Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) — The India electric vehicle market measurement was valued at USD 1.45 billion in 2021. It is projected to achieve USD 113.99 billion by 2029 at a CAGR of 66.52% throughout the forecast interval. The market is rising extremely nicely as a result of adoption of electrical micro-mobility automobiles worldwide.

Electric automobiles are a low-emission different to gasoline automobiles. The rising air pollution ranges are anticipated to extend the adoption of automobiles. Increasing deployment of charging stations throughout the nation is predicted to propel the trade’s progress. Further, the strong demand for low-emission automobiles is predicted to propel the adoption of the automobiles. In addition, the rising authorities investments within the growth of low-emission options to gasoline automobiles are anticipated to boost India’s electrical car market share throughout the upcoming years.

Fortune Business Insights™ acknowledged this in a report titled, “India Electric Vehicle Market, 2022-2029.”

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Report Highlights:

Drivers & Restraints-

Rising Government Investments and Initiatives to Foster Market Development

Increasing government investments and initiatives for the development of low-emission vehicles is expected to boost the adoption of the product from audiences. The increasing levels of pollution and carbon emissions associated with the adoption of fuel-powered vehicles are expected to boost the adoption of battery-powered electric vehicles. Moreover, the rapidly increasing fuel prices are expected to enhance the adoption of alternatives, thereby enhancing electric vehicle demand. These factors may drive the Indian electric vehicle market growth.

However, the lack of electric vehicle standardization and undeveloped charging infrastructure may hinder the market’s progress.

COVID-19 Impact-

Temporary Halt in Manufacturing Activities Impede Market Growth

A considerable impact of the COVID-19 pandemic has been observed on India’s electric vehicle market. Certain factors, such as a temporary halt in manufacturing activities, and shortages of essential materials during the outbreak, have negatively affected India’s electric vehicle market growth. Meanwhile, a steady recovery at the state level during the pandemic has been observed by supporting Indian government initiatives, and hefty subsidies and incentives have augmented the product demand.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/india-electric-vehicle-market-106623

Segments-

Growing Demand in Automotive Industry Sector Drives Four-Vehicle Segment

Based on platform, the market is classified into four-wheelers, three-wheelers, and two-wheelers. The four-vehicle market is estimated to gain a significant hold on the Indian electric vehicle market share during the estimated period. The rapid adoption of four vehicles across the region is expected to fuel the industry’s growth due to its economic cost compared to internal combustion engines.

Rising demand for Clean Emissions Will Favor Market Development

By vehicle type market is divided into commercial vehicles and passenger cars. Passenger cars will dominate due to the comfort, luxury, and availability of varied options they provide with clean emissions.

The ability to provide Clean Energy spurs Battery Electric Vehicle Segment

Based on propulsion type, the market is classified as hybrid electric vehicles (HEV) and battery electric vehicles (BEV). The Battery Electric Vehicle segment is expected to be ruled out due to its ability to provide clean energy at a reasonable price without hampering the ecosystem.

By type, the market is segmented into BEV, PHEV, and HEV. As per vehicle type, it is bifurcated into passenger cars and commercial vehicles. Based on the vehicle category, it is classified into electric four-wheelers (E4W) and electric two-wheelers (E2W).

Report Coverage-

The report provides insights into the regional analysis covering different regions, contributing to the market’s growth. The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market’s growth.

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Competitive Landscape-

Key Industry Giants Entered into Collaboration to bolster their Portfolio

Major firms such as TATA Motors are investing in R&D activities and technology domains to establish their solid footholds in the electric vehicles segment. Furthermore, the firm produces utility vehicles, buses, trucks, defence vehicles, and cars. It also manufactures engines for industrial & marine aggregates and applications, such as transmissions for commercial vehicles and axles. The firm’s two EV models, Tigor and Nexon, have the largest sales of EVs 694,159 units in India.

List of Key Players Covered in India Electric Vehicle Market:-

• BMW Group (Germany)
• Toyota (Japan)
• Daimler AG (Germany)
• Volkswagen (Germany)
• Renault Group (France)
• Ford Motor Company (U.S.)
• Mahindra & Mahindra (India)
• TATA motors (India)
• Hyundai (South Korea)
• MG Motors (U.K.)
• Ola Electric (India)
• General Motors (U.S.)
• Nissan Motor Corporation (Japan)

India Electric Vehicle Market Segmentation:-

By Platform

• Two Wheeler
• Three Wheeler
• Four Wheeler

Four Wheeler by Vehicle Type

• Passenger Cars
• Commercial Vehicles

By Propulsion Type

• (BEV) Battery Electric Vehicle
• (HEV) Hybrid Electric Vehicle

Key Industry Development:

In August 2021, Ford announced an investment of USD 30 billion with an aim to advance electric vehicle development and production. The firm also focuses on several areas of improvement, including developing more electric vehicles, building more manufacturing facilities, material cost improvements, and expanding EV battery production

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Table of Contents:-

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments –Mergers, Acquisitions and Partnerships
  • Porters Five Forces Analysis
  • PEST Analysis
  • Technological Development
  • Key Insights on sales, developments and charge point operator
  • Supply Chain Analysis
  • Impact of Covid-19
• India Electric Vehicle Market Analysis, Insights and Forecast, 2018-2029
  • Key Findings / Definitions
  • Market Analysis, Insights and Forecast – By Platform
• Three Wheeler
• Four Wheeler
  • Market Analysis, Insights and Forecast – By Four Wheeler Vehicle Type
    • Passenger Car
    • Commercial Vehicle
  • Market Analysis, Insights and Forecast – By Four Wheeler Propulsion Type
    • Battery Electric Vehicle (BEV)
    • Hybrid Electric Vehicle (HEV)
• Competitive Analysis
  • Key Industry Development
  • India Market Share Analysis For Two Wheeler (2020 & 2029)
    • India Market Share Analysis For Four Wheeler (2020 & 2029)
  • India Market Share Analysis For Two Wheeler (2021)
    • India Market Share Analysis For Four Wheeler (2021)
  • Competition Dashboard
  • Comparative Analysis – Major Players
  • Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability)
• BMW Group
• Daimler AG
• Toyota
• Volkswagen
• Renault Group
• Ford Motor Company
• TATA Motors
• Mahindra &Mahindra Ltd.
• Hyundai
• MG Motors
• Ola Electric

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