India Electric Vehicle Market to Grow at a 19.81% CAGR by 2028F
Increasing shift towards electric mobility and advancement in
the EV sector to drive the India Electric Vehicle Market through 2028.
According to
TechSci Research report, “India Electric Vehicle
Market - By Region, Competition Forecast & Opportunities,
2018-2028F,” India electric vehicle market is
anticipated to reach USD14,910.33 million at a CAGR of 19.81% by 2028 because of rapidly expanding range
of products and advancement in charging infrastructure, and battery capacity suitable to
Indian roads. According to NITI Aayog and Rocky Mountain Institute (RMI), India's
EV finance industry is likely to reach Rs. 3.7 lakh crore (USD50 billion) by
2030. With the majority of youngsters preferring two-wheelers for their
daily mobility requirements, there is expected to be strong demand for electric
vehicles. Between 2000 to 2021,
the Indian automobile sector received an FDI inflow of USD30.51 billion and
expects 8-10 billion in local and foreign investment by 2023.
The Indian government is
heading toward the adoption of green energy as a result of rising oil prices
and urban pollution. As of August 2022, there were more than 1.3 million EVs on
Indian roads, according to the Ministry of Road Transport and Highways, and by
2030, it is expected to increase to 20–40 million EVs.
Browse more than 52 market data Figures and 6 Tables spread through 70 Pages and an in-depth TOC on "India Electric Vehicle Market"
In addition, the government is offering subsidies under
FAME II, as well as state EV programs, to encourage the widespread adoption of
electric vehicles across the country. Additionally, top firms, as well as many
emerging players, are expected to increase their focus on R&D in order to
create sophisticated technology and features while keeping prices low,
resulting in increased sales of electric vehicles. However, after the COVID-19
outbreak, which resulted in an economic catastrophe in 2020, the country's automobile
sales plummeted due to a lack of production and import restriction.
Key market players in the India electric vehicle
market include:
- 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 Pvt. Ltd.
- Greaves
Electric Mobility Pvt. Ltd
- YC
Electric Vehicle
- Saera
Electric Auto Pvt. Ltd.
India electric vehicle market can be segmented based on vehicle type, propulsion, range,
charging time, region, top 10 states, and company. On the basis of
vehicle type, Electric two-wheelers dominate the India Electric
Vehicle Market, accounting for around 42% of total market share in 2022,
followed by three-wheelers and passenger cars. BEV
dominates the India Electric Vehicle Market in terms of propulsion, with more than 75% of the total market share. With the growing fleet size of electric vehicles, the similar trend is
expected to continue in the coming years. On the basis of range, the
sector above 200 kilometers is the most dominant, as high-capacity battery ranges
are the focus of innovation and advancement. Based on charging time, majority of automobiles required <5 hours
of charging time with prominent CAGR of 36.12%
in the historical period, and it is expected to register a CAGR of 24.46% in
the forecast period.
Tata Motors
Limited, Mahindra & Mahindra Limited, MG Motor India Private Limited, PMI
Electro Mobility Solutions Private Limited, JBM Auto Ltd., Hero Electric
Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Greaves Electric Mobility Pvt.
Ltd., YC Electric Vehicle, Saera Electric Auto Pvt. Ltd. are the major
players in the electric passenger cars, LCV, M&HCV, two-wheeler,
three-wheeler segments. Many firms are investing in large gap generated by
faster adoption of electric vehicles such as in developing infrastructure,
swappable batteries stations and high-capacity battery range pack.
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“Electric
Two-wheelers accounted for the largest share i.e., 42.55% in India electric
vehicle market in 2022 and it is expected to dominate in the forecast period. Many
companies are investing in EV’s to improve charging infrastructure and reduce
charging time,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“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,” has evaluated
the future growth potential of India Electric Vehicle Market and provides
statistics & information on market size, 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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