included in the report. To stay ahead of the competition, players are making significant investments in R&D projects to launch new vehicles and increase production capabilities.

Tata Motors is the market leader in the electric passenger vehicle market, with the Nexon EV selling the most units in the country, followed by the MG ZS EV. MG Motor plans to raise funds to expand its Indian electric mobility company in the midst of increased Chinese investments.

Key Players Operating in India Electric Vehicle Market

·         Tata Motor Limited

·         MG Motor India Private Limited

·         Hero Electric-Vehicles Private Limited

·         Okinawa Autotech Pvt. Ltd.

·         Ampere Vehicle Private Limited

·         Ather Energy Private Limited 

·         Ola Electric Technologies Pvt. Ltd.

·         Mahindra Electric Mobility Limited

·         Toyota Kirloskar Motor Private Limited

If you can't find what you're searching for or have any custom requirements for India Electric Vehicle Market, you may approach our team at report@market-xcel.com

TOC for India Electric Vehicle Market

1.       Product Overview

2.       Research Methodology

3.       Impact of Covid-19 on India Electric Vehicle Market

4.       Executive Summary

5.       Voice of Customer

5.1.    Brand Awareness and Loyalty

5.2.    Factors Considered in Purchase Decision

5.3.    Medium of Purchase

5.4.    Frequency of Purchase

5.5.    Understanding of Channel Retail

5.6.    Recommendations and Suggestions

6.       India Electric Vehicle Market Outlook, FY2016-FY2030

6.1.    Market Size & Forecast  

6.1.1.By Value

6.1.2.By Volume

6.2.    Market Share & Forecast 

6.2.1. By Usage type

6.2.1.1.              Passenger Vehicle

6.2.1.2.              Commercial Vehicle

6.2.2. By Vehicle type

6.2.2.1.              Two-wheeler

6.2.2.2.              Three-wheeler

6.2.2.3.              Passenger Car

6.2.2.4.              Buses

6.2.2.5.              Others

6.2.3.By Region

6.2.3.1.              North

6.2.3.2.              South

6.2.3.3.              East

6.2.3.4.              West and Central

7.       Price Point Analysis  

8.       Macro-Business Environmental Scope

8.1.    PESTEL Analysis

8.1.1.Political Factors

8.1.2.Economic Factors

8.1.3.Social Factors

8.1.4.Environmental Factors

8.1.5.Legal Factors & Regulatory Policies

8.2.    Business Environment Analysis

8.2.1.Supplier Power

8.2.2.Buyer Power

8.2.3.Substitution Threat

8.2.4.Threat from New Entrant

8.2.5.Competitive Rivalry

9.        Market Dynamics

1.1.    Trends and Developments

1.2.    Growth Drivers

1.3.    Pertaining Challenges

2.       Case Studies (Best Practices Adopted by India Electric Vehicle Market Players, Up to Three)

10.   Key Players Landscape

10.1.                     Competition Matrix of Market Leaders

10.2.                     Market Revenue Analysis of Market Leaders (in %, 2022)

10.3.                     Emerging Players and Substitutes

10.4.                     SWOT Analysis (For Five Market Players)

11.   Key Players Outlook

11.1.                     Tata Motor Limited

11.1.1.    Company Details

11.1.2.    Key Management Personnel

11.1.3.    Products & Services

11.1.4.    Financials (As reported)

11.1.5.    Key Market Focus & Geographical Presence

11.1.6.    Recent Developments

11.2.                     MG Motor India Private Limited

11.3.                     Hero Electric-Vehicles Private Limited

11.4.                     Okinawa Autotech Pvt. Ltd.

11.5.                     Ampere Vehicle Private Limited

11.6.                     Ather Energy Private Limited 

11.7.                     Ola Electric Technologies Pvt. Ltd.

11.8.                     Mahindra Electric Mobility Limited

11.9.                     Toyota Kirloskar Motor Private Limited

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

12.   Strategic Recommendations

13.   About Us & Disclaimer

List of Figures

Figure 01: Region-wise Respondents (%)
Figure 02: Age Group
Figure 03: Respondent’s Income Group
Figure 04: Brand Awareness and Loyalty, E-2W
Figure 05: Primary Motivations for Choosing Electric Two-Wheeler
Figure 06: Potential Problems for Electric Two-wheeler
Figure 07: Brand Awareness and Loyalty, E-3W
Figure 08: Factor Considered While Buying E-3W
Figure 09: Brand Awareness and Loyalty, E-4W
Figure 10: Factors Considered in Purchase Decision
Figure 11: Barriers to Electric Vehicle Adoption
Figure 12: India Electric Vehicle Market, By Value, In USD Billion, FY2017-2031F
Figure 13: India Electric Vehicle Market, By Volume, In Units, FY2017-2031F
Figure 14: India Electric Vehicle Market Share, By Usage Type, By Volume Share, In %, FY2017-2031F
Figure 15: India Electric Vehicle Market Share, By Vehicle Type, By Volume Share, In %, FY2017-2031F
Figure 16: India Electric Vehicle Market Share, By Region, By Volume Share, In %, FY2017-2031F
Figure 17: Electric Two-wheeler Category, Company Market Share (%)
Figure 18: Electric Three-wheeler Category, Company Market Share (%)
Figure 19: Passenger Car Category, Company Market Share (%)
Figure 20: Electric Buses Category, Company Market Share (%)

List of Table_India Electric Vehicle Market

Table 1. Pricing Analysis of Products from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

Who are the key players operating in India Electric Vehicle Market?

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