Expansion of the automotive sector and a rise in awareness to curb pollution levels are expected to drive the demand for India’s electric vehicle market for the forecast period.
According to the 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. The introduction of new vehicles and electric vehicle manufacturing companies to widen the product portfolio is contributing significantly to the 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 are expected to account for major growth of the market in the predicted period.
Due to the ongoing pandemic COVID-19, the lockdown was imposed all over the country. A complete shutdown was observed, and people started practicing social distancing following the precautionary measures. The imposition of strict regulations and policies by leading authorities led to the shut down of manufacturing units in the country. The movement of workers from working locations to their native homes led to a shortage of skilled laborers for the production of electric vehicles. After the lockdown is lifted, the electric vehicles market is expected to pick up the pace eventually.
However, the lack of sufficient electric vehicle charging stations may hamper market growth during the forecast period.
India’s electric vehicle market is segmented into the vehicle, vehicle class, propulsion, EV sales, end-user, regional distribution, and company. Based on propulsion, the market is further divided into BEV, PHEV & FCEV. The battery-electric vehicle BEV segment is expected to account for a major market share throughout the forecast period, 2022-2026. Higher subsidies offered by the government compared to its counterparts are the major factor accelerating the growth of the 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. A huge population in India is giving rise to the need for more public transports on road. The low cost involved to ride the public transport and no burden of operational and maintenance costs is the factors for the huge demand for public transports. The shared mobility providers segment is expected to dominate the market for the next five years due to a surge in the 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 the rising trend of online transactions owing to high internet penetration and proliferation of smart devices to increase the convenience of consumers. An increase in the number 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., Electra Greentech Ltd are the leading players operating in India electric vehicle market. Manufacturers are increasingly focusing on the research and development processes 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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“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 Indian electric vehicle market.
