BEV segment to dominate India Electric Vehicle market through FY2027
Expansion of automotive
sector and rise in awareness to curb pollution levels is expected to drive the demand
for India electric vehicle market for the forecast period.
According to TechSci Research report, “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 witness steady growth for the next five years. Favorable
government policies and financial aids in terms of subsidies, income tax
rebates and other non-financial benefits are the major drivers for electric
vehicle market growth. Introduction of new vehicles and electric vehicle
manufacturing companies to widen the product portfolio is contributing
significantly for high demand of the market for the next five years. Government
initiatives such as Make in India to boost the production of electric vehicles
and the charging infrastructure is creating new avenues for the growth of the
market. Implementation of BS VI norms by leading authorities to reduce carbon
emissions into the environment is fueling the demand for electric vehicles in
India. High-end investments by electric automobile manufacturers to provide
electric vehicles in different segments and technological evolutions to upgrade
the existing electric vehicle infrastructure is expected to account for major
growth of the market in the predicted period.
Due to the ongoing pandemic COVID-19, lockdown was
imposed all over the country. Complete shutdown was observed, and people
started practicing social distancing following the precautionary measures.
Imposition of strict regulations and policies by leading authorities, led to
the shut down of manufacturing units in the country. Movement of workers from
working locations to their native homes led to shortage of skilled labors for the
production of electric vehicles. After the lockdown is lifted, the electric vehicles
market is expected to pick up the pace eventually.
However, lack of sufficient electric vehicle charging
stations may hamper market growth during the forecast period.
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India electric vehicle market is segmented
into vehicle, vehicle class, propulsion, EV sales, end user, regional
distribution, and company. Based on propulsion, the market is further divided
into BEV, PHEV & FCEV. Battery electric vehicle BEV segment is expected to
account for major market share throughout the forecast period, 2022-2026.
Higher subsidies offered by government compared to its counterparts is the
major factor accelerating the growth of BEV segment. Availability of different
models for battery electric vehicles, declining battery costs coupled with
minimal upfront costs are important factors bolstering the growth of the
electric vehicles market in India. Based on end user, the market is fragmented
into shared mobility providers, government organizations, personal users, and others.
Huge population in India is giving rise to need for more public transports on
road. Low cost involved to ride the public transport and no burden of
operational and maintenance costs are the factors for huge demand for public
transports. Shared mobility providers segment is expected to dominate the
market for the next five years due to surge in need for transport systems.
Transportation systems are increasing at a high pace due to favorable business
models adopted by major automobile manufacturing companies, manufacturing roads
for seamless connectivity between regions and gradually declining cost of
technology. Based on EV sales, original equipment manufacturers comprising of
both luxury and mass market launched online buying experience of electric
vehicles due to rising trend of online transaction owing to high internet
penetration and proliferation of smart devices to increase the convenience of
consumers. Increase in numbers of appointment bookings through the use of
online channels, doorstep pickup and delivery options and the facility for
online transactions is bolstering the growth of the electric vehicles market.
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 are the leading players operating in India
electric vehicle market. Manufacturers are increasingly focusing on research
and development process to fuel higher growth in the market. To meet evolving
customer demand with respect to better efficiency and durability, several electric
vehicle manufacturers are coming up with their technologically advanced
offerings.
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“Electric
vehicles market is still at a nascent stage and consists of huge untapped
potential for tremendous market growth, Commercial and two-wheeler electric vehicles
are expected to witness huge growth. Presence of supportive government policies
allowing 100 foreign investment in automatic route is boosting the market for
two-wheelers segment. Major companies are setting-up electric vehicles
production of two-wheelers due to financial aids and high demand for electric
vehicles. Expansion of charging infrastructure of electric vehicles and
domestic manufacturing of batteries is leading to high market growth throughout
the forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“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” has
evaluated the future growth potential of India electric vehicle market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the India electric vehicle market.
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