India Electric Vehicle Market Global Industry Analysis, size, share and Forecast 2020-2027

This detailed market study covers various growth opportunities and competitive scenarios, which can assist the stakeholders in understanding market trends and prospects in the markets. The India Electric Vehicle Market report focuses on data from a combination of primary and secondary sources and analyses the information using numerous tools. The research report also offers a detailed analysis of each segment in the electric vehicle market in India and evaluates the impact of the COVID-19 outbreak on the industry.

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India Electric Vehicle Market Competitive Rivalry

The market report includes an analysis of the competitive landscape present in the industry. It consists of an assessment of the existing and ongoing trends that players can invest in. The notable players in the India electric vehicle market are Hyundai Motor India Ltd., Kinetic Green Energy & Power Solutions Ltd., MG Motor India Pvt. Ltd., Ather Energy, Okinawa Autotech Pvt. Ltd., Lohia Global, Tata Motors Limited, Mahindra Electric Mobility Limited, Hero Electric, Electrotherm (India) Limited, and Avon Cycles, among others.

India Electric Vehicle Market Drivers

The key drivers accelerating the growth of the market includes the increasing level of air pollution and global warming. The drastically increasing fuel cost, rapid depletion of fossil fuels, and the degradation of the environment driven by the CO2 emission from the combustion of fossil fuels, followed by the growing awareness and concerns for rapid climate change are encouraging the consumers to opt for an electric vehicle in India. Additionally, the increasing efforts from the government to encourage the adoption of electric vehicles by providing subsidies on electric vehicles is further surging the demand of the market over the coming years.

Various automotive players are investing in electric vehicles, and technologies underpinning the development of electric vehicles are evolving due to the accelerating number of research & development activities to develop advances electric vehicle and its increasing penetration. The combination of all factors will directly boost the demand for the electric vehicle market in India. Moreover, the government has also introduced various subsidies and programs to promote electric vehicle adoption. For example, National Mission for Electric Mobility (NMEM) mission initiated by the government focusing on increasing the adoption of electric vehicles and provide the roadmap for achieving a substantial penetration of electric vehicles that are environment-friendly by 2020 in India.

Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) was developed by the department of heavy industry in 2015 for assuring a significant growth of electric and hybrid vehicles and the accelerating production of these vehicles are the major factors responsible for the expansion of the electric vehicle market size in India. In addition to this, India has a plan to minimize Greenhouse gas (GHG) emissions by about 33 to 35 percent by 2030 under the Paris Agreement Climate Commitment, which brings an opportunity for EV in India.

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India Electric Vehicle Market Segmentation

The chapter of segmentation provides the readers with an overview of the electric vehicle market in India, such as its products, applications, and other relevant factors of the industry. Understanding the market segments helps in identifying the importance of different factors that surges market growth over the forecast period (2020-2027).

Segment by Vehicle Type: