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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