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India Electric Vehicle Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The India electric vehicle market size reached US$ 404 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 14,913 Million by 2027, exhibiting a growth rate (CAGR) of 87% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Electric vehicle (EV) refers to an automobile that runs on the energy stored in batteries instead of an internal-combustion engine. It has emerged as a convenient and eco-friendly mode of transportation that helps in reducing harmful exhaust emissions from fuel-based vehicles. Some of the common types of electric vehicles include battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. The growing adoption rate of these electric vehicles depends upon their zero carbon emissions, cost-effectiveness, compact design, and noise-free travel experience.

 

 
 

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India Electric Vehicle (EV) Market Trends:

The rising prices of transportation fuels, such as petrol, diesel, CNG, etc., are primarily driving the adoption of electric vehicles in India. Moreover, the increasing consumer consciousness towards maintaining ecological sustainability and several efforts to reduce air pollution levels are further propelling the market growth. Additionally, the introduction of various initiatives by the Indian government for promoting the adoption of electric vehicles to reduce GHG emissions is also bolstering the market growth in the country. In line with this, the government has launched numerous financial aids and subsidies on the purchase of electric vehicles, which is acting as significant growth-inducing factor. Furthermore, the rising investments in the upgradation of public charging infrastructures for electric vehicles are augmenting the market growth in India. Apart from this, various ridesharing companies in India, such as OLA and Uber, are adopting electric vehicles to offer noise-free and eco-friendly rides to their customers. Additionally, the emergence of numerous electrification programs in the public transportation sector for replacing fuel-based vehicles with their safer and cleaner alternatives is positively influencing the India market. Moreover, the declining costs of lithium-ion batteries, coupled with the increasing focus on domestic production under the ‘Make in India’ initiative, are also catalyzing the demand for electric vehicles in the country. Besides this, the growing integration of electric vehicles with several advanced technologies, such as GPS navigation, remote sensors, anti-theft locking systems, etc., is expected to drive India electric vehicle market in the coming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India electric vehicle market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on vehicle type, price category and propulsion type.

Breakup by Vehicle Type:

 

 
 

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  • Passenger Vehicles
  • Commercial Vehicles
  • Others
     

Breakup by Price Category:

  • Mid-Range
  • High/Luxury Range
     

Breakup by Propulsion Type:

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

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Ampere Vehicles Private Limited (Greaves Cotton Limited), Ather Energy Pvt Ltd, Atul Auto Limited, Bajaj Auto Limited (Bajaj Group), Electrotherm (India) Ltd., Hero Electric (Hero Eco Group), Hyundai Motor India Limited (Hyundai Motor Company), JBM Auto Limited, Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd), MG Motor India Pvt. Ltd (SAIC Motor Corporation Limited), Okinawa Autotech Pvt. Ltd, Olectra Greentech Ltd., Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA), Tata Motors Limited (Tata Group), TVS Motor Company (Sundaram - Clayton Limited), and VE Commercial Vehicles Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units Million US$, ‘000 Units
Segment Coverage Vehicle Type, Price Category, Propulsion Type, Region
Region Covered North India, West and Central India, South India, East India
Companies Covered Ampere Vehicles Private Limited (Greaves Cotton Limited), Ather Energy Pvt Ltd, Atul Auto Limited, Bajaj Auto Limited (Bajaj Group), Electrotherm (India) Ltd., Hero Electric (Hero Eco Group), Hyundai Motor India Limited (Hyundai Motor Company), JBM Auto Limited, Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd), MG Motor India Pvt. Ltd (SAIC Motor Corporation Limited), Okinawa Autotech Pvt. Ltd, Olectra Greentech Ltd., Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA), Tata Motors Limited (Tata Group), TVS Motor Company (Sundaram - Clayton Limited), and VE Commercial Vehicles Limited.
Customization Scope 10% Free Customization
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Key Questions Answered in This Report:

