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India Electric Vehicle (EV) Market Worth USD 9,306 million in 2026 – GMI Research

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India Electric Vehicle (EV) Market Worth USD 9,306 million in 2026 – GMI Research

January 17
11:00 2020
India Electric Vehicle (EV) Market Worth USD 9,306 million in 2026 - GMI Research

India Electric Vehicle Market – 2019-2026
According to GMI Research’s latest report, the India electric vehicle market is expected to grow at a robust CAGR of 25.5% from 2019-2026. India electric vehicle market generated revenues of USD 1,202 million in 2018 and is projected to reach USD 9,306 million in 2026.

An electric vehicle uses an electric motor for propulsion and uses a battery for powering electric motors instead of an internal combustion engine running on fuel. The BEV derives all the power from battery packs, and some electric vehicle are hybrid vehicles which derive power from both battery pack and internal combustion engine. The EV battery needs to be recharged by plugging the vehicle to a charging point.

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Currently, the electric vehicle market in India is in a nascent stage and the market is expected to see promising growth in the coming years. The major factors driving India electric vehicle market growth includes rising air pollution level and global warming. The rising fuel cost, rapid depletion of fossil fuels, and the degradation of the environment due to CO2 emission from the combustion of fossil fuels coupled with increasing awareness and concerns for rapid climate change are further propelling the demand for electric vehicles. Also, increase efforts from the government to promote electric vehicles by providing subsidies on electric vehicles are the key factor driving the growth of the India electric vehicle market during the forecast period.

Major automotive players are investing in electric vehicles, and technologies underpinning the development of electric vehicles are evolving rapidly due to an increase in research & development spending. In order to push electric vehicles and increase its penetration, the government is planning to develop proper charging infrastructure for electric vehicles across the country.

The government has also introduced various subsidies and programs to promote electric vehicle adoption. For instance, the National Mission for Electric Mobility (NMEM) mission initiated by the government which focuses 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. Oil is the major import commodity, and India is highly dependent on oil imports to address its energy requirements; higher adoption of EV’s will reduce imports of oil and help the country to have a trade surplus.

Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) scheme is a part of National Electric Mobility Mission Plan (NEMMP) 2020, is developed by the department of heavy industry in 2015 for assuring a significant growth of electric and hybrid vehicles along with increasing the production of these vehicles. Also, India has a plan to reduce Greenhouse gas (GHG) emissions by about 33 to 35 percent by 2030 under the Paris Agreement Climate Commitment, which creates an opportunity for EVs in India as EVs and PHEVs running only batteries sources have zero exhaust emission.

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Four-Wheelers vehicle type is expected to grow at the highest rate during the forecast period. More and more companies are developing BEV cars and planning to launch new models in the coming years as a result of government incentives on EV from a cut on GST to tax-free registration. In addition, the Government and private sector’s plan to increase the number of charging stations coupled with the launch of new electric cars with a higher range, rapid urbanization, improving living standards, growing concerns for the harmful effects associated with carbon emissions will drive India electric car market till 2026.

Battery Electric Vehicle (BEV) held the largest revenue share in 2018 and is expected to grow at the highest CAGR % during the forecast period owing to more and more BEV models are being launched coupled with improvement in battery technology helping manufacturers to put more battery packs in less space and enabling them to developed electric cars and two-wheelers with longer range.

Lithium-ion Battery vehicles accounted for the largest pie of the market in 2018 and it is projected to grow at the highest compound annual growth rate during the forecast period owing to government subsidy and tax benefits for manufacturing li-ion battery in India under government’s M-SIPS scheme along with its features such as higher energy density, fast charging, compact size, lightweight, and longer life cycle. As li-ion batteries are small in size and have a higher energy storage density, which results in an increase in travel distance and is more suitable for electric two-wheeler and four-wheeler.

Electric Two-wheelers vehicles with a price range of USD less than 800 is expected to dominate the market in terms of volume as vehicles in this price range are affordable to masses. Electric Two-wheelers vehicles with less than 70 Km driving range is anticipated to lead the market for two-wheelers in terms of volume as a result of mass production of vehicles within this range and its high adoption due to the low cost of these vehicles.

Electrics Cars with more than 200 Km driving range is expected to dominate the market in terms of both value and volume during the forecast period in four-wheelers segment due to customers preference for vehicles having longer range which provides flexibility to travel longer distances along with the demand from ride-hailing companies such as Ola and Uber for longer-range vehicles.

Major key players in India electric vehicle market includes Tata Motors Limited, Mahindra Electric Mobility Limited, Hyundai Motor India Ltd., MG Motor India Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Lohia Global, Hero Electric, Kinetic Green Energy & Power Solutions Ltd., Ather Energy, Electrotherm (India) Limited and Avon Cycles among others.

Key Market Developments:

 

  • In 2019, MG Motor India Ltd. announced the launch of all-electric MG EZS having a maximum range of 340kms, battery capacity of 44.5kWh and a maximum power of 142.7PS.

