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, PH

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Price	from $3,500
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Published Date	February, 2023
SKU	TCSI17743292

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

India electric vehicle market is expected to grow from USD 5,153.79 million in 2022 to USD14,910.33 million in 2028, registering a CAGR of 19.81% in the forecast period. India is heading towards rapid adoption of green energy through various government initiatives, and subsidies, which in turn escalates sales of electric vehicles across the country and drives the India electric vehicle market in the upcoming years.

With rising pollution levels and the cost of fossil fuels, many countries are adopting green energy, and India is no exception. Electric vehicles are divided into four segments based on propulsion: BEV, HEV, PHEV, and FCEV. BEV, which is fully dependent on the battery, is gaining more popularity due to its zero emission capability. HEVs are powered by an internal combustion engine with one or more electric motors that use energy stored in batteries that cannot be charged separately. In PHEV, electric vehicles can use battery-powered motors and IC engines independently to run the vehicle. FCEVs, which are more efficient and produce no emissions than conventional IC engines, are powered by hydrogen. The demand for electric vehicles is increasing rapidly, owing to the increasing shift towards advanced technology and multiple government initiatives in India. Many companies have introduced their advanced technology and innovative product range keeping the cost of the vehicle budget-friendly.

Rising Popularity of Electric Vehicles in the Face of Climate Change

The government is prioritizing the shift towards clean mobility and faster adoption and manufacturing of electric vehicles under the FAME II scheme in India, making them more affordable. The two-wheeler segment holds the dominance in the India electric vehicle market as many youngsters opt for electric two-wheelers for their daily needs and city ride. Also, COVID- 19 has helped the popularity of electric vehicles among customers at a gradual pace. Many new players are emerging with their wide range of products which helps in market competitiveness. Under the Paris Climate Agreement, the Indian government endorses renewable and non-polluting forms of producing electricity.

Advancement in Technology

Rapid technological improvements in the areas of battery capacity enhancement, increasing affordability, more comfort, more battery range, less charging time, less maintenance, and a contribution to pollution management are all factors contributing to the India electric vehicle market growth. Lithium-ion batteries are fast gaining popularity because they offer more benefits over lead-acid batteries in terms of energy density, thereby offering greater range and faster charging time.

Reducing Oil Imports and Sustainable Energy Production

Due to rising oil prices and urban pollution, a move towards the adoption of green energy can be seen in India. According to a FICCI and Rocky Mountain Institute report titled 'Enabling India's Transition to Electric Mobility,' the country's shift toward electric mobility in the passenger vehicle sector could save up to USD300 billion on oil imports and nearly one gigaton of CO2 emissions by 2030. The government is promoting green energy and is focusing on cost-effective transportation.

Market Segmentation

The India electric vehicle market is segmented based on vehicle type, propulsion, range, charging time, region, top 10 states, and company. On the basis of vehicle type the market is segmented into passenger cars, LCV, M&HCV, two-wheelers, and three-wheeler. Furthermore, by passenger car the market is segmented into SUV/MPV, sedan, hatchback, by LCV into van and pickup truck, by M&HCV into buses and truck, by two-wheeler into scooter/moped and motorcycle, by three-wheeler into passenger carrier and load carrier. Based on the propulsion, it is further segmented into BEV, HEV, PHEV, and FCEV. Based on the battery capacity (for passenger car, LCV, M&HCV) into <20 KWh, 20-50 KWh, above 50 KWh. Based on battery capacity (for two-wheeler, three-wheeler) into <5 KWh, 5-10 KWh, above 10 KWh. Based on range per charge into 0-100 Km,101-200 Km, above 200 Km. Based on charging time into <5 hrs, 5-10 hrs, above 10 hrs.

Company Profiles

Some of the major players which are leading in India electric vehicle market are 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 Internationall Pvt. Ltd., Greaves Electric Mobility Private Limited, YC Electric Vehicle Private Limited, Saera Electric Auto Pvt. Ltd. Many new players are emerging with their technology and increasing competition in market. These players are investing in research and development, innovations to provide wide range of products. Tata Motors Limited with its strong presence dominates in passenger car segment. In LCV, Mahindra & Mahindra Limited has largest share. The M&HCV segment was led by PMI Electro Mobility Solutions Private Limited and followed by Tata Motors Limited. With large distribution network coupled with brand awareness Hero Electric Vehicles Pvt. Ltd. captures around 1/3rd market of electric two wheelers. In three-wheelers, YC Electric Vehicle comes on top followed by Saera Electric Auto Pvt. Ltd.

