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The market for electric vehicles in India was valued at USD 1.48 billion in 2022, and between 2023 and 2030, it is anticipated to expand from USD 3.25 billion to USD 113.99 billion, with a CAGR of 67.52%. According to our data, the market for electric vehicles in India increased by 11.34% in 2020 compared to 2019. The COVID-19 pandemic has been unprecedented and shocking, and as a result, demand for Indian electric vehicles has been lower than expected nationwide compared to pre-pandemic levels.
India's electric car market saw significant growth in 2021, helped along by the government's adoption of beneficial laws and initiatives. India's Uttar Pradesh has the largest share of EV sales in 2021. The total number of units sold across all segments was 66,704. Karnataka and Tamil Nadu were next with 33,302 and 30,036 units, respectively. Karnataka and Maharashtra topped the two-wheeler and four-wheeler segments, while Uttar Pradesh dominated the three-wheeler market. For instance, Mahindra & Mahindra intends to release 16 BEV by 2027, with 8 of them being light commercial vehicles and 8 of them being SUVs.
The demand for electric vehicles is increasing significantly due to population growth, and the Indian automobile industry, which is currently the fifth largest internationally, is predicted to become the third largest by 2030. Since India imports approximately 80% of its crude oil needs, reliance on conventional energy sources is not appropriate. Additionally, NITI Aayog intends to achieve net zero carbon emissions by 2070 and targets a penetration of EVs of all sorts of 70% by 2030. In India over the past three years, 0.52 million EVs have been registered, according to the Ministry of Heavy Industries.
DRIVING FACTORS
One of the key elements that is projected to stimulate demand for electric vehicles in the area is India's rising fossil fuel prices. Compared to electric automobiles, fossil fuel-powered vehicles are less expensive to buy. However, because of the rising cost of petrol and diesel, their operational costs are considerable. As opposed to fossil fuel-powered automobiles, electric vehicles have much lower operational costs. In response to growing fossil fuel prices, consumers' desire for adopting electric vehicles is therefore anticipated to boost the market's growth over the forecast period.
In addition, it is projected that market development would be fueled by the government's focus on combating climate change through stricter emission control standards and the introduction of regulations for the discarding of conventional vehicles.
RESTRAINING FACTORS
Compared to other countries, India currently has a low level of electric car penetration. Consumer awareness in the area is likewise very low. So recent fires in electric two-wheelers from top manufacturers like Ola Electric, Pure EV, and Okinawa sparked concerns about the safety of operating these cars. To identify the cause and people responsible for these safety violations, the Indian authorities also looked into the EV models from these renowned brands.
These players subsequently had their electric vehicle models recalled in order to prevent any potential fire hazards. For instance, to address battery-related problems, Ola Electric recalled over 1,441 of its electric two-wheelers, while Okinawa recalled 3,215 of its Praise Pro electric scooters. In addition, Pure EV recalled about 2,000 units of its Epluto 7G and Etrance+ models. Another significant barrier to the region's adoption of electric vehicles is India's absence of a mature EV ecosystem.
Report Coverage
Global Electric Vehicle research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
BMW Group (Germany), Daimler AG (Germany), Toyota(Japan), 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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle market based on the below-mentioned segments:
Global Electric Vehicle Market, By Platform
Two Wheeler
Three Wheeler
Four Wheeler
Global Electric Vehicle market, By Four Wheeler By Vehicle Type
Passenger Cars
Commercial Vehicles
Global Electric Vehicle market, Regional Analysis
India's electric car market saw significant growth in 2021, helped along by the government's adoption of beneficial laws and initiatives. India's Uttar Pradesh has the largest share of EV sales in 2021. The total number of units sold across all segments was 66,704. Karnataka and Tamil Nadu were next with 33,302 and 30,036 units, respectively. Karnataka and Maharashtra topped the two-wheeler and four-wheeler segments, while Uttar Pradesh dominated the three-wheeler market. For instance, Mahindra & Mahindra intends to release 16 BEV by 2027, with 8 of them being light commercial vehicles and 8 of them being SUVs.
The demand for electric vehicles is increasing significantly due to population growth, and the Indian automobile industry, which is currently the fifth largest internationally, is predicted to become the third largest by 2030. Since India imports approximately 80% of its crude oil needs, reliance on conventional energy sources is not appropriate. Additionally, NITI Aayog intends to achieve net zero carbon emissions by 2070 and targets a penetration of EVs of all sorts of 70% by 2030. In India over the past three years, 0.52 million EVs have been registered, according to the Ministry of Heavy Industries.
DRIVING FACTORS
One of the key elements that is projected to stimulate demand for electric vehicles in the area is India's rising fossil fuel prices. Compared to electric automobiles, fossil fuel-powered vehicles are less expensive to buy. However, because of the rising cost of petrol and diesel, their operational costs are considerable. As opposed to fossil fuel-powered automobiles, electric vehicles have much lower operational costs. In response to growing fossil fuel prices, consumers' desire for adopting electric vehicles is therefore anticipated to boost the market's growth over the forecast period.
In addition, it is projected that market development would be fueled by the government's focus on combating climate change through stricter emission control standards and the introduction of regulations for the discarding of conventional vehicles.
RESTRAINING FACTORS
Compared to other countries, India currently has a low level of electric car penetration. Consumer awareness in the area is likewise very low. So recent fires in electric two-wheelers from top manufacturers like Ola Electric, Pure EV, and Okinawa sparked concerns about the safety of operating these cars. To identify the cause and people responsible for these safety violations, the Indian authorities also looked into the EV models from these renowned brands.
These players subsequently had their electric vehicle models recalled in order to prevent any potential fire hazards. For instance, to address battery-related problems, Ola Electric recalled over 1,441 of its electric two-wheelers, while Okinawa recalled 3,215 of its Praise Pro electric scooters. In addition, Pure EV recalled about 2,000 units of its Epluto 7G and Etrance+ models. Another significant barrier to the region's adoption of electric vehicles is India's absence of a mature EV ecosystem.
Report Coverage
Global Electric Vehicle research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | BMW Group (Germany), Daimler AG (Germany), Toyota(Japan), 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Electric Vehicle Market from 2021 to 2030.
- Market Forecast for Electric Vehicle Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Electric Vehicle competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Electric Vehicle
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
BMW Group (Germany), Daimler AG (Germany), Toyota(Japan), 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)
Primary Target Market
- Market Players of Electric Vehicle
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle market based on the below-mentioned segments:
Global Electric Vehicle Market, By Platform
Two Wheeler
Three Wheeler
Four Wheeler
Global Electric Vehicle market, By Four Wheeler By Vehicle Type
Passenger Cars
Commercial Vehicles
Global Electric Vehicle market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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