  • How has the India electric vehicle market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the India electric vehicle market?
  • What are the key regional markets?
  • What is the breakup of the market based on the vehicle type?
  • What is the breakup of the market based on the price category?
  • What is the breakup of the market based on the propulsion type?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the India electric vehicle market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    India Electric Vehicle Market
    5.1    Market Overview
    5.2    Market Performance
        5.2.1    Volume Trends
        5.2.2    Value Trends
    5.3    Impact of COVID-19
    5.4    Market Forecast
        5.4.1    Volume Trends
        5.4.2    Value Trends
6    India Market Breakup by Vehicle Type
    6.1    Passenger Vehicles
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Commercial Vehicles
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Others
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Price Category
    7.1    Mid-Range
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    High/Luxury Range
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Propulsion Type
    8.1    Battery Electric Vehicle
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Hybrid Electric Vehicle
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Plug-In Hybrid Electric Vehicle
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by Region
    9.1    North India
        9.1.1 Market Trends
        9.1.2 Market Breakup by State
        9.1.3 Market Forecast
        9.1.4 Upcoming EV Charging Stations
        9.1.5 Upcoming EV Manufacturing Plant
    9.2    West and Central India
        9.2.1 Market Trends
        9.2.2 Market Breakup by State
        9.2.3 Market Forecast
        9.2.4 Upcoming EV Charging Stations
        9.2.5 Upcoming EV Manufacturing Plant
    9.3    South India
        9.3.1 Market Trends
        9.3.2 Market Breakup by State
        9.3.3 Market Forecast
        9.3.4 Upcoming EV Charging Stations
        9.3.5 Upcoming EV Manufacturing Plant
    9.4    East India 
        9.4.1 Market Trends
        9.4.2 Market Breakup by State
        9.4.3 Market Forecast
        9.4.4 Upcoming EV Charging Stations
        9.4.5 Upcoming EV Manufacturing Plant
    9.5    Upcoming EV Charging Stations by Private Players
10    Upcoming Electric Vehicles in Next 10 years
11    Government Initiatives, Allocated Land/ Budget and Support to EV projects

    11.1    Electric Vehicle Policy Landscape in India 
    11.2    Government Initiatives 
        11.2.1 EV India Policy Roadmap – Manufacturing and Demand Incentive
        11.2.2 State Level Initiative 
    11.3    Policy Roadmap for EVs Charging Infrastructure
        11.3.1 Structure of EVs Charging Infrastructure 
        11.3.2 Density Targets for EVs Charging Infrastructure 
        11.3.3 Public Charging Standards in India
        11.3.4 Key Initiatives on EVs Charging Infrastructure in India
        11.3.5 Operational Requirements of EVs Charging Stations
        11.3.6 Technical requirements of EVs Charging Stations
        11.3.7 State Wise Initiatives for EVs Charging Stations
        11.3.8 State Wise EV Tariffs
12   Import Structure
    12.1    Import Structure for Electric Vehicle Industry in India
    12.2    Custom Duties
    12.3    Import Trends 
        12.3.1 Lithium Ion 
           12.3.1.1 Major Exporting Countries to India
        12.3.2 Traction Motor
           12.3.2.1 Major Exporting Countries to India
        12.3.3 Electric Passenger Vehicle
           12.3.3.1 Major Exporting Countries to India
        12.3.4 Electric Two-Wheeler 
           12.3.4.1 Major Exporting Countries to India
13    Market Data on Charging Units, Manufacturers and their Cost Comparison
   13.1    India Electric Vehicle Charging Station – Market Performance 
   13.2    Key Players
   13.3    Cost Comparison
14    Policy, Regulations and Restrictions
15    SWOT Analysis

    15.1    Overview
    15.2    Strengths
    15.3    Weaknesses
    15.4    Opportunities
    15.5    Threats
16    Porters Five Forces Analysis
    16.1    Overview
    16.2    Bargaining Power of Buyers
    16.3    Bargaining Power of Suppliers
    16.4    Degree of Competition
    16.5    Threat of New Entrants
    16.6    Threat of Substitutes
17    Price Analysis
18    Competitive Landscape

    18.1    Market Structure
    18.2    Key Players
    18.3    Profiles of Key Players
        18.3.1    Ampere Vehicles Private Limited (Greaves Cotton Limited)
           18.3.1.1 Company Overview
           18.3.1.2 Product Portfolio 
           18.3.1.3 Financials
        18.3.2    Ather Energy Pvt Ltd
           18.3.2.1 Company Overview
           18.3.2.2 Product Portfolio 
        18.3.3    Atul Auto Limited
           18.3.3.1 Company Overview
           18.3.3.2 Product Portfolio
           18.3.3.3 Financials
        18.3.4    Bajaj Auto Limited (Bajaj Group)
           18.3.4.1 Company Overview
           18.3.4.2 Product Portfolio
           18.3.4.3 Financials
        18.3.5    Electrotherm (India) Ltd.
           18.3.5.1 Company Overview
           18.3.5.2 Product Portfolio
           18.3.5.3 Financials
        18.3.6    Hero Electric (Hero Eco Group)
           18.3.6.1 Company Overview
           18.3.6.2 Product Portfolio
        18.3.7    Hyundai Motor India Limited (Hyundai Motor Company)
           18.3.7.1 Company Overview
           18.3.7.2 Product Portfolio
           18.3.7.3 Financials
           18.3.7.4 SWOT Analysis
        18.3.8    JBM Auto Limited
           18.3.8.1 Company Overview
           18.3.8.2 Product Portfolio
           18.3.8.3 Financials
        18.3.9    Mahindra Electric Mobility Limited (Mahindra & Mahindra Ltd)
           18.3.9.1 Company Overview
           18.3.9.2 Product Portfolio 
           18.3.9.3 Financials
        18.3.10    MG Motor India Pvt Ltd (SAIC Motor Corporation Limited)
           18.3.10.1 Company Overview
           18.3.10.2 Product Portfolio
        18.3.11    Okinawa Autotech Pvt Ltd
           18.3.11.1 Company Overview
           18.3.11.2 Product Portfolio
        18.3.12    Olectra Greentech Ltd.
           18.3.12.1 Company Overview
           18.3.12.2 Product Portfolio
           18.3.12.3 Financials
        18.3.13    Piaggio Vehicles Pvt. Ltd. (PIAGGIO & C. SPA)
           18.3.13.1 Company Overview
           18.3.13.2 Product Portfolio
           18.3.13.3 Financials
        18.3.14    Tata Motors Limited (Tata Group)
           18.3.14.1 Company Overview
           18.3.14.2 Product Portfolio
           18.3.14.3 Financials
           18.3.14.3 SWOT Analysis
        18.3.15    TVS Motor Company (Sundaram - Clayton Limited)
           18.3.15.1 Company Overview
           18.3.15.2 Product Portfolio
           18.3.15.3 Financials
        18.3.16    VE Commercial Vehicles Limited
           18.3.16.1 Company Overview
           18.3.16.2 Product Portfolio 
           18.3.16.3 Financials

