India EV Market: Current Analysis and Forecast (2022-2028)

Report Description

The India EV Market is expected to grow at a CAGR of 42% during the forecast period. India’s EV industry is gaining momentum, aided by government initiatives and rising oil prices. However, the massive shift from internal combustion engine vehicles (ICE) to electric vehicles requires the expansion of infrastructure facilities, including charging stations, and vehicles capable of providing longer range (KM range on a single charge). Moreover, several initiatives taken by the government to support the manufacturing and adoption of electric vehicles in the country should help in achieving the target of 100% EV adoption by 2030 according to the India Brand Equity Foundation (IBEF). These initiatives include the Battery Swapping Policy. On April 22, 2022, NITI Aayog published a draft battery replacement policy effective until March 31, 2025. The policy will be implemented over a period of one to two years from the policy implementation date and will cover all large cities with a population of 4 Mn or more. The second phase will run for two to three years from the policy’s launch date and will cover all Union Territories (UTs) and major cities with a population of 500,000 or more.

Some of the major players operating in the market include AUDI AG, BMW AG, Hyundai Motor Company, Jaguar Land Rover Automotive PLC, Mahindra & Mahindra Limited, The Mercedes-Benz Group AG, MG MOTOR UK Limited, Olectra Greentech Limited, Tata Motors Limited, and Toyota Motor Corporation are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, BEV segment to witness robust CAGR during the forecast period”

Based on product, the market is classified into BEV and PHEV. The BEV segment catered to a dominating share of the EV market in India in 2020. The segment’s dominant market share can be attributed to consumers’ growing preference for EVs over internal combustion engine (ICE) cars and regulations on vehicle CO2 emissions. BEVs have the potential to drastically lower vehicle emissions as well as the long-term cost of ownership. Over the projected period, it is also anticipated that improvements in battery technology and falling lithium-ion battery prices will fuel demand for BEVs.

“Amongst vehicle type, the commercial vehicles segment to hold a significant share in the market in 2020”

Based on vehicle type, the market is divided into passenger cars, commercial vehicles, and two wheelers. Commercial vehicles include electric buses, three-wheelers, and electric cars and this segment held a significant share of the market in 2020. The ongoing deployment of electric light-duty commercial vehicles and electric buses in the nation is responsible for the segment’s expansion. As the government pursues aggressive plans to increase the number of electric cars on the road in order to minimize vehicle pollution in the nation’s major cities, electric buses are already gaining popularity. Electric light-duty commercial vehicles and electric buses are already on the market in the nation because of the companies like Tata Motors, Mahindra & Mahindra Ltd, and Olectra Greentech Limited.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.

Customization Options:

The Indian EV market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the India EV Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Indian EV market were the three major steps undertaken to create and analyze the adoption of EVs in India. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Indian EV market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the EV market in India through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Indian EV market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments. Major segments are included in the report as product and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in India.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the EV market in India. Further, we conducted factor analysis using dependent and independent variables such as product and vehicle type of the EV market in India. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the EV sector across India.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the EV market in India, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the EV market across India
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Indian EV market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.). Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Indian EV market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product and vehicle type in the Indian EV market.

The main objective of the India EV Market Study

The current & future market trends of the EV market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a national level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the India EV market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product and vehicle type
• Define and analysis of the regulatory framework for the Indian EV industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Indian EV market
• Company profiles of the Indian EV market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive country level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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