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India Electric Vehicle Market Overview
The Indian electric vehicle market is expected to witness tremendous growth in the coming years, owing to the different initiatives undertaken by the key stakeholders, including impactful government support. The manufacturers operating in the Indian market are receiving hefty funding from different investors and venture capitalists, which is encouraging them to scale up their production. Additionally, Government of India is actively supporting the adoption of electric vehicles, by introducing facilitative policies, including incentive plans and tax rebates, which is further acting as a driving force for the market.
On the basis of vehicle type, the Indian electric vehicle market is categorized into two-wheeler, three-wheeler, passenger car, and commercial vehicle. Among these, the three-wheeler category dominated the market in 2019, mainly attributed to the high demand for these vehicles for last-mile connectivity. Moreover, original equipment manufacturers (OEMs) are increasingly investing in making affordable and efficient electric rickshaws, while the well- known players in the automotive industry are making inroads in this market, with the launch of new electric rickshaw models.
When segmented in terms of battery type, the Indian electric vehicle market is bifurcated into lead–acid battery and lithium-ion (Li-ion) battery. Of the two, lead–acid batteries were the larger category in 2019, owing to their lower cost compared to Li-ion batteries. In the forecast period (2020–2030), the demand for Li-ion variants is expected to witness significant growth, due to their declining price, lower weight, and higher battery capacity.
Geographically, the Indian electric vehicle market is categorized into Uttar Pradesh, Delhi, Punjab, Haryana, Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Karnataka, Kerala, and West Bengal. Among them, Gujarat was the largest state, in terms of electric vehicle sales, in 2019. However, Uttar Pradesh is expected to become a significant market in the forecast period.
India Electric Vehicle Market Dynamics
One of the major trends being witnessed in the Indian electric vehicle market is the influx of increasing amounts of investments, by different stakeholders in the electric vehicle industry. For instance, in August 2019, Smarte Inc., an electric vehicle start-up company, received an investment of INR 100 crore from Mitsui & Co., a major Japanese trading house, as part of its Series B funding round. Moreover, in August 2019, Tata Power announced that it will invest a heavy amount for the installation of 500 EV charging stations across India, by 2020.
The availability of government subsidies for the purchase of alternative-fuel vehicles is a major driver for the growth of the Indian electric vehicle market. The Indian government is providing subsidies on the purchase of electric two-wheelers, three-wheelers, passenger cars, and buses. Subsidies and regulatory environment can go a long way in pushing the sales of electric vehicles. Additionally, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) scheme was launched by the Department of Heavy Industry, in March 2015, with the intention of promoting hybrid and electric vehicles, by investing an amount of $116.0 million (INR 795 crore). FAME I was approved for a period of two years, but was extended to another two years and was later revised into FAME II, with the approval of the Union Cabinet in April 2019.
India Electric Vehicle Market Competitive Landscape
Some of the major players operating in the Indian electric vehicle market are Hero Electric Vehicles Pvt. Ltd., Lohia Auto Industries, Saera Electric Auto Pvt. Ltd., Electrotherm (India) Ltd., Okinawa Autotech Pvt. Ltd., Ather Energy Pvt. Ltd., Mahindra Electric Mobility Ltd., Tata Motors Ltd., Toyota Kirloskar Motor Pvt. Ltd., TVS Motor Co. Ltd., Terra Motors Corporation, Olectra Greentech Ltd., and Ashok Leyland Ltd.
The report covers a state-wise Indian electric vehicle market analysis. Some of the major states covered in the report are Uttar Pradesh, Delhi, Punjab, Haryana, Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, Tamil Nadu, Karnataka, Kerala, and West Bengal.
India Electric Vehicle Market Size Breakdown by Segment
The India Electric Vehicle Market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Vehicle Type
Based on Battery Type
Based on State