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 Type:
Two-Wheelers
Scooter/Moped
Motorcycle
Three-Wheeler
Passenger Carrier
Load Carrier
Passenger Car
Hatchback
Sedan
SUV/MPV
M&HCV
Truck
Buses
LCV
Pickup Truck
Van
India Electric Vehicle Market, By Propulsion:
BEV
HEV
PHEV
FCEV
India Electric Vehicle Market, By Range:
0-100 Km
101-200 Km
Above 200 Km
India Electric Vehicle Market, By Charging Time:
<5 Hr
5-10 Hr
Above 10 Hr
India Electric Vehicle Market, By Region:
North
South
West
East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India electric vehicle market

Company Information

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

Please Note: Report will be updated with the latest data and delivered to you within 3-5 working days of order. Single User license will be delivered in PDF format without printing rights

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 Vehicle Market
5. Voice of Customer: 5.1. Factors Influencing Purchase Decision; 5.2. Aided and Unaided Brand Recall; 5.3. Brand Satisfaction Level; 5.4. Challenges and Unmet Needs
6. India Electric Vehicle Market Outlook: 6.1. Market Size & Forecast; 6.1.1. By Value; 6.1.2. By Volume; 6.2. Market Share & Forecast; 6.2.1. By Vehicle Type (Passenger Car, LCV, M&HCV, Two- Wheeler, Three-Wheeler); 6.2.2. By Propulsion (BEV, HEV, PHEV, FCEV); 6.2.3. By Range (0-100 Km, 101-200 km, Above 200 Km); 6.2.4. By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr); 6.2.5. By Region (North, South, East, West); 6.2.6. By Top 10 States (2022); 6.3. India Electric Vehicle Market Mapping & Opportunity; 6.3.1. Market Mapping & Opportunity by Vehicle Type; 6.3.2. Market Mapping & Opportunity by Propulsion; 6.3.3. Market Mapping & Opportunity by Range; 6.3.4. Market Mapping & Opportunity by Charging Time; 6.3.5. Market Mapping & Opportunity by Region
7. India Electric Two-Wheeler Market Outlook: 7.1. Market Size & Forecast; 7.1.1. By Value; 7.1.2. By Volume; 7.2. Market Share & Forecast; 7.2.1. By Vehicle Type (Scooter/Moped, Motorcycle); 7.2.2. By Propulsion (BEV, HEV, PHEV, FCEV); 7.2.3. By Battery Capacity (<5 KWh, 5-10 KWh, Above 10 KWh); 7.2.4. By Range (0-100 Km, 101-200 km, Above 200 Km); 7.2.5. By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr); 7.2.6. By Company (2022); 7.3. Product Benchmarking
8. India Electric Three-Wheeler Market Outlook: 8.1. Market Size & Forecast; 8.1.1. By Value; 8.1.2. By Volume; 8.2. Market Share & Forecast; 8.2.1. By Vehicle Type (Passenger Carrier, Load Carrier); 8.2.2. By Propulsion (BEV, HEV, PHEV, FCEV); 8.2.3. By Battery Capacity (<5 KWh, 5-10 KWh, Above 10 KWh); 8.2.4. By Range (0-100 Km, 101-200 km, Above 200 Km); 8.2.5. By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr); 8.2.6. By Company (2022); 8.3. Product Benchmarking
9. India Electric Passenger Car Market Outlook: 9.1. Market Size & Forecast; 9.1.1. By Value; 9.1.2. By Volume; 9.2. Market Share & Forecast; 9.2.1. By Vehicle Type (SUV/MPV, Sedan, Hatchback); 9.2.2. By Propulsion (BEV, HEV, PHEV, FCEV); 9.2.3. By Battery Capacity (<20 KWh, 20-50 KWh, Above 50 KWh); 9.2.4. By Range (0-100 Km, 101-200 km, Above 200 Km); 9.2.5. By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr); 9.2.6. By Company (2022); 9.3. Product Benchmarking
10. India Electric M&HCV Market Outlook: 10.1. Market Size & Forecast; 10.1.1. By Value; 10.1.2. By Volume; 10.2. Market Share & Forecast; 10.2.1. By Vehicle Type (Buses and truck); 10.2.2. By Propulsion (BEV, HEV, PHEV, FCEV); 10.2.3. By Battery Capacity (<20 KWh, 20-50 KWh, Above 50 KWh); 10.2.4. By Range (0-100 Km, 101-200 km, Above 200 Km); 10.2.5. By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr); 10.2.6. By Company (2022); 10.3. Product Benchmarking
