India Electric Vehicle (EV) Market Size and Competitive Landscape - Segmentation by Vehicle Type, OEM, and Geography

Report Code: MK20545 | Pages: 106
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Overview

Executive Summary
India Electric Vehicle Market has been gaining momentum in recent years, driven by several factors such as government initiatives, environmental concerns, rising fuel prices, and technological advancements. With rising environmental concerns and a desire to compete with other countries, the Indian government has been actively promoting the adoption of electric vehicles through various initiatives. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme provides financial incentives and subsidies for electric vehicle buyers and manufacturers. Additionally, the government has set a target to achieve 30% electric vehicle penetration in new vehicle sales by 2030. The India Electric Vehicle Market is poised for significant growth with the government's proactive measures and the increasing awareness of the benefits of electric vehicles.

According to Makreo’s research, the electric vehicle industry is at a nascent stage in India. It is less than 1% of the total vehicle sales, but has the potential to grow to more than 5% in a few years. Furthermore, the industry volumes have been fluctuating, mostly depending on the incentives offered by the government. Many serious players (Hero Eco, Ather, Electrotherm, Avon, Lohia, Ampere, etc.) are continuing with the mission and trying to enforce the positive change under the banner of SMEV.

India Electric Vehicle Market

Increasing Technological Advancements in the Nation: The electric vehicle market in India is witnessing rapid technological advancements. Battery technology is improving, leading to increased driving ranges and faster charging times. Additionally, advancements in connected vehicle technology and artificial intelligence are enhancing the overall driving experience and convenience of electric vehicles.

Performance of Segmentation
By Type: Indian electric vehicle market by type of vehicle is divided into three-wheelers, two-wheelers, LPVs, PV (LMV), HGV’s, LGV’s, Buses and Others. The majority of the market is dominated by three-wheelers, which accounts for more than half of the market share followed by two-wheelers, PV (LMV), etc. Due to advantageous operating economics and the government's emphasis on greener modes of transportation, electric three-wheelers are projected to gain popularity.

By Technology Type: India Electric Vehicle Market by Type of Technology is divided into Battery Electric Vehicle, Plug-in Hybrid Vehicle, Hybrid Electric Vehicle and Fuel Cell Electric Vehicle. The majority of the market is dominated by Hybrid Electric Vehicle and Battery Electric Vehicle. While Fuel Cell Electric Vehicle and Plug-in Hybrid Vehicle holds very least market share. Since battery performance and durability have improved and prices have decreased, electric vehicles have become considerably more appealing.

By State: India Electric Vehicle Market by State is divided into Maharashtra, Uttar Pradesh, Tamil Nadu, Rajasthan, Karnataka, Delhi, Gujarat, and Others. Among all the regions Uttar Pradesh is showing significant growth in EV’s adoption and holds the major market share, there are currently more than 2 lakh registered electric vehicles in Uttar Pradesh. This number has been steadily increasing over the past few years, and is expected to continue to climb as more and more people become aware of the benefits of electric vehicles.

Future Outlook of India EV Market
Despite the positive developments, there are some challenges that need to be addressed for the electric vehicle market to reach its full potential in India. These include high initial costs compared to conventional vehicles, limited charging infrastructure in rural areas, range anxiety among consumers, and the need for skilled technicians for maintenance and repairs.

However, with ongoing government support, increasing consumer awareness, and the commitment of automotive manufacturers, the electric vehicle market in India is expected to grow significantly in the coming years. It has the potential to transform India's transportation sector and contribute to a more sustainable and cleaner future.

Scope of the Study
Makreo research has published study on Electric Vehicle Market titled, “India Electric Vehicle (EV) Market Size and Competitive Landscape - Segmentation by Vehicle Type, OEM, and Geography”. Market assessment has been carried out using qualitative and quantitative methods and have combined the impact of macroeconomic and micro economic scenario. The market has witnessed many shifts in recent past years. Future outlook has not assessed owing to various influencing factors into consideration but we have assessed the expected opportunities in the market.

