Report Description

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, subsidies which in turn escalates sales of electric vehicles across the country to drive 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. 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 emerge with their advanced technology and innovative product range keeping the budget-friendly cost of the vehicle.

 

Rising Popularity of Electric Vehicles in the Face of Climate Change

The government is prioritizing the shift toward 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 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. The low cost of running the three-wheeler segment is rapidly increasing its sales. 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 in oil imports and nearly one gigaton of CO2 emissions by 2030. The government is promoting green energy by increasing environmental consciousness and focusing on cost-effective transportation.


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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 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 Pvt. Ltd., Greaves Electric Mobility Private Limited, YC Electric Vehicle, 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.

Attribute

Details

Market Size Value in 2022

USD 5153.79 million

Revenue Forecast in 2028

USD 14910.33 million

Growth Rate

19.81%

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and Volume in Units and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Vehicle Type

·         Propulsion

·         Range

·         Charging Time

·         Region

·         Top 10 States

·         Company

Key Companies Profiled

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 Private Limited, YC Electric Vehicle, Saera Electric Auto Pvt. Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

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

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

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

India Electric Vehicle Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

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

Note: The data given for any year represents the market during the fiscal year, i.e., 1st April to 31st March of that year. e.g., For 2022, the data represents the period, 1st April 2021 to 31st March 2022.

Figures and Tables

Figure 1:  India Electric Vehicle Market Size, By Volume (Units), 2018-2028F

Figure 2:  India Electric Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 3:  India Electric Vehicle Market Share, By Vehicle Type, By Volume, 2018-2028F

Figure 4:  India Electric Vehicle Market Share, By Propulsion, By Volume, 2018-2028F

Figure 5:  India Electric Vehicle Market Share, By Range, By Volume, 2018-2028F

Figure 6:  India Electric Vehicle Market Share, By Charging Time, By Volume, 2018-2028F

Figure 7:  India Electric Vehicle Market Share, By Region, By Volume, 2018-2028F

Figure 8:  India Electric Vehicle Market Map, By Vehicle Type, Market Size (Units) & Growth Rate (%)

Figure 9:  India Electric Vehicle Market Map, By Propulsion, Market Size (Units) & Growth Rate (%)

Figure 10:  India Electric Vehicle Market Map, By Range, Market Size (Units) & Growth Rate (%)

Figure 11:  India Electric Vehicle Market Map, By Charging Time, Market Size (Units) & Growth Rate (%)

Figure 12:  India Electric Vehicle Market Map, By Region, Market Size (Units) & Growth Rate (%)

Figure 13:  India Electric Two-Wheeler Market Size, By Volume (Units), 2018-2028F

Figure 14:  India Electric Two-Wheeler Market Size, By Value (USD Million), 2018-2028F

Figure 15:  India Electric Two-Wheeler Market Share, By Two-Wheeler Type, By Volume, 2018-2028F

Figure 16:  India Electric Two-Wheeler Market Share, By Propulsion, By Volume, 2018-2028F

Figure 17:  India Electric Two-Wheeler Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 18:  India Electric Two-Wheeler Market Share, By Range, By Volume, 2018-2028F

Figure 19:  India Electric Two-Wheeler Market Share, By Charging Time, By Volume, 2018-2028F

Figure 20:  India Electric Two-Wheeler Market Share, By Company, By Volume, 2018-2028F

Figure 21:  India Electric Three-Wheeler Market Size, By Volume (Units), 2018-2028F

Figure 22:  India Electric Three-Wheeler Market Size, By Value (USD Million), 2018-2028F

Figure 23:  India Electric Three-Wheeler Market Share, By Three-Wheeler Type, By Volume, 2018-2028F

Figure 24:  India Electric Three-Wheeler Market Share, By Propulsion, By Volume, 2018-2028F

Figure 25:  India Electric Three-Wheeler Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 26:  India Electric Three-Wheeler Market Share, By Range, By Volume, 2018-2028F

Figure 27:  India Electric Three-Wheeler Market Share, By Charging Time, By Volume, 2018-2028F

Figure 28:  India Electric Three-Wheeler Market Share, By Company, By Volume, 2018-2028F