11. India Electric LCV Market Outlook: 11.1. Market Size & Forecast; 11.1.1. By Value; 11.1.2. By Volume; 11.2. Market Share & Forecast; 11.2.1. By Vehicle Type (Van, Pickup Truck); 11.2.2. By Propulsion (BEV, HEV, PHEV, FCEV); 11.2.3. By Battery Capacity (<20 KWh, 20-50 KWh, Above 50 KWh); 11.2.4. By Range (0-100 Km, 101-200 km, Above 200 Km); 11.2.5. By Charging Time (<5 Hr, 5-10 Hr, Above 10 Hr); 11.2.6. By Company (2022); 11.3. Product Benchmarking
12. Market Dynamics: 12.1. Drivers; 12.1.1. Rising Popularity of Electric Vehicles in the Face of Climate Change; 12.1.2. Advancement in Technology; 12.1.3. Government Initiatives and Subsidies; 12.2. Challenges; 12.2.1. High Cost of Electric Vehicles; 12.2.2. Underdeveloped Vehicle Charging Infrastructure
13. Market Trends and Developments: 13.1. Increasing Sales of Electric Two-wheelers; 13.2. Rapidly Growing Distributor and Dealership Network; 13.3. Rising Environmental Concern and Zero Emission Targets
14. Policy & Regulatory Landscape
15. Cost Benefit Analysis of Electric Vehicle Over ICE Vehicle
16. Supply Chain Analysis
17. India Economic Profile
18. Competitive Landscape: 18.1. Tata Motors Limited; 18.1.1. Company Details; 18.1.2. Products & Services; 18.1.3. Financial (As Reported); 18.1.4. Key Market Focus & Geographical Presence; 18.1.5. Recent Development; 18.1.6. Key Management Personnel; 18.2. MG Motor India Private Limited; 18.2.1. Company Details; 18.2.2. Products & Services; 18.2.3. Financial (As Reported); 18.2.4. Key Market Focus & Geographical Presence; 18.2.5. Recent Development; 18.2.6. Key Management Personnel; 18.3. Mahindra & Mahindra Limited; 18.3.1. Company Details; 18.3.2. Products & Services; 18.3.3. Financial (As Reported); 18.3.4. Key Market Focus & Geographical Presence; 18.3.5. Recent Development; 18.3.6. Key Management Personnel; 18.4. PMI Electro Mobility Solutions Private Limited; 18.4.1. Company Details; 18.4.2. Products & Services; 18.4.3. Financial (As Reported); 18.4.4. Key Market Focus & Geographical Presence; 18.4.5. Recent Development; 18.4.6. Key Management Personnel; 18.5. JBM Auto Ltd.; 18.5.1. Company Details; 18.5.2. Products & Services; 18.5.3. Financial (As Reported); 18.5.4. Key Market Focus & Geographical Presence; 18.5.5. Recent Development; 18.5.6. Key Management Personnel; 18.6. Hero Electric Vehicles Pvt. Ltd.; 18.6.1. Company Details; 18.6.2. Products & Services; 18.6.3. Financial (As Reported); 18.6.4. Key Market Focus & Geographical Presence; 18.6.5. Recent Development; 18.6.6. Key Management Personnel; 18.7. Okinawa Autotech Pvt. Ltd.; 18.7.1. Company Details; 18.7.2. Products & Services; 18.7.3. Financial (As Reported); 18.7.4. Key Market Focus & Geographical Presence; 18.7.5. Recent Development; 18.7.6. Key Management Personnel; 18.8. Greaves Electric Mobility Private Limited; 18.8.1. Company Details; 18.8.2. Products & Services; 18.8.3. Financial (As Reported); 18.8.4. Key Market Focus & Geographical Presence; 18.8.5. Recent Development; 18.8.6. Key Management Personnel; 18.9. YC Electric Vehicle; 18.9.1. Company Details; 18.9.2. Products & Services; 18.9.3. Financial (As Reported); 18.9.4. Key Market Focus & Geographical Presence; 18.9.5. Recent Development; 18.9.6. Key Management Personnel; 18.10. Saera Electric Auto Pvt. Ltd.; 18.10.1. Company Details; 18.10.2. Products & Services; 18.10.3. Financial (As Reported); 18.10.4. Key Market Focus & Geographical Presence; 18.10.5. Recent Development; 18.10.6. Key Management Personnel
19. Strategic Recommendations: 19.1. Target Regions & Countries; 19.2. Target Type; 19.3. Target Category
20. About Us & Disclaimer

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