India Electric Car Market was valued at US$ 5 Bn. in 2020 and is expected to reach US$ 64.2 Bn. by 2027, at a CAGR of 44% during a forecast period.

India Electric Car Market Overview:

Government plans and subsidies have played a significant influence in the market's expansion. Furthermore, rising environmental concerns resulting from high pollution levels in the country's largest cities are favourably impacting the market growth. The COVID-19 pandemic has had an influence on the Indian electric vehicle market, causing supply chain disruptions and the closure of manufacturing units as a result of ongoing lockdowns and travel restrictions across the country. In India, however, the electric vehicle (EV) sector is still in its infancy. Due to several government programmes and policies, it is expected to expand at a considerably quicker rate during the forecast period. India Electric Car Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2016 to forecast the market through 2027. 2020 is considered a base year. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Toyota Confirms Plans to Launch Its Electric Car in India:

Toyota Motor Corporation has confirmed that the Japanese automaker will be introducing battery EVs (BEV) in the Indian market. The new Toyota EV for India is under development in collaboration with Suzuki Motor Corporation, the manufacturer's top official has confirmed ahead of the 2019 Tokyo Motor Show. It is speculated that Toyota's compact electric vehicle for the Indian market will be based on the Maruti Suzuki Wagon R electric that is currently being tested in the country. India's largest automaker is expected to introduce the electric Wagon R for the masses by 2020. The jointly developed compact BEV is just another addition to the Toyota & Suzuki partnerships which was first forged in November 2017. As part of the tie-up, both companies have been exchanging resources & engineering knowledge, as well as vehicles to be badged under either brand name. The Toyota Glanza introduced in 2019, which is essentially a rebadged Maruti Suzuki Baleno, was the first product to be launched under the collaboration. Finance minister Sitharaman on 6th May 2020 announced credit guaranteed loans to micro, small & medium enterprises (MSMEs), expected to help about 4.5 Mn units to get back to business. Announcing the details of the 20 TN fiscal stimulus package, the collateral free, automatic loans will benefit MSMEs with up to, 25 crore outstanding loans & crore sales.

India Electric Car Market Dynamics:

According to the Environmental Pollution Index (EPI) 2019, India is among the bottom five countries in terms of environmental health, ranking 178th out of 180 countries in terms of air quality. In 2018, India's CO2 emissions climbed by 4.6 %, according to estimates. PM2.5 (ultrafine particulate matter) generated by gasoline-powered cars is dangerous. Their concentration in the air has risen in recent decades, resulting in approximately 1,640,000 deaths in India each year. To combat air pollution, the government has opted to switch from traditional fuel-based vehicles to electric vehicles, as well as enacting a number of strict regulations. India is now adhering to Bharat Stage IV (BS IV) emission standards and will switch to BS-VI by 2020, skipping BS V. Due to environmental degradation, rising pollution levels, and health risks posed by vehicle pollution, the government has chosen to proceed straight from BS-IV to BS-VI gasoline regulations. This is a step toward a more environmentally friendly and sustainable future. As a result, conventional fuel-based vehicle usage is predicted to decline, increasing the demand for electric vehicles. With the implementation of BS-VI, India will be on a level with the United States and other developed European countries in the automotive sector. India's public transportation networks are among the most widely used in the world. As a result, shared electric mobility has a chance to acquire traction in India's electric car market by satisfying the growing demand for transportation systems. Because of increased connectivity, new business models, and rapidly lowering technological costs, mobility systems are undergoing transition. Ola Cabs and Uber are two famous examples of business models that provide shared electric mobility options. In Nagpur, Maharashtra, Ola, and Mahindra & Mahindra announced a campaign to create an electric mass mobility ecosystem. The corporation has already purchased over 100 of Mahindra's e20 plus vehicles. It also plans to buy vehicles from other original equipment manufacturers (OEMs) for its fleet, including BYD Automobile Company Ltd. and TATA Motors Ltd. Uber India has also teamed with Mahindra & Mahindra Ltd. to deploy electric vehicles in Hyderabad and Delhi, beginning with a few hundred vehicles. One of the key bottlenecks in the Indian electric car market is the lack of sufficient charging facilities. The charging infrastructure is the most important aspect in determining whether or not electric cars will be sold in the country. Customers' adoption of electric automobiles is hampered by the limited or insufficient availability of charging stations, as well as a lack of acceptable financial programmers to support the growth of such infrastructure. Furthermore, technological hurdles such as limited electric range and long charging times are projected to stymie the country's adoption of electric vehicles.