Segmentation Covered:

By Type of Vehicle:

  • Three wheeler
  • Two wheeler
  • Four wheeler
  • Electric Buses

By Technology Type

  • Battery Electric Vehicle
  • Plug-in Hybrid Vehicle
  • Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle.

By States

  • Maharashtra
  • Uttar Pradesh
  • Tamil Nadu
  • Rajasthan
  • Karnataka
  • Delhi
  • Gujarat
  • Others

Key Questions Answered

  1. How has the Indian economy performed in the past, and what are the prospects for future growth?
  2. How has India's electric vehicle sector done in the past, and what is the current situation?
  3. What is the India electric vehicle market's production and consumption scenario?
  4. What are the major issues confronting the industry?
  5. How is the demand for India's electric vehicle providers shaping up?
  6. Which technology is dominant in the India electric vehicle market?
  7. Which states have the largest market share in the India electric vehicle market?
  8. What is the segmentation of the India Electric Vehicle Market by type of electric vehicle?
  9. What is the investment plan?
  10. What are the most prominent industry start-ups?

     

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Table of Contents

  1. Report Synopsis
  2. Industry Overview
  3. India Electric Vehicle Market : Introduction
  4. India Electric Vehicle Market Opportunity and Demand Supply Gap
  5. 1.Research Methodology
    1. 1.1.Objective of the Study
    2. 1.2.Market Definition
    3. 1.3.Research Process
    4. 1.4.Data Collection Methods
    5. 1.5.Analytical Framework
  6. 2.India Electric Vehicle Market : Past, Present & Future Performance
    1. 2.1.India Electric Vehicle Market: Market Structure
    2. 2.2.India Electric Vehicle Market : An Overview
    3. 2.3.India Electric Vehicle Market Snapshot
    4. 2.4.India Electric Vehicle Market: Charging Stations
  7. 2.4.1.India Electric Vehicle Market : Number of Charging Stations
  8. 2.4.2.India Electric Vehicle Market : Number of Charging Stations Sanctioned
  9. 2.4.2.1.India Electric Vehicle Market : Number of Charging Stations Sanctioned in Expressways
    1. 2.4.2.2.India Electric Vehicle Market : Number of Charging Stations Sanctioned in Highways
  10. 2.4.3.India Electric Vehicle Market : Number of Retail Outlet
  1. 2.5.India EV Price Scenario
    1. 2.5.1.India EV Price Scenario : Price of Popular EV Models
    2. 2.5.2.India EV Price Scenario : Factors Affecting EV Prices
  2. 2.6.India Electric Vehicle Market: Past and Present Performance
    1. 2.6.1.India Electric Vehicle Market: By Type of Vehicle
    2. 2.6.2.India Electric Vehicle Market: By Technology Type
    3. 2.6.3.India Electric Vehicle Market: By State
  3. 2.7.Future of Electric Vehicle in India
    1. 2.7.1.Future of Electric Vehicle in India
  1. 3.India Electric Vehicle Market - Production and Consumption
    1. 3.1.India Electric Vehicle Market: Production Facts
    2. 3.2.India Electric Vehicle Market Consumption Performance: An Overview
    3. 3.3.India Electric Vehicle Market : Sales Statistics – 2013-2022
    4. 3.4.India Electric Vehicle Market : Types of Electric Vehicles
    5. 3.5.India Electric Vehicle Market Sales Performance : FY 2022-23
      1. 3.5.1.India Electric Vehicle Sales by Type: Month on Month Sales – FY 2022-23
      2. 3.5.2.India Electric Vehicle Market : Category Sales 2021-22 vs 2022-23
    6. 3.6.India Electric Vehicle Market : Sales Performance (2021 vs 2022)
