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 grow at a significant CAGR during the forecast period, FY2023-FY2027. Continuous advancements in technology to upgrade the existing infrastructure and new inventions in automotive industry is fueling the demand for electric vehicle market. Government initiatives to push the improvement of electric charging infrastructure coupled with government approval for production linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) battery for an estimated budget of Rs.18,100 crore is expected to accelerate the growth of the market. To promote the Make in India initiative, the National Programme on Advanced Chemistry Cell is expected to attract high foreign and domestic investments. Increase in number of manufacturing hubs for electric vehicles and rising environmental concerns are aiding the growth in demand for electric vehicles. Burden of oil imports and rising prices of conventional sources of energy is aiding in changing the preference of consumers to adopt green energy fuels. High demand for automobiles due to rising population and depleting energy sources are creating lucrative opportunities for electric vehicles market growth. Owing to the production of battery by domestic manufacturers as well as import of batteries from global manufacturers, the demand for electric vehicles market is expected to witness positive growth. 

India electric vehicle market is segmented into vehicle, vehicle class, propulsion, EV sales, end user, regional distribution, and company. Based on vehicle class, the market is further bifurcated into mid-priced & luxury. Mid-priced segment is expected to witness fastest growth due to growing affordability of consumers. Also, presence of battery manufacturing companies is reducing the cost of batteries used in electric vehicles thereby lowering the cost to buy automobiles.

The major players operating in the India electric vehicle market are 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, and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.

Years considered for this report:

Historical Years: FY2017-FY2020

Base Year: FY2021

Estimated Year: FY2022

Forecast Period: FY2023-FY2027

Objective of the Study:

• To analyze the historical growth in the market size of India electric vehicle market from FY2017 to FY2020.
• To estimate and forecast the market size of India electric vehicle market from FY2021 to FY2027 and growth rate until FY2027.
• To classify and forecast India electric vehicle market based on vehicle, vehicle class, propulsion, EV sales, end user, regional distribution, and company.
• To identify dominant region or segment in the India electric vehicle market.
• To identify drivers and challenges for India electric vehicle market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India electric vehicle market.
• To identify and analyze the profile of leading players operating in India electric vehicle market.
• To identify key sustainable strategies adopted by market players in India electric vehicle market.

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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.

TechSci Research calculated the market size of India electric vehicle market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

• Electric vehicle manufacturing companies
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums and alliances related to electric vehicle market

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India electric vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         India Electric Vehicle Market, By Vehicle:

• Passenger Cars
• Commercial Vehicles
• Two- and Three-wheelers
• India Electric Vehicle Market, By Vehicle Class:
• Mid-priced
• Luxury
• India Electric Vehicle Market, By Propulsion:
• BEV
• PHEV
• FCEV
• India Electric Vehicle Market, By EV Sales:
• OEMs
• Models
• India Electric Vehicle Market, By End User:
• Shared Mobility Providers
• Government Organizations
• Personal Users
• Others
• India Electric Vehicle Market, By Region:
• North
• South
• East
• West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India electric 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).

India electric vehicle market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]