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India Electric Vehicle (EV) Financing Market, By Type (New Vehicle, Used Vehicle); By Source (OEMs, Banks, Credit Union, Financial Institutions); By Vehicle Type (Passenger Cars, Commercial Vehicles, Two-wheelers, Three-wheelers), Trend Analysis, Competit

Publisher BlueWeave Consulting
Published Jun 06, 2023
Length 260 Pages
SKU # BLWC18033689

Description

India Electric Vehicle (EV) Financing Market, By Type (New Vehicle, Used Vehicle); By Source (OEMs, Banks, Credit Union, Financial Institutions); By Vehicle Type (Passenger Cars, Commercial Vehicles, Two-wheelers, Three-wheelers), Trend Analysis, Competitive Landscape & Forecast, 2019–2029


India Electric Vehicle (EV) Financing Market Size Zooming 2.7X to Reach USD 5.25 Billion by 2029
The India electric vehicle (EV) financing market is gaining traction because of the growing availability of EV financing options and rising adoption of effective risk management strategies by vehicle financiers.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India electric vehicle (EV) financing market size at USD 1.94 billion in 2022. During the forecast period between 2023 and 2029, the India electric vehicle (EV) financing market size is projected to grow at an impressive CAGR of 15.54% reaching a value of USD 5.25 billion by 2029. Rising consumer interest and various awareness campaigns around the country launched by several important industry players are major growth factors for the India electric vehicle (EV) financing market. Additionally, as the EV market in the country gets more organized, consumers are exhibiting a preference for more expensive automobiles, and those looking for discounts are favorably affecting the demand for financing for these vehicles.
India Electric Vehicle (EV) Financing Market – Overview
EV financing is a type of loan that enables customers to choose an EV of their choice and pay for it over the course of a predetermined tenure in Equated Monthly Instalments (EMIS). EV financing can be used to buy a personal or business-use EV. However, the owner or company should be listed on the vehicle's registration. An EV financing's tenure is extremely flexible, allowing consumers to select a term that best meets their needs. The term of an auto loan for an EV might be anywhere from 12 and 96 months.
India Electric Vehicle (EV) Financing Market – By Source
Based on source, the India electric vehicle (EV) financing market is segmented into OEMs, banks, credit unions, and financial institutions. The banks segment holds the highest share in the India electric vehicle (EV) financing market. The Indian customers are highly inclined toward banks for the EV financing due to low-interest rates compared to other sources. Customers might be able to save more money by connecting with a bank directly before visiting an EV dealership because doing so enables them to compare interest rates. By securing financing in advance, a dealer is also less likely to increase the loan rate as payment for its assistance in the transaction.
Impact of COVID-19 the India Electric Vehicle (EV) Financing Market
The unprecedented COVID-19 pandemic affected the growth of the India electric vehicle (EV) financing market. The coronavirus pandemic's effects on India primarily disrupted economic activities and resulted in fatalities. Due to the pandemic, India's GDP shrank by 5.5% in FY2021. The manufacturing and sales of automobiles, including EVs, plummeted during the pandemic due to a shortage of labor and a decline in the purchasing power of the customers. As a result, the demand for EV financing suffered greatly, negatively affecting the market growth.
Competitive Landscape
Major players operating in the India electric vehicle (EV) financing market include State Bank of India, Union Bank of India, ICICI Bank, Axis Bank, IDFC FIRST Bank, Tata Motors, Poonawalla Fincorp Limited, Karur Vysya Bank, Hero Electric Finance, and Mahindra Finance. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the India Electric Vehicle (EV) Financing Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Electric Vehicle (EV) Financing Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Table of Contents

