Pune, India, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The EV Market in India was valued at USD 1.45 billion in 2021 and projected to reach USD 113.99 billion by 2029 at a CAGR of 66.52% during the forecast period. The market is growing incredibly well due to the adoption of electric micro-mobility vehicles worldwide. Fortune Business Insights™ stated this in a report titled, “India electric vehicle Market, 2022-2029."
Competitive Landscape-
Key Industry Giants Entered into Collaboration to bolster their Portfolio
Major players operating in the market announce novel products to attract consumers and boost their brand image. Major firms such as TATA Motors are investing in R&D activities and technology domains to establish their solid footholds in the electric vehicles segment. Furthermore, the firm produces utility vehicles, buses, trucks, defence vehicles, and cars. It also manufactures engines for industrial & marine aggregates and applications, such as transmissions for commercial vehicles and axles. The firm’s two EVs models, Tigor and Nexon, have the largest sales of EVs 694,159 units in India.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2022-2029 | |
| Forecast Period 2022 to 2029 CAGR | 66.52% | |
| 2029 Value Projection | USD 113.99 Billion | |
| Base Year | 2021 | |
| Market Size in 2021 | USD 1.45 Billion | |
| Historical Data for | 2018-2020 | |
| No. of Pages | 116 | |
Drivers & Restraints-
Rising Government Investments and Initiatives to Foster Market Development
Increasing government investments and initiatives for the development of low emission vehicles is expected to boost the adoption of the product from audiences. The increasing levels of pollution and carbon emissions associated with the adoption of fuel-powered vehicles are expected to boost the adoption of battery-powered electric vehicles. The cheap product price and rising government initiatives toward e-mobility adoption are some other factors that help various brands to penetrate the Indian electrification market to grab revenue growth opportunities. The rapidly increasing fuel prices are expected to enhance the adoption of alternatives, thereby enhancing electric vehicle demand. These factors may drive the Indian electric vehicle market growth. Furthermore, the rising adoption of electric micro-mobility vehicles is an essential factor that has led to the growth of India's electric vehicle market Meanwhile, the shortage of organ donors for transplantation procedures could impede the global transplantation market growth.
However, the lack of electric vehicle standardization and undeveloped charging infrastructure may hinder the market’s progress.
COVID-19 Impact-
Temporary Halt in Manufacturing Activities Impede Market Growth
A considerable impact of the COVID-19 pandemic has been observed on India's electric vehicle market. Certain factors, such as a temporary halt in manufacturing activities, and shortages of essential materials during the outbreak, have negatively affected India's electric vehicle market growth. Meanwhile, a steady recovery at the state level during the pandemic has been observed by supporting Indian government initiatives, and hefty subsidies and incentives have augmented the product demand.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/india-electric-vehicle-market-106623
Segments-
Growing Demand in Automotive Industry Sector Drives Four-Vehicle Segment
On the basis of platform, the market is classified into four-wheelers, three-wheeler, and two-wheeler. The four-vehicle market is estimated to gain a significant hold on the Indian electric vehicle market share during the estimated period. The rapid adoption of four-vehicle across the region is expected to fuel the industry's growth due to its economic cost compared to the internal combustion engine.
Rising demand for Clean Emissions Will Favour Market Development
By vehicle type market is divided into commercial vehicles and passenger cars. Passenger cars will dominate due to the comfort, luxury, and availability of varied options they provide with clean emissions.
The ability of Providing Clean Energy spurs Battery Electric Vehicle Segment
Based on propulsion type, the market is classified as hybrid electric vehicles (HEV) and battery electric vehicles (BEV). The Battery Electric Vehicle segment is expected to rule out due to its ability to provide clean energy at a reasonable price without hampering the ecosystem.
By type, the market is segmented into BEV, PHEV, and HEV. As per vehicle type, it is bifurcated into passenger cars and commercial vehicles. Based on the vehicle category, it is classified into electric four-wheelers (E4W) and electric two-wheelers (E2W).
Report Coverage-
The report provides insights into the regional analysis covering different regions, contributing to the market's growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market's growth.
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EV Companies analyzed in report:
- BMW Group (Germany)
- Toyota (Japan)
- Daimler AG (Germany)
- Volkswagen (Germany)
- Renault Group (France)
- Ford Motor Company (U.S.)
- Mahindra & Mahindra (India)
- TATA Motors (India)
- Hyundai (South Korea)
- MG Motors (U.K.)
- Ola Electric (India)
India electric vehicle Market Segmentation:-
By Platform
- Two Wheeler
- Three Wheeler
- Four Wheeler
- Four Wheeler
Four Wheeler by Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Propulsion Type
- (BEV) Battery Electric Vehicle
- (HEV) Hybrid Electric Vehicle
Key Industry Development:
In August 2021, Ford announced an investment of USD 30 billion with an aim to advance electric vehicle development and production. The firm also focuses on several areas of improvement, including developing more electric vehicles, building more manufacturing facilities, material cost improvements, and expanding EV battery production.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Key Insights on sales, developments and charge point operator
- Supply Chain Analysis
- Impact of Covid-19
- India Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Platform
- Two Wheeler
- Three Wheeler
- Four Wheeler
- Market Analysis, Insights and Forecast – By Four Wheeler Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Four Wheeler Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Four Wheeler Vehicle Type
- Competitive Analysis
- Key Industry Development
- India Market Share Analysis For Two Wheeler (2020 & 2029)
- India Market Share Analysis For Four Wheeler (2020 & 2029)
- India Market Share Analysis For Two Wheeler (2021)
- India Market Share Analysis For Four Wheeler (2021)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability)
- BMW Group
- Daimler AG
- Toyota
- Volkswagen
- Renault Group
- Ford Motor Company
- TATA Motors
- Mahindra &Mahindra Ltd.
- Hyundai
- MG Motors
- Ola Electric
Toc Continued…
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