India Electric Commercial Vehicle Market by Vehicle type (Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Buses) By Propulsion Type (Battery Electric Vehicle (BEV), Plug in Hybrid Vehicle (PHEV)), Fuel Cell Electric Vehicle (FCEV)), By Battery Capacity (<50kwh, 50-150 kwh,>150kwh), By End User (Logistics, Last mile Delivery), By Region Competition Forecast & Opportunities, 2019- 2029F

  • Industry : Automotive
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Summary

Report Description

India Electric Commercial Vehicle market is anticipated to grow with a robust CAGR in the upcoming years. Electric commercial vehicles, such as buses, trucks, and vans, run on electricity rather than diesel or petrol. These vehicles are propelled by an onboard battery that is charged by an electricity grid. Electric commercial vehicles are becoming increasingly popular due to their low carbon footprint, low maintenance costs, smoother driving experience, and reduced engine noise. During the forecast period, government regulations, financial incentives for EVs, and rapid development of infrastructure to support electric vehicles are likely to drive the market revenue.

 Low Operational and Maintenance Cost.

An electric vehicle has substantially lower operating costs than a comparable fuel or diesel vehicle. Electric vehicles charge their batteries with electricity rather than utilizing fossil fuels such as petrol or diesel. Electric vehicles are more efficient, and when combined with the cost of power, charging an electric vehicle is less expensive than filling up with gas or diesel for your travel needs. The usage of renewable energy sources can make the use of electric vehicles more environmentally beneficial. Because electric vehicles have fewer moving parts than internal combustion vehicles, they require less maintenance. Electric automobiles require less maintenance than conventional petrol or diesel vehicles. As a result, the annual cost of operating an electric commercial vehicle is much lower.

Government Initiatives and Policies.

The government has issued various initiatives and policies for the promotion of electric commercial vehicles and to contribute towards the sustainability goal. The government has issued Faster Acceptance & Manufacturing of (Hybrid &) Electric Vehicles (FAME) in India for boosting growth and early acceptance of hybrid and electric vehicles in the country. The government implemented the Production Linked Incentive for Advanced Chemistry Cell Battery Storage (PLI-ACC) initiative. The plan is designed to strengthen India's battery infrastructure. The government has also implemented a state-wide reduction in road tax as well as additional incentives for those who own an electric vehicle. Due to these government initiatives, the demand of the India electric commercial vehicle is increasing at a rapid rate.

The Ministry of Heavy Industries has announced a Phased Manufacturing Programme (PMP) to encourage indigenous production of electric vehicles, their assemblies/sub-assemblies, and parts/sub-parts/inputs of the sub-assemblies. The PMP is called for a progressive duty system to encourage domestic production over time. To address the issue of local manufacturing of advanced lithium-ion battery cells, government is working on a proposal to create new Giga factories in India, with manufacturers receiving cash subsidies through a performance-linked incentive scheme. The main goal is to create a local supply chain with a value addition of 60%-80% in the country.

Demand for Fuel-Efficient, High-Performance, and Low-Emission Buses is Increasing.

Electric buses are being largely employed because they do not require petrol and are more cost effective than regular buses. Electric buses convert more than half of the grid's electrical energy into electricity at their wheels. Because of the growing petrol and diesel oil prices, there has been an upsurge in demand for fuel-efficient buses in recent years. This is due to the depletion of fossil fuel reserves and the growing proclivity of corporations to maximize profit from these oil reserves. Nunam Technologies teamed with the Brihanmumbai Electric Supply and Transport (BEST) Undertaking in Mumbai in June 2022 to build a battery management system for its fleet of e-buses as part of WRI India's Better e-bus challenge.

Increased Adoption in Logistics

India is a booming market that is seeing a transformation in the automobile sector, with new electric commercial vehicles entering the market, resulting in a smooth supply chain across various market spaces. There are many companies in India that have converted their complete fleet of vehicles to electric vehicles. In terms of logistics, adoption of electric vehicle is rising, as is the government's response and support for the companies.

Inadequate EV infrastructure limits Electric Commercial Vehicle adoption.

The low charging density caused by insufficient EV charging infrastructure is a limiting factor in the expansion of the Electric Commercial Vehicle market. In terms of charging infrastructure, the lack of an economically viable business model is the biggest impediment for private players, as the capex requirement is quite costly and charger utilization is relatively low. Secondly, the industry needs clarification on the standards necessary for battery charging stations. Another major problem is industry readiness, as many firms today do not want to invest in EV technology because they have already invested extensively in developing infrastructure for BS VI vehicles. Because of the economic slump and the COVID-19 situation, many OEMs want to produce and sell BS-VI vehicles solely to stimulate demand. Furthermore, electric commercial vehicle manufacturers are concerned about the high production costs of electric commercial vehicles and associated components such as monitoring systems and batteries. The cost of building an EV charging network is also high. Furthermore, these vehicles require fast charging, which requires additional setup and equipment that is only available at EV charging stations. Additionally, charging large commercial EVs such as buses and trucks takes longer than refueling them. A diesel-powered truck, for example, may be refueled at any service station, whereas drivers of an e-truck must first locate and visit the appropriate charging station.


