India Electric Vehicle Market Size [2023-2029] Worth USD 113.99 Billion | Exhibiting a CAGR of 66.52%
India Electric Vehicle Market to Stoke Exponentially; Tesla to Make a Significant Investment in India Electric Vehicle Industry in Coming Years.
India Electric Vehicle Market Size & Share Analysis
Pune, India, June 21, 2023 (GLOBE NEWSWIRE) — The global India Electric Vehicle market size was valued at USD 1.45 billion in the year 2021 and is forecast to grow from USD 3.21 billion in 2022 to USD 113.99 billion by the end of the year 2029, and the market is estimated to exhibit a Compound Annual Growth Rate (CAGR) of 66.52% during the forecast period 2022-2029. The rising deployment of charging stations and increasing popularity of low emission vehicles is expected to propel the market development. The market is growing incredibly well due to the adoption of electric micro-mobility vehicles worldwide. Fortune Business Insights™ stated this in a report titled, “India electric vehicle Market, 2022-2029.”
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Electric vehicles are a low emission alternative to fuel vehicles. The rising pollution levels are expected to increase the adoption of vehicles. Increasing deployment of charging stations across the country is expected to propel the industry’s progress. Further, the robust demand for low emission vehicles is expected to propel the adoption of the vehicles. In addition, the rising government investments in the development of low emission alternatives to fuel vehicles are expected to enhance the India electric vehicle market share during the upcoming years.
COVID-19 Impact-
Temporary Halt in Manufacturing Activities Impede Market Growth
A considerable impact of the COVID-19 pandemic has been observed on India electric vehicle market. Certain factors, such as a temporary halt in manufacturing activities, and shortages of essential materials during the outbreak, have negatively affected India electric vehicle market growth. Meanwhile, a steady recovery at the state level during the pandemic has been observed by supporting Indian government initiatives, and hefty subsidies and incentives have augmented the product demand.
Market Drivers and Restraints:
Rising Government Investments and Initiatives to Foster Market Development
Increasing government investments and initiatives for the development of low emission vehicles is expected to boost the adoption of the product from audiences. The increasing levels of pollution and carbon emissions associated with the adoption of fuel-powered vehicles are expected to boost the adoption of battery-powered electric vehicles. Moreover, the rapidly increasing fuel prices are expected to enhance the adoption of alternatives, thereby enhancing electric vehicle demand. These factors may drive the India electric vehicle market growth.
However, lack of electric vehicle standardization and undeveloped charging infrastructure may hinder the market’s progress.
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Market Segmentation Analysis:
By type, the market is segmented into BEV, PHEV, and HEV. As per vehicle type, it is bifurcated into passenger cars and commercial vehicles. Based on vehicle category, it is classified into electric four wheelers (E4W) and electric two wheelers (E2W).
On the basis of platform market is classified into four-wheelers, three-wheeler, and two-wheeler. The four-vehicle market is estimated to gain a significant hold on the India electric vehicle market share during the estimated period. The rapid adoption of four-vehicle across the region is expected to fuel the industry’s growth due to its economic cost compared to internal combustion engine.
By vehicle type market is divided into commercial vehicles and passenger cars. The passenger cars will dominate due to the comfort, luxury, and availability of varied options they provide with clean emissions.
Based on propulsion type, the market is classified as hybrid electric vehicles (HEV) and battery electric vehicles (BEV). The Battery Electric Vehicle segment is expected to rule out due to its ability of providing clean energy at a reasonable price without hampering the ecosystem.
Competitive Landscape:
Key Industry Giants Entered into Collaboration to bolster their Portfolio
Major firms such as TATA Motors are investing in R&D activities and technology domains to establish their solid footholds in the electric vehicles segment. Furthermore, the firm produces utility vehicles, buses, trucks, defense vehicles, and cars. It also manufactures engines for industrial & marine aggregates and applications, such as transmissions for commercial vehicles and axles. The firm’s two EVs model, Tigor and Nexon, have the largest sales of EVs 694,159 units in India.
Major players operating in the market announce novel products to attract consumers and boost their brand image. For example, Tata Motors launched the PRES-T EV Electric Sedan product line-up in September 2021. It is aimed at fleet consumers with FAME subsidy pricing and is the first of its kind electric sedan under the XPRES brand. Further, companies incorporate acquisitions, mergers, partnerships, expansions, advanced material adoption, research and development to boost their brand image globally.
Key Industry Development:
- Ford announced an investment of USD 30 billion with an aim to advance electric vehicle development and production. The firm also focuses on several areas of improvement, including developing more electric vehicles, building more manufacturing facilities, material cost improvements, and expanding EV battery production.
- Mahindra and Mahindra and Magenta, a leader in clean energy solutions, announced their association to provide last-mile delivery solutions in Bangalore with Mahindra Treo Zor electric cargo vehicles. With this collaboration, Magenta will deploy 100 Mahindra Treo Zor electric three-wheelers across Bangalore for the last-mile delivery of both non-essential and essential goods.
LIST OF KEY COMPANIES PROFILED:
- BMW Group (Germany)
- Daimler AG (Germany)
- Toyota(Japan)
- Volkswagen (Germany)
- Renault Group (France)
- Ford Motor Company (U.S.)
- Mahindra & Mahindra (India)
- TATA motors (India)
- Hyundai (South Korea)
- MG Motors (U.K.)
- Ola Electric (India)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Key Insights on sales, developments and charge point operator
- Supply Chain Analysis
- Impact of Covid-19
- India Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Platform
- Two Wheeler
- 5.2.2. Three Wheeler
- 5.2.3. Four Wheeler
- Market Analysis, Insights and Forecast – By Four Wheeler Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Four Wheeler Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Four Wheeler Vehicle Type
- Competitive Analysis
- Key Industry Development
- India Market Share Analysis For Two Wheeler (2020 & 2029)
- India Market Share Analysis For Four Wheeler (2020 & 2029)
- India Market Share Analysis For Two Wheeler (2021)
- India Market Share Analysis For Four Wheeler (2021)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability)
- 6.5.1. BMW Group
- 6.5.2. Daimler AG
- 6.5.3. Toyota
- 6.5.4. Volkswagen
- 6.5.5. Renault Group
- 6.5.6. Ford Motor Company
- 6.5.7. TATA Motors
- 6.5.8. Mahindra &Mahindra Ltd.
- 6.5.9. Hyundai
- 6.5.10. MG Motors
- 6.5.11. Ola Electric
Continued…
Related Electric Vehicle Report:
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Electric Vehicle Charging Cables Market
Electric Vehicle (EV) Charging Connectors Market
Electric Vehicle Insurance Market
Electric Vehicle (EV) Test Equipment Market
Electric Vehicle AC Charger Market
Electric Vehicle Battery Recycling Market
Electric Vehicle Battery Swapping Market
Electric Vehicle Charging Station Market
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