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PUBLISHER: IMARC | PRODUCT CODE: 1111617
PUBLISHER: IMARC | PRODUCT CODE: 1111617
India Electric Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
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The India electric vehicle market size reached US$ 404 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 14,913 Million by 2027, exhibiting at a CAGR of 87% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Electric vehicle (EV) refers to an automobile that runs on the energy stored in batteries instead of an internal-combustion engine. It has emerged as a convenient and eco-friendly mode of transportation that helps in reducing harmful exhaust emissions from fuel-based vehicles. Some of the common types of electric vehicles include battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. The growing adoption rate of these electric vehicles depends upon their zero carbon emissions, cost-effectiveness, compact design, and noise-free travel experience.
India Electric Vehicle (EV) Market Trends:
- The rising prices of transportation fuels, such as petrol, diesel, CNG, etc., are primarily driving the adoption of electric vehicles in India. Moreover, the increasing consumer consciousness towards maintaining ecological sustainability and several efforts to reduce air pollution levels are further propelling the market growth. Additionally, the introduction of various initiatives by the Indian government for promoting the adoption of electric vehicles to reduce GHG emissions is also bolstering the market growth in the country. In line with this, the government has launched numerous financial aids and subsidies on the purchase of electric vehicles, which is acting as significant growth-inducing factor. Furthermore, the rising investments in the upgradation of public charging infrastructures for electric vehicles are augmenting the market growth in India. Apart from this, various ridesharing companies in India, such as OLA and Uber, are adopting electric vehicles to offer noise-free and eco-friendly rides to their customers. Additionally, the emergence of numerous electrification programs in the public transportation sector for replacing fuel-based vehicles with their safer and cleaner alternatives is positively influencing the India market. Moreover, the declining costs of lithium-ion batteries, coupled with the increasing focus on domestic production under the 'Make in India' initiative, are also catalyzing the demand for electric vehicles in the country. Besides this, the growing integration of electric vehicles with several advanced technologies, such as GPS navigation, remote sensors, anti-theft locking systems, etc., is expected to drive India electric vehicle market in the coming years.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the India electric vehicle market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on vehicle type, price category and propulsion type.
Breakup by Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
- Others
Breakup by Price Category:
- Mid-Range
- High/Luxury Range
Breakup by Propulsion Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Ampere Vehicles Private Limited (Greaves Cotton Limited), Ather Energy Pvt Ltd, Atul Auto Limited, Bajaj Auto Limited (Bajaj Group), Electrotherm (India) Ltd., Hero Electric (Hero Eco Group), Hyundai Motor India Limited (Hyundai Motor Company), JBM Auto Limited, Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd), MG Motor India Pvt. Ltd (SAIC Motor Corporation Limited), Okinawa Autotech Pvt. Ltd, Olectra Greentech Ltd., Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA), Tata Motors Limited (Tata Group), TVS Motor Company (Sundaram - Clayton Limited), and VE Commercial Vehicles Limited.
Key Questions Answered in This Report:
- How has the India electric vehicle market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the India electric vehicle market?
- What are the key regional markets?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the price category?
- What is the breakup of the market based on the propulsion type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the India electric vehicle market and who are the key players?
- What is the degree of competition in the industry?
Product Code: SR0822A316_Report
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 India Electric Vehicle Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.2.1 Volume Trends
- 5.2.2 Value Trends
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
- 5.4.1 Volume Trends
- 5.4.2 Value Trends
6 India Market Breakup by Vehicle Type