List of Figures

Figure 1: India: Electric Vehicle Market: Major Drivers and Challenges
Figure 2: India: Electric Vehicle Market: Value Trends (in Million US$), 2016-2021
Figure 3: India: Electric Vehicle Market Forecast: Value Trends (in Million US$), 2022-2027
Figure 4: India: Electric Vehicle Market: Volume Trends (in ‘000 Units), 2016-2021
Figure 5: India: Electric Vehicle Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 6: India: Electric Vehicle Market: Breakup by Vehicle Type (in %), 2021
Figure 7: India: Electric Vehicle Market: Breakup by Price Category (in %), 2021
Figure 8: India: Electric Vehicle Market: Breakup by Propulsion Type (in %), 2021
Figure 9: India: Electric Vehicle Market: Breakup by Region (in %), 2021
Figure 10: India: Electric Vehicle (Passenger Vehicles) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 11: India: Electric Vehicle (Passenger Vehicles) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 12: India: Electric Vehicle (Commercial Vehicles) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 13: India: Electric Vehicle (Commercial Vehicles) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 14: India: Electric Vehicle (Other Vehicles) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 15: India: Electric Vehicle (Other Vehicles) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 16: India: Electric Vehicle (Mid-Range) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 17: India: Electric Vehicle (Mid-Range) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 18: India: Electric Vehicle (High/Luxury Range) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 19: India: Electric Vehicle (High/Luxury Range) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 20: India: Electric Vehicle (Battery Electric Vehicle) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 21: India: Electric Vehicle (Battery Electric Vehicle) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 22: India: Electric Vehicle (Hybrid Electric Vehicle) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 23: India: Electric Vehicle (Hybrid Electric Vehicle) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 24: India: Electric Vehicle (Plug-In Hybrid Electric Vehicle) Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 25: India: Electric Vehicle (Plug-In Hybrid Electric Vehicle) Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 26: North India: Electric Vehicle Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 27: North India: Electric Vehicle Market: Breakup by State (in %), 2021
Figure 28: North India: Electric Vehicle Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 29: West and Central India: Electric Vehicle Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 30: West and Central India: Electric Vehicle Market: Breakup by State (in %), 2021
Figure 31: West and Central India: Electric Vehicle Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 32: South India: Electric Vehicle Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 33: South India: Electric Vehicle Market: Breakup by State (in %), 2021
Figure 34: South India: Electric Vehicle Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 35: East India: Electric Vehicle Market: Volume Trends (in ‘000 Units), 2016 & 2021
Figure 36: East India: Electric Vehicle Market: Breakup by State (in %), 2021
Figure 37: East India: Electric Vehicle Market Forecast: Volume Trends (in ‘000 Units), 2022-2027
Figure 38: India: Electric Vehicle Industry: SWOT Analysis
Figure 39: India: Electric Vehicle Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: India: Electric Vehicle Market: Key Industry Highlights, 2021 and 2027
Table 2: India: Electric Vehicle Market Forecast: Breakup by Vehicle Type (in ‘000 Units), 2022-2027
Table 3: India: Electric Vehicle Market Forecast: Breakup by Price Category (in ‘000 Units), 2022-2027
Table 4: India: Electric Vehicle Market Forecast: Breakup by Propulsion Type (in ‘000 Units), 2022-2027
Table 5: India: Electric Vehicle Market Forecast: Breakup by Region (in ‘000 Units), 2022-2027
Table 6: India: Electric Vehicle Market: Competitive Structure
Table 7: India: Electric Vehicle Market: Key Players


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