India’s Electric Vehicle Market size was valued at US$ 326.6 Mn. in 2021 and the total revenue is expected to grow at 94.2% from 2022 to 2029, reaching US$ 66,070.86 Mn.
Electric Vehicle Market Overview
The research includes in depth analysis on a regional Electric Vehicle markets and also gives a thorough analysis of the market’s long term prospects. A description of key competitors as well as the most successful marketing tactics, contributions and current trends and market backdrops are all included in the report.
Market data in the report is organised in areas like innovation, administration, and applications across topographies in MMR research. The research includes the high end analysis of important market sectors and opportunities and threats and risks is included in the MMR research.
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Market Scope
The report focuses on the crucial key drivers of the Electric Vehicle market as well as the current competitive benchmarking and development prospects. For the competitive analysis the report includes the profile of the key market players in the Electric Vehicle market including company overview, financial performances, portfolios and marketing strategies. Uses of methodologies were done while researching the Electric Vehicle market such as SWOT, PESTLE, PORTER’s five forces to understand the strengths, weakness, opportunities and known and unknown risks and threats. It also comprises of the qualitative and quantitative data for research of the Electric Vehicle market.
Market Dynamics
To fuel its vehicles, India has been spending a sizable sum of money on the importation of crude oil. According to the Petroleum Planning and Analysis Cell (PPAC), India imports about 80% of the oil it uses, making the exchequer vulnerable to fluctuations in crude prices, which have in the past had an adverse effect on the nation's economy.
A push for EV adoption will result in a decrease in oil imports, much of which is used to power vehicles. It would enable the government to release these funds for the construction of the infrastructure required to operate electric vehicles, such as nationwide charging infrastructure and battery production capacity.
Market Segmentation
Electric two-wheelers have been the most popular electric vehicles in India, according to vehicle category type. The market has been dominated by both two- and three-wheelers. The market is moving north due to incentives and pro-EV policies implemented by the Indian government. The report goes into great detail about the government's EV incentives and policies. For buyers of EVs, the government provides income tax incentives.
The BEV segment is anticipated to rule the forecast period based on technology. Factors like tighter government regulations, initiatives and support for the adoption of zero-emission vehicles, as well as infrastructure for related charging, the launch of various BEV models by the top players operating in India, and ongoing advancements in battery technology to reduce vehicle costs overall and extend driving range. These factories spur segment expansion. The HEV market segment has the second-largest revenue market share, and the rising demand for fuel-efficient, low-emission vehicles is anticipated to accelerate the uptake of HEVs in India.
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Key Players
• Mahindra & Mahindra Ltd.
• MARUTI SUZUKI INDIA 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 (India) 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 India Pvt. Ltd
• Others
Regional Analysis
The report includes division of the Electric Vehicle market segments into different regions and their significant growth during the forecast period. The Electric Vehicle market report includes the geographic condition of the market and revenue as well as in depth research of the business network structure and new updates of market.
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Key Questions answered in the Electric Vehicle Market Report are:
Key offerings:
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Mar 05, 2023
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