India Electric Car Market segment analysis:

On the basis of technology, Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs) are the three types of electric vehicles available in India (HEV). In 2020, the BEV category had the greatest share of the Indian market, accounting for more than 72% of total sales. Because the government offers the greatest subsidies on the purchase of BEVs compared to PHEVs and HEVs, the BEV category is expected to continue to dominate the market in terms of both volume and value during the forecast period. Furthermore, during the forecast period, the market is likely to profit from the availability of numerous BEV models, lowering battery prices, and lower upfront costs. India Electric Car MarketOn the basis of battery, Lithium-Iron-Phosphate (LFP), Lithium–Nickel–Manganese Cobalt Oxide (Li-NMC), and other materials have been used to classify the Indian electric car market. Other Li-ion-based batteries, such as Lithium–Titanate Oxide (LTO) batteries, Lithium–Nickel–Cobalt–Aluminum oxide (NCA) batteries, nickel-metal hydride (NiMH) batteries, and lead-acid batteries, are included in the “others” category. Due to characteristics such as high current rating, thermal stability and safety levels, and long cycle life, the LFP battery-based electric car was the leading category in the market in 2020, accounting for almost 68 % of sales volume.

India Electric Car MarketIndia Electric Car Market Regional Insight:

In India's electric car market in 2020, Maharashtra had the largest sales volume. During the forecast period, the state is expected to remain the country's leading market for electric cars, thanks to the state government's Electric Vehicle Policy 2020, which aims to support the growth of the electric vehicle market by supporting electric vehicle manufacturing, developing charging infrastructure and providing subsidies to customers who purchase these vehicles. Electric vehicle incentives of up to $1,550 (INR 100,000) per vehicle has been announced by the state government. India Electric Car MarketThe objective of the report is to present a comprehensive analysis of the India Electric Car market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the India Electric Car market dynamics, structure by analyzing the market segments and projects the India Electric Car market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the India Electric Car market make the report investor’s guide.

India Electric Car Market Scope: Inquire before buying

India Electric Car Market

India Electric Car Market Key Players

Hyundai Motor Company • Mahindra Electric Mobility Limited • Volvo Car Corporation • Toyota Kirloskar Motor Pvt. Ltd • Tata Motors Limited • Honda Motor Co. Ltd. • Maruti Suzuki • Exide Industries • AB Volvo • Bayerische Motoren Werke AG • Lohia Auto Industries • Maini Material Movement Pvt. Ltd. • Carrieall Car Private Limited • Tunwal E-Vehicle India Pvt. Ltd • Mahindra & Mahindra Limited • MG Motor India • Olectra Greentech Ltd • JBM Auto Limited

Frequently Asked Questions:

1. What is the market size of India Electric Car Market in 2020? Ans: India Electric Car Market was valued at US$ 5 Bn. in 2020. 2. What is the growth rate of India Electric Car Market? Ans: The India Electric Car Market is growing at a CAGR of 44 % during forecasting period 2021-2027. 3. What segments are covered in India Electric Car market? Ans: India Electric Car Market is segmented into technology, product, battery, battery capacity, end-user and Country. 4. Who are the key players in India Electric Car market? Ans: The important key players in the India Electric Car Market are – Hyundai Motor Company, Mahindra Electric Mobility Limited, Volvo Car Corporation, Toyota Kirloskar Motor Pvt. Ltd, Tata Motors Limited, Honda Motor Co. Ltd., Maruti Suzuki, Exide Industries, AB Volvo, Bayerische Motoren Werke AG, Lohia Auto Industries, Maini Material Movement Pvt. Ltd., and Carrieall Car Private Limited. 5. What is the study period of this market? Ans: The India Electric Car Market is studied from 2020 to 2027.