Electric Vehicles Market in India 2022
Description
Electric Vehicles Market in India 2022
The EV market comprises the electric vehicles (EV), the services required for the EVs, battery supply chain, charging infrastructure, and the electricity system which are still at a nascent stage of growth. Electric vehicles (EV) account for 1% of vehicle sales in India. This market has not flourished yet because customers have concerns regarding battery life and availability of charging stations. However, the market is expected to grow over the next five years as the cost of EV components is expected to decline. Companies such as Olectra, Mahindra & Mahindra, JBM Auto, and Ather not only develop electric vehicles but also concentrate on the expansion of EV infrastructure. Other prominent players include Bajaj Auto, Hero Electric, Tata Motors, and Hyundai India
Market insights:
In FY 2021, about 236,800 EVs were sold in India. It is expected that the number of EVs sold in a year may cross six million by 2027. The sales value may increase during the forecast period as the cost of EV components is expected to decline. This is because market players are less reliant on imports and plan to incorporate local components to access government subsidies and bring down the ownership cost. Furthermore, increase in the cost of petroleum in 2021 attracted the interest of several consumers in EVs.
Segment insights:
The EV market can be broadly segmented into three categories based on type of vehicle – two-wheelers, three-wheelers, and four-wheelers. Electric two-wheelers dominate the market. The segment will continue to lead during the forecast period. Four-wheelers (both, commercial and personal) are also expected to witness a massive growth during the forecast period. This is because several consumers are looking for alternatives to Internal Combustion Engine (ICE) cars and buses due to the high price of petrol and diesel. Electric three-wheelers have gained popularity in several states, including Delhi, Bihar, West Bengal, Uttar Pradesh. They are expected to witness strong growth in under-penetrated states such as Chhattisgarh, Madhya Pradesh, and Orissa.
Market Influencers:
Heavy investments from automakers, favorable government policies and subsidies, low total cost of ownership (TCO) for EVs as compared to ICEs are driving the market. Factors such as low consumer spending power outside tier I cities, slow rollout of charging infrastructure, lack of raw material limiting the domestic battery manufacturing are restricting the market growth.
COVID-19 impact analysis:
The COVID-19 pandemic has disrupted global supply chains for EV components, mainly power electronics, battery, and minerals used in these elements. Although these supply chain disruptions had short-term effect, it weighed down on the medium- to long-term EV cost reduction roadmap. However, in FY 2021, the government took several steps to boost the market. One important measure was allowing registration of electric vehicles without batteries, which improved sale of products with battery swapping technology.
The EV market comprises the electric vehicles (EV), the services required for the EVs, battery supply chain, charging infrastructure, and the electricity system which are still at a nascent stage of growth. Electric vehicles (EV) account for 1% of vehicle sales in India. This market has not flourished yet because customers have concerns regarding battery life and availability of charging stations. However, the market is expected to grow over the next five years as the cost of EV components is expected to decline. Companies such as Olectra, Mahindra & Mahindra, JBM Auto, and Ather not only develop electric vehicles but also concentrate on the expansion of EV infrastructure. Other prominent players include Bajaj Auto, Hero Electric, Tata Motors, and Hyundai India
Market insights:
In FY 2021, about 236,800 EVs were sold in India. It is expected that the number of EVs sold in a year may cross six million by 2027. The sales value may increase during the forecast period as the cost of EV components is expected to decline. This is because market players are less reliant on imports and plan to incorporate local components to access government subsidies and bring down the ownership cost. Furthermore, increase in the cost of petroleum in 2021 attracted the interest of several consumers in EVs.
Segment insights:
The EV market can be broadly segmented into three categories based on type of vehicle – two-wheelers, three-wheelers, and four-wheelers. Electric two-wheelers dominate the market. The segment will continue to lead during the forecast period. Four-wheelers (both, commercial and personal) are also expected to witness a massive growth during the forecast period. This is because several consumers are looking for alternatives to Internal Combustion Engine (ICE) cars and buses due to the high price of petrol and diesel. Electric three-wheelers have gained popularity in several states, including Delhi, Bihar, West Bengal, Uttar Pradesh. They are expected to witness strong growth in under-penetrated states such as Chhattisgarh, Madhya Pradesh, and Orissa.
Market Influencers:
Heavy investments from automakers, favorable government policies and subsidies, low total cost of ownership (TCO) for EVs as compared to ICEs are driving the market. Factors such as low consumer spending power outside tier I cities, slow rollout of charging infrastructure, lack of raw material limiting the domestic battery manufacturing are restricting the market growth.
COVID-19 impact analysis:
The COVID-19 pandemic has disrupted global supply chains for EV components, mainly power electronics, battery, and minerals used in these elements. Although these supply chain disruptions had short-term effect, it weighed down on the medium- to long-term EV cost reduction roadmap. However, in FY 2021, the government took several steps to boost the market. One important measure was allowing registration of electric vehicles without batteries, which improved sale of products with battery swapping technology.
Table of Contents
65 Pages
- Chapter 1: Executive summary
- Chapter 2: Socio-economic indicators
- Chapter 3: Introduction
- 3.1. Market definition and structure
- 3.2. Categories in electric vehicles (EV) market in India
- Chapter 4: Market overview
- 4.1. Market size and growth forecast (2020 – 2027e)
- 4.2. State-wise EV sales trends (FY 2021)
- Chapter 5: Market segmentation
- 5.1. Market share of different EV categories (2021 and 2027e)
- 5.1.1. Two-wheelers: Market size and growth forecast (2020 – 2027e)
- 5.1.2. Three-wheelers: Market size and growth forecast (2020 – 2027e)
- 5.1.3. Four-wheelers: Market size and growth forecast (2020 – 2027e)
- 5.2. Key players in each of the segments
- Chapter 6: COVID-19 impact analysis
- 6.1. COVID-19 impact analysis
- 6.1.1. Positive impact
- 6.1.2. Negative impact
- Chapter 7: Government policies
- 7.1. Central government policies
- 7.2. State government policies
- Chapter 8: Market influencers
- 8.1. Market drivers
- 8.2. Market challenges
- Chapter 9: Competitive landscape
- 9.1. Bajaj Auto Limited
- Company information
- Business description
- Products/Services
- Key people
- Financial snapshot
- Key ratios
- Key financial performance indicators
- Key business segments
- Key geographic segments
- *Note: Financial information has been covered only for public companies
- 9.2. JBM Auto Limited
- 9.3. Mahindra & Mahindra Limited
- 9.4. Olectra Greentech Limited
- 9.5. Tata Motors Limited
- 9.6. Ather Energy Private Limited
- 9.7. Hero Electric Vehicles Private Limited
- 9.8. Hyundai Motor India Limited
- 9.9. MG Motor India Private Limited
- 9.10. Okinawa Autotech Private Limited
- Chapter 10: Recent developments
- 10.1. Recent developments
- Chapter 11: Appendix
- 11.1. Research methodology
- 11.2. About Netscribes
- 11.3. Disclaimer
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