 

  • In 2019, Tata Motors announced the launch of Nexon EV in January 2020 and will be available in XZ+ LUX, XZ+ and XM variants. Nexon EV is equipped with power of 129PS and a battery capacity of 30.2 kWh lithium-ion battery along with a range of more than 300kms.

 

  • In 2019, Hyundai Motor India Ltd. launched fully-electric Hyundai Kona having a range of 452 km with a battery capacity of 39.2kWh and a maximum power of 136PS.

 

  • Tata Motors introduced an extended range of Tigor EV Electric Sedan that is certified by ARAI and has the availability in 3 variants, which are XM+, XE+, and XT+ along with two driving modes – sport and drive. The price of this car starts at Rs. 9.44 Lakh onwards and it is available in about 30 cities.

 

  • In 2019, Hyundai Motor India Ltd., along with Kia Motors, planned to invest $ 300 million in the initiative of electric vehicles of a cab-hailing company of India, Ola. Through this investment, the company is aiming to increase its sales for electric vehicles and will also speed up into smart mobility plans. Hyundai and Kia Motors also planned to work with Ola for the development of electric vehicles specifically for the India market and also establish the required infrastructure for electric vehicles along with using e-cars for the development of new mobility solutions.

 

The India electric vehicle market has been segmented on the basis of vehicle type, volume, propulsion type, two-wheeler battery type, two-wheelers price range, four-wheelers price range, two-wheelers distance range, and four-wheelers distance range. Based on vehicle type, the market is segmented into two-wheelers, three-wheelers, and four-wheelers. On the basis of volume, the market is segmented into two-wheelers, three-wheelers, and four-wheelers. Based on the propulsion type, the market is segmented into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles. On the basis of the two-wheelers battery type, the market is segmented into lithium-ion battery and lead-acid battery. Based on the two-wheelers price range, the market is segmented into Less than 800 USD, 800-1,200 USD, and more than 1,200 USD. On the basis of the four-wheelers price range, the market is segmented into Less than 16,000 USD, 16,000-36,000 USD, and more than 36,000 USD. Based on the two-wheeler driving range, the market is segmented into less than 70 Km, 70-100 Km, and more than 100 Km. On the basis of the four-wheelers driving range, the market is segmented into less than 150 Km, 150-200 Km, and more than 200 km.

 

For detailed scope of the “Electric Vehicle Market” report request a Sample Copy of the report

Key questions answered in this research report:

  • At what pace is India electric vehicle market growing? What will be the trend in the growth in the future?
  • What are the key drivers and restraints in India electric vehicle market? What will be the impact of drivers and restraints in the future?
  • What are the various vehicle types in the India electric vehicle market, and how they are poised to grow?
  • How the penetration of battery electric vehicle is changing and what is driving this change?
  • What are the different driving range of electric vehicles and which type of driving range is being preferred by the end-users?

 

Market Segmentation:-

India Electric Vehicle Market by Vehicle Type Revenues USD

  • Two-Wheelers
  • Three-Wheelers
  • Four-Wheelers

 

India Electric Vehicle Market by Volume (Units)

  • Two-Wheelers
  • Three-Wheelers
  • Four-Wheelers

 

India Electric Vehicle Market by Propulsion Type

  • Battery Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
  • Hybrid Electric Vehicle

 

India Electric Vehicle Market by Two-Wheelers Battery Type

  • Lithium-ion Battery
  • Lead Acid Battery

 

India Electric Vehicle Market by Two-Wheelers Price Range

  • Less than 800 USD
  • 800-1,200 USD
  • More than 1,200 USD

 

India Electric Vehicle Market by Four-Wheelers Price Range

  • Less than 16,000 USD
  • 16,000 – 36,000 USD
  • More than 36,000 USD

 

India Electric Vehicle Market by Two-Wheelers Driving Range

  • Less than 70 Km
  • 70-100 Km
  • More than 100 Km

 

India Electric Vehicle Market by Four-Wheelers Driving Range

  • Less than 150 Km
  • 150-200 Km
  • More than 200 Km

 

Leading market players (Option 1: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

  • Tata Motors Limited
  • Mahindra Electric Mobility Limited
  • Hyundai Motor India Ltd.
  • MG Motor India Pvt. Ltd
  • Okinawa Autotech Pvt. Ltd.
  • Lohia Global
  • Hero Electric
  • Kinetic Green Energy & Power Solutions Ltd.
  • Ather Energy
  • Electrotherm (India) Limited
  • Avon Cycles

 

 Our Other Market Reports on Electric Vehicles:

India Electric Vehicle Components Market by Component (Battery Pack {Lithium-Ion Battery, Lead-acid Battery, Nickel Metal Hydride Battery and Others}, Vehicle Body, Chassis, Drivetrain {Electric Motor [AC induction Motor, Permanent Magnet Motor and Brushless DC Motor], Vehicle Control Unit, Inverter/Generator, Transmission [Single Gear Transmission and Multi Gear Transmission] and On-Board Charger}, Equipment and Others) – Opportunities & Forecast, 2019-2026 https://www.gmiresearch.com/report/india-electric-vehicle-components-market/

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