      1. 3.6.1.India Electric Vehicle Market Sales : By Type 2021 vs 2022
      2. 3.6.2.India Electric Vehicle Market Sales : By OEM 2021 vs 2022
      3. 3.6.3.India Electric Vehicle Market Sales: Category Wise 2021 vs 2022
  2. 4.India Electric Vehicle Market – Consumption Facts by Type (2W, 3W, 4W, Electric Buses)
    1. 4.1.India Electric Vehicle Sales : Electric 2 Wheeler
      1. 4.1.1.India Electric 2Wheeler Sales : Month on Month
      2. 4.1.2.India Electric 2 Wheeler Sales : OEMs
    2. 4.2.India Electric Vehicle Sales : Electric 3 Wheeler
      1. 4.2.1.India Electric 3 Wheeler Sales : Month on Month
      2. 4.2.2.India Electric 3 Wheeler (L5) Sales : OEMs
      3. 4.2.3.India Electric 3 Wheeler (L3) Sales : OEMs
    3. 4.3.India Electric Vehicle Sales: Electric 4 Wheeler
      1. 4.3.1.India Electric 4 Wheeler Sales : Month on Month
      2. 4.3.2.India Electric 4 Wheeler (L5) Sales : OEMs
      3. 4.3.3.India Electric Vehicle Sales: Electric 4 Wheeler- Types and Examples
    4. 4.4.India Electric Vehicle Sales: Electric Buses
      1. 4.4.1.India Electric Buses Sales : Month on Month
      2. 4.4.2.India Electric Bus Sales : OEMs
  3. 5.India Electric Vehicle Market : Consumption Facts by States (Uttar Pradesh, Delhi, Maharashtra, Karnataka, Gujarat and Others)
    1. 5.1.India Electric Vehicle Market Sales : by State
    2. 5.2.India Electric Vehicle Market : States with Major Penetration of EV
    3. 5.3.India Electric Vehicle Market : by State – Delhi
    4. 5.4.India Electric Vehicle Market : by State – Uttar Pradesh
    5. 5.5.India Electric Vehicle Market : by State – Maharashtra
    6. 5.6.India Electric Vehicle Market : by State – Karnataka
    7. 5.7.India Electric Vehicle Market : by State – Gujarat
    8. 5.8.India Electric Vehicle Market : by State as of July 2022
    9. 5.9.India Electric Vehicle Market : by State as of July 2022
    10. 5.10.India Electric Vehicle Market : State Wise Subsidy on Electric Scooter & Bike
  4. 6.India Electric Vehicle Market - Trade Performance
    1. 6.1.India Electric Vehicle Market: Trade Performance, 2018-2021
    2. 6.2.India Electric Vehicle Trade : by Leading Importing and Exporting Countries
  5. 7.India Electric Vehicle Market-Government Initiatives
    1. 7.1.India Electric Vehicle Market: Government Initiatives
      1. 7.1.1.India Electric Vehicle Market: State Government Initiatives (AP, Bihar, Delhi)
      2. 7.1.2.India Electric Vehicle Market: State Government Initiatives (Maharashtra)
      3. 7.1.3.India Electric Vehicle Market: State Government Initiatives (Tamil Nadu)
      4. 7.1.4.India Electric Vehicle Market: State Government Initiatives (Karnataka, Kerala, Gujarat, Uttarakhand)
  6. 8.India Electric Vehicle Market Dynamics
    1. 8.1.India Electric Vehicle Market: Recent Trends & Development
    2. 8.2.India Electric Vehicle Market: Drivers
    3. 8.3.India Electric Vehicle Market: Challenges
  7. 9.India Electric Vehicle Market : Mergers & Acquisitions And Funding Timeline
    1. 9.1.India Electric Vehicle Market: Mergers /Acquisitions/ Investments
    2. 9.2.India Electric Vehicle: Funding Timeline
  8. 10.India Electric Vehicle Market : Investments & Start Ups
    1. 10.1.India Electric Vehicle: Investments
    2. 10.2.India Electric Vehicle Market: Investments in Start-ups
  9. Analyst Recommendations
  10. Limitations
  11. List of Figures and Tables
  12. India Electric Vehicle Volume Sales, 2018-2022
  13. FAME-I Charging Station