- 6.1 Passenger Vehicles
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Commercial Vehicles
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Others
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Price Category
- 7.1 Mid-Range
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 High/Luxury Range
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
8 Market Breakup by Propulsion Type
- 8.1 Battery Electric Vehicle
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Hybrid Electric Vehicle
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
- 8.3 Plug-In Hybrid Electric Vehicle
- 8.3.1 Market Trends
- 8.3.2 Market Forecast
9 Market Breakup by Region
- 9.1 North India
- 9.1.1 Market Trends
- 9.1.2 Market Breakup by State
- 9.1.3 Market Forecast
- 9.1.4 Upcoming EV Charging Stations
- 9.1.5 Upcoming EV Manufacturing Plant
- 9.2 West and Central India
- 9.2.1 Market Trends
- 9.2.2 Market Breakup by State
- 9.2.3 Market Forecast
- 9.2.4 Upcoming EV Charging Stations
- 9.2.5 Upcoming EV Manufacturing Plant
- 9.3 South India
- 9.3.1 Market Trends
- 9.3.2 Market Breakup by State
- 9.3.3 Market Forecast
- 9.3.4 Upcoming EV Charging Stations
- 9.3.5 Upcoming EV Manufacturing Plant
- 9.4 East India
- 9.4.1 Market Trends
- 9.4.2 Market Breakup by State
- 9.4.3 Market Forecast
- 9.4.4 Upcoming EV Charging Stations
- 9.4.5 Upcoming EV Manufacturing Plant
- 9.5 Upcoming EV Charging Stations by Private Players
10 Upcoming Electric Vehicles in Next 10 years
11 Government Initiatives, Allocated Land/ Budget and Support to EV projects
- 11.1 Electric Vehicle Policy Landscape in India
- 11.2 Government Initiatives
- 11.2.1 EV India Policy Roadmap - Manufacturing and Demand Incentive
- 11.2.2 State Level Initiative
- 11.3 Policy Roadmap for EVs Charging Infrastructure
- 11.3.1 Structure of EVs Charging Infrastructure
- 11.3.2 Density Targets for EVs Charging Infrastructure
- 11.3.3 Public Charging Standards in India
- 11.3.4 Key Initiatives on EVs Charging Infrastructure in India
- 11.3.5 Operational Requirements of EVs Charging Stations
- 11.3.6 Technical requirements of EVs Charging Stations
- 11.3.7 State Wise Initiatives for EVs Charging Stations
- 11.3.8 State Wise EV Tariffs
12 Import Structure
- 12.1 Import Structure for Electric Vehicle Industry in India
- 12.2 Custom Duties
- 12.3 Import Trends
- 12.3.1 Lithium Ion
- 12.3.1.1 Major Exporting Countries to India
- 12.3.2 Traction Motor
- 12.3.2.1 Major Exporting Countries to India
- 12.3.3 Electric Passenger Vehicle
- 12.3.3.1 Major Exporting Countries to India
- 12.3.4 Electric Two-Wheeler
- 12.3.4.1 Major Exporting Countries to India
- 12.3.1 Lithium Ion
13 Market Data on Charging Units, Manufacturers and their Cost Comparison
- 13.1 India Electric Vehicle Charging Station - Market Performance
- 13.2 Key Players
- 13.3 Cost Comparison
14 Policy, Regulations and Restrictions
15 SWOT Analysis
- 15.1 Overview
- 15.2 Strengths
- 15.3 Weaknesses
- 15.4 Opportunities
- 15.5 Threats
16 Porters Five Forces Analysis
- 16.1 Overview
- 16.2 Bargaining Power of Buyers
- 16.3 Bargaining Power of Suppliers
- 16.4 Degree of Competition
- 16.5 Threat of New Entrants
- 16.6 Threat of Substitutes
17 Price Analysis
18 Competitive Landscape
- 18.1 Market Structure
- 18.2 Key Players
- 18.3 Profiles of Key Players
- 18.3.1 Ampere Vehicles Private Limited (Greaves Cotton Limited)
- 18.3.1.1 Company Overview
- 18.3.1.2 Product Portfolio
- 18.3.1.3 Financials
- 18.3.2 Ather Energy Pvt Ltd
- 18.3.2.1 Company Overview
- 18.3.2.2 Product Portfolio
- 18.3.3 Atul Auto Limited
- 18.3.3.1 Company Overview
- 18.3.3.2 Product Portfolio
- 18.3.3.3 Financials
- 18.3.4 Bajaj Auto Limited (Bajaj Group)
- 18.3.4.1 Company Overview
- 18.3.4.2 Product Portfolio
- 18.3.4.3 Financials
- 18.3.5 Electrotherm (India) Ltd.
- 18.3.5.1 Company Overview
- 18.3.5.2 Product Portfolio
- 18.3.5.3 Financials
- 18.3.6 Hero Electric (Hero Eco Group)
- 18.3.6.1 Company Overview
- 18.3.6.2 Product Portfolio
- 18.3.7 Hyundai Motor India Limited (Hyundai Motor Company)
- 18.3.7.1 Company Overview
- 18.3.7.2 Product Portfolio
- 18.3.7.3 Financials
- 18.3.7.4 SWOT Analysis
- 18.3.8 JBM Auto Limited
- 18.3.8.1 Company Overview
- 18.3.8.2 Product Portfolio
- 18.3.8.3 Financials
- 18.3.9 Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd)
- 18.3.9.1 Company Overview
- 18.3.9.2 Product Portfolio
- 18.3.9.3 Financials
- 18.3.10 MG Motor India Pvt Ltd (SAIC Motor Corporation Limited)
- 18.3.10.1 Company Overview
- 18.3.10.2 Product Portfolio
- 18.3.11 Okinawa Autotech Pvt Ltd
- 18.3.11.1 Company Overview
- 18.3.11.2 Product Portfolio
- 18.3.12 Olectra Greentech Ltd.
