India Electric Vehicle (EV) Market Size and Competitive Landscape

India Electric Vehicle (EV) Market Size and Competitive Landscape

Executive Summary

India Electric Vehicle Market has been gaining momentum in recent years, driven by several factors such as government initiatives, environmental concerns, rising fuel prices, and technological advancements. With rising environmental concerns and a desire to compete with other countries, the Indian government has been actively promoting the adoption of electric vehicles through various initiatives. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme provides financial incentives and subsidies for electric vehicle buyers and manufacturers. Additionally, the government has set a target to achieve 30% electric vehicle penetration in new vehicle sales by 2030. The India Electric Vehicle Market is poised for significant growth with the government's proactive measures and the increasing awareness of the benefits of electric vehicles.

According to Makreo’s research, the electric vehicle industry is at a nascent stage in India. It is less than 1% of the total vehicle sales, but has the potential to grow to more than 5% in a few years. Furthermore, the industry volumes have been fluctuating, mostly depending on the incentives offered by the government. Many serious players (Hero Eco, Ather, Electrotherm, Avon, Lohia, Ampere, etc.) are continuing with the mission and trying to enforce the positive change under the banner of SMEV.

Increasing Technological Advancements in the Nation: The electric vehicle market in India is witnessing rapid technological advancements. Battery technology is improving, leading to increased driving ranges and faster charging times. Additionally, advancements in connected vehicle technology and artificial intelligence are enhancing the overall driving experience and convenience of electric vehicles.

Performance of Segmentation

By Type: Indian electric vehicle market by type of vehicle is divided into three-wheelers, two-wheelers, LPVs, PV (LMV), HGV’s, LGV’s, Buses and Others. The majority of the market is dominated by three-wheelers, which accounts for more than half of the market share followed by two-wheelers, PV (LMV), etc. Due to advantageous operating economics and the government's emphasis on greener modes of transportation, electric three-wheelers are projected to gain popularity.

By Technology Type: India Electric Vehicle Market by Type of Technology is divided into Battery Electric Vehicle, Plug-in Hybrid Vehicle, Hybrid Electric Vehicle and Fuel Cell Electric Vehicle. The majority of the market is dominated by Hybrid Electric Vehicle and Battery Electric Vehicle. While Fuel Cell Electric Vehicle and Plug-in Hybrid Vehicle holds very least market share. Since battery performance and durability have improved and prices have decreased, electric vehicles have become considerably more appealing.

By State: India Electric Vehicle Market by State is divided into Maharashtra, Uttar Pradesh, Tamil Nadu, Rajasthan, Karnataka, Delhi, Gujarat, and Others. Among all the regions Uttar Pradesh is showing significant growth in EV’s adoption and holds the major market share, there are currently more than 2 lakh registered electric vehicles in Uttar Pradesh. This number has been steadily increasing over the past few years, and is expected to continue to climb as more and more people become aware of the benefits of electric vehicles.

Future Outlook of India EV Market

Despite the positive developments, there are some challenges that need to be addressed for the electric vehicle market to reach its full potential in India. These include high initial costs compared to conventional vehicles, limited charging infrastructure in rural areas, range anxiety among consumers, and the need for skilled technicians for maintenance and repairs.

However, with ongoing government support, increasing consumer awareness, and the commitment of automotive manufacturers, the electric vehicle market in India is expected to grow significantly in the coming years. It has the potential to transform India's transportation sector and contribute to a more sustainable and cleaner future.

Scope of the Study

Makreo research has published study on Electric Vehicle Market titled, “India Electric Vehicle (EV) Market Size and Competitive Landscape - Segmentation by Vehicle Type, OEM, and Geography”. Market assessment has been carried out using qualitative and quantitative methods and have combined the impact of macroeconomic and micro economic scenario. The market has witnessed many shifts in recent past years. Future outlook has not assessed owing to various influencing factors into consideration but we have assessed the expected opportunities in the market.

Segmentation Covered:

By Type of Vehicle:

Three wheeler

Two wheeler

Four wheeler

Electric Buses

By Technology Type

Battery Electric Vehicle

Plug-in Hybrid Vehicle

Hybrid Electric Vehicle

Fuel Cell Electric Vehicle.

By States

Maharashtra

Uttar Pradesh

Tamil Nadu

Rajasthan

Karnataka

Delhi

Gujarat

Others

Key Questions Answered

How has the Indian economy performed in the past, and what are the prospects for future growth?

How has India's electric vehicle sector done in the past, and what is the current situation?

What is the India electric vehicle market's production and consumption scenario?

What are the major issues confronting the industry?

How is the demand for India's electric vehicle providers shaping up?

Which technology is dominant in the India electric vehicle market?

Which states have the largest market share in the India electric vehicle market?

What is the segmentation of the India Electric Vehicle Market by type of electric vehicle?

What is the investment plan?

What are the most prominent industry start-ups?