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Recent Developments

Mahindra will investigate partnership opportunities for electric vehicle parts. They signed an agreement with Volkswagen to examine the possibilities of employing Volkswagen motors, battery system components, and cells in their electric vehicles.

Tata Motors, India's largest commercial vehicle manufacturer, said in August 2022 that the Bangalore Metropolitan Transport Corporation has placed an order for 921 electric buses. Tata Motors will provide, operate, and maintain 12-meter electric buses for a period of 12 years, according to the contract.

In FY 2022 Daimler India break records as commercial vehicle sales go up. The company intends to expand its dealer network, introduce new models, and study alternative fuel sources.

In May 2022, PMI Electro Mobility announced that it will establish a commercial EV manufacturing unit in Maharashtra. The PMI already has a manufacturing facility in the Delhi national capital region that can create approximately 1,500 electric buses every year.

In Jan 2023, Convergence Energy Services Ltd (CESL), a fully owned subsidiary of Energy Efficiency Services Ltd (EESL), issued the second tender for 4,675 electric buses under the National Electric Bus Programme in January 2023. This is the third electric bus tender, following the Grand Challenge tender for 5,450 electric buses and a recently completed tender for 6465 electric buses.

Omega Seiki Mobility Pvt. announced in January 2023 that it would invest 8 billion rupees (USD 981 million) in two sites in India to manufacture electric vehicle components such as batteries and powertrains.

Tata Power said in January 2023 that it would deploy 25,000 EV charge sites across the country to aid in the faster adoption of electric mobility over the next five years.

Market Segmentation

The India Electric Commercial Market is segmented by vehicle type, by propulsion type, by battery capacity, by end use and by region. Based on Vehicle type, the market is segmented into Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV) and Buses. Based on propulsion type, the market is segmented into Battery Electric Vehicle (BEV), Plug in Hybrid Vehicle (PHEV)and Fuel Cell Electric Vehicle. Based on Battery Capacity, the market is divided into <50kwh, 50-150 kwh, and >150kwh. Based on End User, the market is divided into Logistics and Last Mile Delivery.

Company Profiles

Tata Motors Limited, PMI Electro Mobility, Olectra GreenTech, JBM Motor Limited, Ashok Leyland Ltd, Infraprime Logistics Technologies Pvt Ltd, Mahindra & Mahindra Limited, Eicher Motors Limited, and Omega Seiki Mobility Limited are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.

Attribute

Details

Base Year

2023

Historical Years

2019 – 2022

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Revenue in USD Billion, Volume in Units, and CAGR for 2019-2023 and 2024-2029

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Vehicle Type

By Propulsion type

By Battery Capacity

By End User

Regional Scope

North, South, West and East.

Country Scope

India

Key Companies Profiled

Tata Motors Limited, PMI Electro Mobility, Olectra GreenTech, JBM Motor Limited, Ashok Leyland Ltd, Infraprime Logistics Technologies Pvt Ltd, Mahindra & Mahindra Limited Eicher Motors Limited and Omega Seiki Mobility limited.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

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

 

Report Scope:

In this report, India Electric Commercial Vehicle Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

            ·     India Electric Commercial Vehicle Market, By Vehicle Type:

o   Light Commercial Vehicle (LCV)

o   Heavy Commercial Vehicle (HCV)

o   Buses

            ·     India Electric Commercial Vehicle Market, By Propulsion Type:

    • Battery Electric Vehicle (BEV)
    • Plug in Hybrid Vehicle (PHEV)
    • Fuel Cell Electric Vehicle (FCEV)
  • India Electric Commercial Vehicle Market, By Battery Capacity:
    • <50kwh
    • 50-150 kwh
    • >150kwh
  • India Electric Commercial Vehicle Market, By End User:
    • Logistics
    • Last Mile Delivery
  • India Electric Commercial Vehicle Market, By Region:
      • North
      • West
      • East
      • South

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India Electric Commercial Vehicle Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on India Electric Commercial Market

4.1.  Key Segments Impacted

4.2.  Key Regions Impacted

5.    Voice of Customer Analysis

5.1.  Factors Influencing Purchase Decision

5.2.  Brand Awareness

5.3.  Challenges/Issues Faced Post Purchase

6.    India Electric Commercial Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Volume

6.1.2.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type Market Share Analysis (Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV), Buses)

6.2.2.     By Propulsion Type Market Share Analysis (Battery Electric Vehicle (BEV), Plug in Hybrid Vehicle (PHEV))

6.2.3.     By Battery Capacity Market Share Analysis (<50kwh, 50-150 kwh,>150kwh)

6.2.4.     By End User Market Share Analysis (Logistics, Last mile Delivery)

6.2.5.     By Regional Market Share Analysis

6.2.5.1.         North Market Share Analysis

6.2.5.2.         South Market Share Analysis

6.2.5.3.         West Market Share Analysis

6.2.5.4.         East Market Share Analysis

6.2.6.     By Company Market Share Analysis (By Value, 2023)

6.3.  India Electric Commercial Market Mapping & Opportunity Assessment

6.3.1.     By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.     By Propulsion Type Market Mapping & Opportunity Assessment