Figure 29:  India Electric Passenger Car Market Size, By Volume (Units), 2018-2028F

Figure 30:  India Electric Passenger Car Market Size, By Value (USD Million), 2018-2028F

Figure 31:  India Electric Passenger Car Market Share, By Passenger Car Type, By Volume, 2018-2028F

Figure 32:  India Electric Passenger Car Market Share, By Propulsion, By Volume, 2018-2028F

Figure 33:  India Electric Passenger Car Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 34:  India Electric Passenger Car Market Share, By Range, By Volume, 2018-2028F

Figure 35:  India Electric Passenger Car Market Share, By Charging Time, By Volume, 2018-2028F

Figure 36:  India Electric Passenger Car Market Share, By Company, By Volume, 2018-2028F

Figure 37:  India Electric Medium & Heavy Commercial Vehicle Market Size, By Volume (Units), 2018-2028F

Figure 38:  India Electric Medium & Heavy Commercial Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 39:  India Electric Medium & Heavy Commercial Vehicle Market Share, By Medium & Heavy Commercial Vehicle Type, By Volume, 2018-2028F

Figure 40:  India Electric Medium & Heavy Commercial Vehicle Market Share, By Propulsion, By Volume, 2018-2028F

Figure 41:  India Electric Medium & Heavy Commercial Vehicle Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 42:  India Electric Medium & Heavy Commercial Vehicle Market Share, By Range, By Volume, 2018-2028F

Figure 43:  India Electric Medium & Heavy Commercial Vehicle Market Share, By Charging Time, By Volume, 2018-2028F

Figure 44:  India Electric Medium & Heavy Commercial Vehicle Market Share, By Company, By Volume, 2018-2028F

Figure 45:  India Electric Light Commercial Vehicle Market Size, By Volume (Units), 2018-2028F

Figure 46:  India Electric Light Commercial Vehicle Market Size, By Value (USD Million), 2018-2028F

Figure 47:  India Electric Light Commercial Vehicle Market Share, By Light Commercial Vehicle Type, By Volume, 2018-2028F

Figure 48:  India Electric Light Commercial Vehicle Market Share, By Propulsion, By Volume, 2018-2028F

Figure 49:  India Electric Light Commercial Vehicle Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 50:  India Electric Light Commercial Vehicle Market Share, By Range, By Volume, 2018-2028F

Figure 51:  India Electric Light Commercial Vehicle Market Share, By Charging Time, By Volume, 2018-2028F

Figure 52:  India Electric Light Commercial Vehicle Market Share, By Company, By Volume, 2018-2028F

 

 

List of Figures

Table 1: India Electric Vehicle Market Share, By Top 10 States, By Volume 2022

Table 2: India Electric Two-Wheeler Market, Product Benchmarking

Table 3: India Electric Three-Wheeler Market, Product Benchmarking

Table 4: India Electric Passenger Car Market, Product Benchmarking

Table 5: India Electric Medium & Heavy Commercial Vehicle Market, Product Benchmarking

Table 6: India Electric Light Commercial Vehicle Market, Product Benchmarking

Frequently asked questions

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Electric two-wheeler sales are increasing at the fastest rate in India. The adoption of electric two-wheelers in shared mobility services, as well as its increasing use in on-demand delivery services, is projected to experience the highest growth rate of 27.62% through 2028.

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India Electric Vehicle Market is estimated to reach USD14910.33 million by 2028, at a CAGR of 19.81% owing to increasing adoption of electric mobility in all segments majorly in two-wheeler, and three-wheeler electric vehicles.

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The top 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 Private Limited, YC Electric Vehicle, Saera Electric Auto Pvt. Ltd.

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Faster adoption of electric vehicles coupled with various central and state subsidies increases the sales of electric vehicles in all regions. As per number of electric vehicles registration in 2022, North India is leading the market with 1/3rd of overall market share followed by South, West, and East.

profile

Srishti Verma

Business Consultant
Press Release

India Electric Vehicle Market to Grow at a 19.81% CAGR by 2028F

Feb, 2023

Increasing shift towards electric mobility and advancement in the EV sector to drive the India Electric Vehicle Market through 2028.