Dublin, Dec. 18, 2024 (GLOBE NEWSWIRE) -- The "Electric Vehicles Market in India, 2024-2029" report has been added to ResearchAndMarkets.com's offering.
India's electric vehicle (EV) market is witnessing significant growth, with a shift towards electrification driven by government initiatives such as the FAME scheme. Opportunities include government incentives like reduced GST and extensive EV charging infrastructure development.
Companies such as Olectra, Mahindra & Mahindra, JBM Auto, and Ather are developing not only electric vehicles but are also concentrating on the expansion of EV infrastructure development for the market.
Market insights
The EV market in India witnessed sales of 600,396 units of EVs in 2023. This figure is expected to reach 13,411,105 units by the end of 2029, expanding at a compound annual growth rate (CAGR) of 68.59% during the 2024-2029 period.
The EV market's expansion is supported by a combination of declining costs, technological advancements, and a growing shift in consumer preference toward sustainable transportation. By 2029, EVs are expected to account for 10-15% of the total automobile market in India, with both legacy and emerging manufacturers investing heavily in electrification. The Indian government has also played a crucial role by lowering the GST on EVs to 5%, making them more affordable for the broader population. Financial institutions and grid operators are expected to tap into this rising demand.
Segment insights
Electric two-wheelers dominate the Indian EV market, with scooters making up approximately 97% of sales in this category. Motorcycles and e-bikes form a smaller portion but are gaining traction as well. The four-wheeler segment, while smaller, is rapidly evolving as consumers increasingly consider EVs for their next vehicle purchase, with a preference for full battery electric vehicles (49%) over plug-in hybrids (21%). As battery technology improves and charging infrastructure expands, electric cars are expected to achieve cost parity with internal combustion engine (ICE) vehicles, accelerating the shift toward electrification.
Market Opportunities
Significant opportunities are emerging in the EV ecosystem, supported by policy measures and market dynamics. The Indian government's focus on expanding charging infrastructure - installing over 2,600 stations with a target of one every 25 kilometres - aims to mitigate range anxiety, a major barrier to EV adoption. Additionally, capital grants are being offered to logistics and e-commerce companies to promote EV usage in delivery services.
The Union Budget for 2022-23 also prioritized EV penetration in public transportation and the establishment of dedicated EV mobility zones. With the shift toward electrification, stakeholders across the value chain, from original equipment manufacturers (OEMs) to financial services and energy providers, can seize vast opportunities. Companies like Tata Motors, Ather Energy, and Mahindra are poised to capitalize on the increasing demand for EVs by offering a diverse range of products and investing in the expansion of the charging network.
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Socio-Economic Indicators
Chapter 3: Introduction
3.1. Market Definition and Structure
Chapter 4: Market Overview
4.1. Electric Vehicles' Sales in India - Size and Growth Forecast (CY 2021 - CY 2029e)
4.2. Current Market Scenario
4.3. State-Wise EV Sales Trends (Mar 2023 - Mar 2024)
Chapter 5: Market Segmentation
5.1 Electric Two-Wheelers: Sales Split (June 23 - June 24)
5.2. Electric Rickshaws: Sales Split (June 23 - June 24)
5.3. E3W L5 PAX: Sales Split (June 23 - June 24)
5.4. E-Cart: Sales Split (June 23 - June 24)
5.5. E3W L5 Goods: Sales Split (June 23 - June 24)
5.6. E4W: Sales Split (June 23 - June 24)
5.7. E-Bus: Sales Split (June 23 - June 24)
5.8. Other Electric Vehicles: Sales Split (June 23 - June 24)
5.9. High Speed E2W Sales Trend, by OEM
5.10. E3W Passenger L5 Sales Trend, by OEM
5.11. E3W Goods L5 Sales Trend, by OEM
5.12. E-Rickshaws' Sales Trend, by OEM
5.13. E-Cart Sales Trend, by OEM
5.14. E4W Sales Trend, by OEM
5.15. E-Bus Sales Trend, by OEM
Chapter 6: Market Influencers
6.1. Market Drivers
6.2. Market Challenges
Chapter 7: Market Trends
7.1. Key Market Trends
Chapter 8: Government Initiatives
8.1. Favorable Government Initiatives
Chapter 9: Competitive Landscape
9.1. Bajaj Auto Limited
9.2. JBM Auto Limited
9.3. Mahindra & Mahindra Limited
9.4. Olectra Greentech Limited
9.5. Tata Motors Limited
9.6. Ather Energy Private Limited
9.7. Hero Electric Vehicles Private Limited
9.8. Hyundai Motor India Limited
9.9. MG Motor India Private Limited
9.10. Okinawa Autotech Private Limited
Chapter 10: Recent Developments
For more information about this report visit https://www.researchandmarkets.com/r/r2x53j
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