India Electric Vehicle Market
The Indian automobile industry is one of the largest growing markets of the world, and contributes more than 15% in India’s GDP which is expected to reach up to 25% by 2024. India is now targeting deployment of 6-7 million of electric vehicles by 2020 under the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme, which is likely to drive the growth of electric vehicle market in India. However, Indian electric vehicle market is in its nascent stage when compares with the other matured markets such as U.S, China and Europe among others, where India accounting to be a negligible participant having a share of 0.1%.
Goldstein Research analyst forecast the India electric vehicle market to grow at a CAGR of 100% during the period 2016-2024. Moreover, Indian electric vehicles sales reached to 22,000 thousand vehicles in 2016 with sales increased by 37.5% as compared to the 2015 and is poised to rise on the back of declining cost of lithium ion batteries and favorable government initiatives and policies with a vision to achieve 6 million electric and hybrid vehicles in India by 2020.
Covered in this India Electric Vehicle Market report
The report covers the present ground scenario and the future growth prospects of the India electric vehicle market for 2016-2024 along with the total sales of electric vehicles in every region. We calculated the market size and revenue share on the basis of revenue generated from the sales of electric vehicles by various industry players across the India.
India Electric Vehicle Market Segmentation
By Technology Type
- Hybrid Electric Vehicles
- Battery Electric Vehicles
- Plug-in Hybrid Vehicles
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
- Tier- I Cities Electric Vehicle Market
- Tier- II Cities Electric Vehicle Market
- Tier- III Cities Electric Vehicle Market
On the basis of technology type battery electric vehicles accounted for the largest revenue share as more than 0.4 million electric bikes and 1 million e-rickshaws are running on Indian roads as compare to few thousand electric hybrid passenger vehicles.
India Electric Vehicle Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the India electric vehicle market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. India electric vehicle market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.
Our India electric vehicle market report comprises of the following companies as the key players in the India electric vehicle market: Toyota, Maruti Suzuki, Mahindra Motors, BMW, Tata Motors, Lohia Auto Industries, Heroelectric, BSA Motors, TVS.
According to our India electric vehicle market study on the basis of extensive primary and secondary research, one of the major trend that driving the growth of electric vehicle market is improved EV technology with reduction in battery cost, which is making electric vehicles more economical and eco-friendly options than ICE vehicles.
According to the report, major driver in Indian electric vehicle market is government initiative and policies to support the deployment and adoption of electric vehicle across the country. The FAME scheme introduced by the Indian government offers subsidy on the retail price of electric vehicles ranging from USD 165 to USD 2,010 which is applicable for all electric vehicle segments.
Further, the report states that one challenge in India electric vehicle market is lack of electric vehicle charging infrastructure in India. There are merely 100 EV charging stations across India which makes it difficult for vehicle owners to undertake long travels. Infrastructure development is needed in order to support EV sales and adoption of electric vehicles across the country.
Geographically, Tier-I cities accounted for the highest revenue share of electric vehicles as the major sales of e-rickshaw and hybrid cars is in metros cities. Tier-II cities will be benefitted by the government initiatives and are anticipated to grow significantly over the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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Key questions answered in this India electric vehicle market report
- What is the total market size by 2024 and what would be the expected growth rate of sales?
- What are the total sales in 2015-16 (Units) and what would be the expected demand over the forecast period?
- What are the key market trends?
- What are the factors which are driving this market?
- What are the major barriers to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities for the existing and entry level players?
- What are the recent developments and business strategy of the key players?
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