6.3.3.     By Battery Capacity Market Mapping & Opportunity Assessment

6.3.4.     By End User Market Mapping & Opportunity Assessment

6.3.5.     By Regional Market Mapping & Opportunity Assessment

7.    India Light Commercial Electric Vehicle Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Volume

7.1.2.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Propulsion Type Market Share Analysis

7.2.2.     By Battery Capacity Market Share Analysis

7.2.3.     By End User Market Share Analysis

8.    India Heavy Commercial Electric Vehicle Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Volume

8.1.2.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Propulsion Type Market Share Analysis

8.2.2.     By Battery Capacity Market Share Analysis

8.2.3.     By End User Market Share Analysis

9.    India Electric Bus Vehicle Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Volume

9.1.2.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Propulsion Type Market Share Analysis

9.2.2.     By Battery Capacity Market Share Analysis

9.2.3.     By End User Market Share Analysis

10.  Market Dynamics

10.1.              Market Drivers

10.2.              Market Challenges

11.  Market Trends and Developments

12.  SWOT Analysis

12.1.              Strength

12.2.              Weakness

12.3.              Opportunities

12.4.              Threats

13.  PESTEL Analysis

13.1.              Political

13.2.              Economical

13.3.              Social

13.4.              Technological

13.5.              Environmental

13.6.              Legal

14.  Policy & Regulatory Landscape

15.  India Economic Profile

16.  Competitive Landscape

16.1.              Company Profiles (Up To 10 Leading Companies)

16.1.1.  Tata Motors Limited

16.1.1.1.      Company Details

16.1.1.2.      Products & Services

16.1.1.3.      Recent Development

16.1.1.4.      Key Management Personnel

16.1.2.  PMI Electro Mobility

16.1.2.1.      Company Details

16.1.2.2.      Products & Services

16.1.2.3.      Recent Development

16.1.2.4.      Key Management Personnel

16.1.3.  Olectra GreenTech

16.1.3.1.      Company Details

16.1.3.2.      Products & Services

16.1.3.3.      Recent Development

16.1.3.4.      Key Management Personnel

16.1.4.  JBM Motor Limited

16.1.4.1.      Company Details

16.1.4.2.      Products & Services

16.1.4.3.      Recent Development

16.1.4.4.      Key Management Personnel

16.1.5.  Ashok Leyland Ltd

16.1.5.1.      Company Details

16.1.5.2.      Products & Services

16.1.5.3.      Recent Development

16.1.5.4.      Key Management Personnel

16.1.6.  Mahindra & Mahindra Limited

16.1.6.1.      Company Details

16.1.6.2.      Products & Services

16.1.6.3.      Recent Development

16.1.6.4.      Key Management Personnel

16.1.7.  Eicher Motors Limited

16.1.7.1.      Company Details

16.1.7.2.      Products & Services

16.1.7.3.      Recent Development

16.1.7.4.      Key Management Personnel

16.1.8.  Infraprime Logistics Technologies Pvt Ltd

16.1.8.1.      Company Details

16.1.8.2.      Products & Services

16.1.8.3.      Recent Development

16.1.8.4.      Key Management Personnel

16.1.9.  Omega Seiki Mobility Limited

16.1.9.1.      Company Details

16.1.9.2.      Products & Services

16.1.9.3.      Recent Development

16.1.9.4.      Key Management Personnel

17.  Strategic Recommendations

17.1.              Key Focus Areas

17.2.              Target Regions

17.3.              Target Vehicle Type

18. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Government initiatives and policies, reducing carbon emission, low operational cost, and growing demand in e-commerce for logistics, are driving the growth of the India Electric Commercial Vehicle Market.

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The different types of electric vehicle in propulsion type are BEV, PHEV and FCEV. "BEV" is also used to refer to all-electric vehicles (AEV). Batteries power the whole electric drivetrain in electric vehicles that use BEV technology. The vehicle's power source is a sizable battery pack that can be charged by hooking into the power grid. PHEVs are also referred to as series hybrids. They have an engine as well as a motor. You can pick between conventional fuel (such as petrol) and alternative fuel (such as biodiesel). It is also capable of being powered by a rechargeable battery pack. FCEVs are also known as zero-emission vehicles. They use ‘fuel cell technology' to generate the electricity needed to power the car. The chemical energy of the fuel is transformed directly into electric energy.

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The major players contributing in the India Electric Commercial Market are Tata Motors Limited, PMI Electro Mobility, Olectra GreenTech, JBM Motor Limited, Ashok Leyland Ltd, Infraprime Logistics Technologies Pvt Ltd, Mahindra & Mahindra Limited, Eicher Motors Limited and Omega Seiki Mobility.

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Lack of charging infrastructure and safety & range concerns are restraining the growth of India Electric Commercial Vehicle Market.

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Srishti Verma

Business Consultant
Press Release

India Electric Commercial Vehicle Market is Growing Due to E-commerce and Logistics Industry

Jun, 2023

Rising focus on reduction in carbon emission, government initiatives and policies, and low operational and maintenance costs are driving the growth of India Electric Commercial Vehicle market.

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