Indian Electric Vehicle Market

Posted by pallavi on August 7th, 2019

Indian Electric Vehicle Market is expected to grow at CAGR of 30 % over the forecast period. Indian electric vehicle market is segmented by technology, by the power source, by vehicle type, and by powertrain. Based on technology, the Indian electric vehicle market is segmented by hybrid electric vehicle, plug-in hybrid electric vehicle, battery electric vehicle. In terms of power source, Indian electric vehicle market is bifurcated into stored electricity, onboard electric, generator.

Two wheelers, passenger cars, commercial vehicles, others are vehicle type segments of the Indian electric vehicle market. In terms of powertrain, the Indian electric vehicle market is divided into the series hybrid, parallel hybrid, combined hybrid. Indian is aiming to reduce its overall oil import expense and pollution levels across cities, electric vehicles will play a remarkable role in achieving the target.

Strong government support and hike in crude oil prices drive the electric vehicle market in Indian. A government of Indian will ban petrol and diesel cars by 2030. This means that petrol/diesel cars won’t be allowed on the road after 2030 only electric cars will be sold. Government’s ban on petrol and diesel car is a powerful endorsement of electric, green technology, and can change the transportation industry forever.

Government initiative for electric vehicles under FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) Indian and NEMMP (National Electric Mobility Mission Plan) 2020 creates a potential opportunity for the electric vehicle in Indian. Low maintenance and operations costs of electric vehicles coupled with the drop in battery price favor the E-Vehicle adoption. Two-wheeler vehicle segment dominated the Indian electric vehicle market in 2017. Passenger cars are anticipated to grow at high CAGR.

The government plan to ban diesel and petrol passenger cars will lead to high sale. Attributed to this passenger cars segment is expected to hold 70 % of the Indian electric vehicles market share by 2026. Stored electricity segment is anticipated to be the most lucrative segment in the Indian electric vehicles market and is estimated to dominate the Indian electric vehicles market with 84.4% market revenue share in 2017.

The central government has proposed that the Union ministry of Power and state governments, create a ‘minimum skeleton network' of charging infrastructure throughout the country. Highways connecting metros, two sets of charging stations are proposed on either side of the road, every 25 km. This encourages the use of EVs and creates enough demand to attract players to set up charging stations, thus creating a bigger market for stored electric power sources in the forecast. Automobile manufacturers have started working extensively toward electrifying or introducing electric vehicles. Hyundai has confirmed electric vehicle debut in Indian by 2019.

Maruti Suzuki has also announced the launching of its first electric vehicle in Indian by 2020. Global automakers like Audi, Mercedes and Porsche do have plans to bring their electric vehicles to Indian. Mahindra & Mahindra Ltd., MARUTI SUZUKI INDIAN LIMITED, Toyota Motor Corporation, AB Volvo, Tata Motors, Ashok Leyland, Hero Electric Vehicles Private Limited, Honda Motor Co., Ltd., Bayerische Motoren Werke AG, Avon Cycles Ltd, Lohia Auto Industries, Electrotherm (Indian) Ltd, Yamaha Golf-Car Company, Club Car, LLC, Speedways Electric, Maini Material Movement Pvt. Ltd., Auto Power, Carrieall Car Private Limited, Ampere Vehicles Pvt. Ltd. and Tunwal E-Vehicle Indian Pvt. Ltd.

Scope of the Indian Electric Vehicles Market

Indian Electric Vehicles Market By Technology Type:

• Hybrid Electric Vehicle • Plug-In Hybrid Electric Vehicle • Battery Electric Vehicle

Indian Electric Vehicles Market By Power Source Type:

• Stored Electricity • On-Board Electric • Generator

Indian Electric Vehicles Market By Vehicle Type:

• Two Wheelers • Passenger Cars • Commercial Vehicles • Others

Indian Electric Vehicles Market By Powertrain Type:

• Series Hybrid • Parallel Hybrid • Combined Hybrid

Key Players analysed in Indian Electric Vehicles Market:

• Mahindra & Mahindra Ltd. • MARUTI SUZUKI INDIAN LIMITED • Toyota Motor Corporation • AB Volvo • Tata Motors • Ashok Leyland • Hero Electric Vehicles Private Limited • Honda Motor Co., Ltd. • Bayerische Motoren Werke AG • Avon Cycles Ltd • Lohia Auto Industries • Electrotherm (Indian) Ltd • Yamaha Golf-Car Company • Club Car, LLC • Speedways Electric • Maini Material Movement Pvt. Ltd. • Auto Power • Carrieall Car Private Limited • Ampere Vehicles Pvt. Ltd. • Tunwal E-Vehicle Indian Pvt. Ltd.

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Joined: July 22nd, 2019
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