- 18.3.12.1 Company Overview
- 18.3.12.2 Product Portfolio
- 18.3.12.3 Financials
- 18.3.13 Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA)
- 18.3.13.1 Company Overview
- 18.3.13.2 Product Portfolio
- 18.3.13.3 Financials
- 18.3.14 Tata Motors Limited (Tata Group)
- 18.3.14.1 Company Overview
- 18.3.14.2 Product Portfolio
- 18.3.14.3 Financials
- 18.3.14.3 SWOT Analysis
- 18.3.15 TVS Motor Company (Sundaram - Clayton Limited)
- 18.3.15.1 Company Overview
- 18.3.15.2 Product Portfolio
- 18.3.15.3 Financials
- 18.3.16 VE Commercial Vehicles Limited
- 18.3.16.1 Company Overview
- 18.3.16.2 Product Portfolio
- 18.3.16.3 Financials
- 18.3.1 Ampere Vehicles Private Limited (Greaves Cotton Limited)
Product Code: SR0822A316_Report
List of Figures
- Figure 1: India: Electric Vehicle Market: Major Drivers and Challenges
- Figure 2: India: Electric Vehicle Market: Value Trends (in Million US$), 2016-2021
- Figure 3: India: Electric Vehicle Market Forecast: Value Trends (in Million US$), 2022-2027
- Figure 4: India: Electric Vehicle Market: Volume Trends (in '000 Units), 2016-2021
- Figure 5: India: Electric Vehicle Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 6: India: Electric Vehicle Market: Breakup by Vehicle Type (in %), 2021
- Figure 7: India: Electric Vehicle Market: Breakup by Price Category (in %), 2021
- Figure 8: India: Electric Vehicle Market: Breakup by Propulsion Type (in %), 2021
- Figure 9: India: Electric Vehicle Market: Breakup by Region (in %), 2021
- Figure 10: India: Electric Vehicle (Passenger Vehicles) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 11: India: Electric Vehicle (Passenger Vehicles) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 12: India: Electric Vehicle (Commercial Vehicles) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 13: India: Electric Vehicle (Commercial Vehicles) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 14: India: Electric Vehicle (Other Vehicles) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 15: India: Electric Vehicle (Other Vehicles) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 16: India: Electric Vehicle (Mid-Range) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 17: India: Electric Vehicle (Mid-Range) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 18: India: Electric Vehicle (High/Luxury Range) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 19: India: Electric Vehicle (High/Luxury Range) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 20: India: Electric Vehicle (Battery Electric Vehicle) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 21: India: Electric Vehicle (Battery Electric Vehicle) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 22: India: Electric Vehicle (Hybrid Electric Vehicle) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 23: India: Electric Vehicle (Hybrid Electric Vehicle) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 24: India: Electric Vehicle (Plug-In Hybrid Electric Vehicle) Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 25: India: Electric Vehicle (Plug-In Hybrid Electric Vehicle) Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 26: North India: Electric Vehicle Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 27: North India: Electric Vehicle Market: Breakup by State (in %), 2021
- Figure 28: North India: Electric Vehicle Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 29: West and Central India: Electric Vehicle Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 30: West and Central India: Electric Vehicle Market: Breakup by State (in %), 2021
- Figure 31: West and Central India: Electric Vehicle Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 32: South India: Electric Vehicle Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 33: South India: Electric Vehicle Market: Breakup by State (in %), 2021
- Figure 34: South India: Electric Vehicle Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 35: East India: Electric Vehicle Market: Volume Trends (in '000 Units), 2016 & 2021
- Figure 36: East India: Electric Vehicle Market: Breakup by State (in %), 2021
- Figure 37: East India: Electric Vehicle Market Forecast: Volume Trends (in '000 Units), 2022-2027
- Figure 38: India: Electric Vehicle Industry: SWOT Analysis
- Figure 39: India: Electric Vehicle Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: India: Electric Vehicle Market: Key Industry Highlights, 2021 and 2027
- Table 2: India: Electric Vehicle Market Forecast: Breakup by Vehicle Type (in '000 Units), 2022-2027
- Table 3: India: Electric Vehicle Market Forecast: Breakup by Price Category (in '000 Units), 2022-2027
- Table 4: India: Electric Vehicle Market Forecast: Breakup by Propulsion Type (in '000 Units), 2022-2027
- Table 5: India: Electric Vehicle Market Forecast: Breakup by Region (in '000 Units), 2022-2027
- Table 6: India: Electric Vehicle Market: Competitive Structure
- Table 7: India: Electric Vehicle Market: Key Players
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