India Electric Vehicle market is estimated to grow at a CAGR of more than 23.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. The EV market is emerging as an integral part of the automotive industry that provides a pathway to achieve a higher level of energy efficiency with a reduced level of pollutant emissions and other greenhouse gases. The growing environmental concerns along with cohesive government initiatives are some other aspects to fuel the market growth in the country.
For instance, in 2015, the government of India had adopted the faster adoption and manufacturing of hybrid and EV (FAME) scheme with an outlay of $130 million, to provide subsidies for electric two and three-wheelers, hybrid and e-cars, and buses. In 2019, the project gets scaled up FAME II, with an outlay of $1.4 billion to be used for upfront incentives. The government allocated $1.2 billion for the purchase of EVs and $200 million for supporting the deployment of charging infrastructure. However, the high cost of batteries and the low-range availability of electric vehicles are the key factors to restrain their market growth in the country.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle. Based on Battery Type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type, the Li-ion battery is anticipated to witness considerable growth during the forecast period.
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Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-Ion
- Others
Company Profiles
- Ashok Leyland
- Ather Energy Pvt. Ltd.
- Bajaj Auto Ltd.
- Hero Electric
- Hyundai Motor Co.
- Jangid Motors Pvt. Ltd.
- Mahindra & Mahindra Ltd.
- Okinawa Autotech
- Olectra Greentech Ltd.
- Tata Motors
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