  14. FAME- II Charging Station
  15. Number of Charging Station under Phase-I of the Fame India Scheme as of 1st July 2022
  16. Number of Charging Station Sanctioned under Phase-II of the Fame India Scheme as of 1st July 2022
  17. Number of Charging Station Sanctioned Across 9 Expressways as of 1st July 2022
  18. Number of Charging Station Sanctioned Across 16 Highways as of 1st July 2022
  19. Number of Retail Outlet Where Electric Vehicle Charging Stations are Available as of 1st Jan 2022
  20. Expected Prices of Popular EV Models, 2023
  21. India Electric Vehicle Market Revenue, 2018-2022
  22. India Electric Vehicle Volume Sales, 2018-2022
  23. India Electric Vehicle Market Segmentation by Type of Vehicle, 2022, (%)
  24. Indian Electric Vehicle Market Segmentation by Type of Technology, 2021, (%)
  25. Indian Electric Vehicle Market Segmentation by State, 2022. (%)
  26. India Electric Vehicle Sales over 10 Years Period, 2013-2022
  27. India Breakdown of Type of Electric Vehicles Sold in terms of Volume, FY 2023
  28. India Units of Electric Vehicles Sold, FY 21-22 vs FY 22-23
  29. India, Electric Vehicle Sales Volume by Type (2W,3W,4W, E-buses) (MoM), FY 2022-2023
  30. India, Electric Vehicle Sales by Category, 2021-22 vs 2022-23
  31. India Breakdown of Electric Vehicles Sold, FY 2023
  32. Change in Market Share of Leading Electric 2W ORMs in 2021 vs 2022
  33. India Category Wise EV Sales and Penetration, 2021
  34. India Category Wise EV Sales and Penetration, 2022
  35. India, Units of Electric 2 Wheeler Vehicles Sold, FY 2018 – FY 2024
  36. India Electric 2Wheeler Sales, Apr-Mar FY 2018 to Apr-Jun FY 2024
  37. India, Top 10 OEM wise Sales Statistics FY 2021-22 vs. FY 2022-23
  38. India, Units of Electric 3 Wheelers Sold, FY 2018 – FY 2024
  39. India Electric 3Wheeler Sales, Apr-Mar FY 2018 to Apr-Jun FY 2024
  40. India, Top 10 OEM wise E-3 Wheeler Passenger and Cargo (L5) Sales Statistics, FY 2021-22 vs FY 2022-23
  41. India, Top 10 OEM wise E-3 Wheeler Passenger and Cargo (L3) Sales Statistics, FY 2021-22 vs FY 2022-23
  42. India, Units of Electric 4 Wheelers Sold, FY 2018 – FY 2024
  43. India Electric 4Wheeler Sales, Apr-Mar FY 2018 to Apr-Jun FY 2024
  44. India, Top OEM wise E-4 Wheeler Sales Statistics, FY 2021-22 vs FY 2022-23
  45. India, Units of Electric 4 Wheelers Sold, FY 2021-2022 to 2022-23
  46. India Electric Bus Sales, Apr-Mar FY 2018 to Apr-Jun FY 2024
  47. India, Top OEM wise E-Bus Sales Statistics, FY 2021-22 vs FY 2022-23
  48. India Electric Vehicle Market Sales : by State
  49. India, States with the maximum percentage share of Electric Vehicle Sales by States, FY 2022-23
  50. Segment Wise EV Penetration in Delhi, CY 2022
  51. Segment Wise EV Penetration in Uttar Pradesh, CY 2022
  52. Segment Wise EV Penetration in Maharashtra, CY 2022
  53. Segment Wise EV Penetration in Karnataka, CY 2022
  54. Segment Wise EV Penetration in Gujarat CY 2022
  55. Number of Electric Vehicles Currently Being Used on the Roads of India, State wise as on July 2022
  56. Number of Electric Vehicles Currently Being Used on the Roads of India, State wise as on July 2022
  57. State-Wise Subsidy for Electric Car in India
  58. State-Wise Subsidy for Electric Scooter & Car in India
  59. EV Trade Performance, 2018 to 2020
  60. Top Importing countries for India, 2020-21
  61. Top Exporting countries from India, 2020-21

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