260 Pages
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. India Electric Vehicle (EV) Financing Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Deepening penetration of electric vehicles
3.2.1.2. Growing availability of electric vehicle financing options
3.2.1.3. Rising adoption of effective risk management strategies by vehicle financiers
3.2.2. Restraints
3.2.2.1. High cost associated with electric vehicle financings
3.2.2.2. Lack of Charging Infrastructure
3.2.3. Opportunity
3.2.3.1. Increasing government multiple initiatives to promote electric vehicles
3.2.3.2. Surging innovation and developments by major market players
3.2.4. Challenges
3.2.4.1. Lack of specialized financing institutions
3.2.4.2. High interest rates
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. India Electric Vehicle (EV) Financing Market Overview
4.1. Market Size & Forecast by Value & Volume, 2019–2029
4.1.1. By Value (USD Billion)
4.2. Market Share & Forecast
4.2.1. By Type
4.2.1.1. New Vehicle
4.2.1.2. Used Vehicle
4.2.2. By Source
4.2.2.1. OEMs
4.2.2.2. Banks
4.2.2.3. Credit Union
4.2.2.4. Financial Institutions
4.2.3. By Vehicle Type
4.2.3.1. Passenger Cars
4.2.3.2. Commercial Vehicles
4.2.3.3. Two-wheelers
4.2.3.4. Three-wheelers
5. Competitive Landscape
5.1. List of Key Players and Their Offerings
5.2. India Electric Vehicle (EV) Financing Company Market Share Analysis, 2022
5.3. Competitive Benchmarking, By Operating Parameters
5.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on India Electric Vehicle (EV) Financing Market
7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
7.1. State Bank of India
7.2. Union Bank of India
7.3. ICICI Bank
7.4. Axis Bank
7.5. IDFC FIRST Bank
7.6. Tata Motors
7.7. Poonawalla Fincorp Limited
7.8. Karur Vysya Bank
7.9. Hero Electric Finance
7.10. Mahindra Finance
7.11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
9.1. Qualitative Research
9.1.1. Primary & Secondary Research
9.2. Quantitative Research
9.3. Market Breakdown & Data Triangulation
9.3.1. Secondary Research
9.3.2. Primary Research
9.4. Breakdown of Primary Research Respondents, By Region
9.5. Assumption & Limitation
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
Figure 1 India Electric Vehicle (EV) Financing Market Segmentation
Figure 2 India Electric Vehicle (EV) Financing Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 India Electric Vehicle (EV) Financing Market Size, By Value (USD Billion), 2019–2029
Figure 5 India Electric Vehicle (EV) Financing Market Share, By Type, By Value, 2019–2029
Figure 6 India Electric Vehicle (EV) Financing Market Share, By Source, By Value, 2019–2029
Figure 7 India Electric Vehicle (EV) Financing Market Share, By Vehicle Type, By Value, 2019–2029
List of Tables
Table 1 India Electric Vehicle (EV) Financing Market Size, By Type, By Value, 2019–2029
Table 2 India Electric Vehicle (EV) Financing Market Size, By Source, By Value, 2019–2029
Table 3 India Electric Vehicle (EV) Financing Market Size, By Vehicle Type, By Value, 2019–2029
Table 4 State Bank of India Company Overview
Table 5 State Bank of India Financial Overview
Table 6 Union Bank of India Company Overview
Table 7 Union Bank of India Financial Overview
Table 8 ICICI Bank Company Overview
Table 9 ICICI Bank Financial Overview
Table 10 Axis Bank Company Overview
Table 11 Axis Bank Financial Overview
Table 12 IDFC FIRST Bank Company Overview
Table 13 IDFC FIRST Bank Financial Overview
Table 14 Tata Motors Company Overview
Table 15 Tata Motors Financial Overview
Table 16 Poonawalla Fincorp Limited Company Overview
Table 17 Poonawalla Fincorp Limited Financial Overview
Table 18 Karur Vysya Bank Company Overview
Table 19 Karur Vysya Bank Financial Overview
Table 20 Hero Electric Finance Company Overview
Table 21 Hero Electric Finance Financial Overview
Table 22 Mahindra Finance Company Overview
Table 23 Mahindra Finance Financial Overview

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