The India electric vehicle market is experiencing rapid growth, driven by several positive factors. Governments worldwide are implementing supportive policies and incentives, further boosting market growth. Technological advancements and expanding charging infrastructure enhance the convenience and viability of electric vehicles. Additionally, the growing focus on reducing greenhouse gas emissions and combating climate change creates a favorable environment for the continued expansion of the India electric vehicle market.
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Data Bridge Market Research analyses that the India Electric Vehicle Market is expected to grow at a CAGR of 25.1% during the forecast period of 2022 to 2029. The increasing awareness of environmental issues, such as air pollution and climate change, has led to a growing demand for electric vehicles as a cleaner and greener alternative to traditional combustion engine vehicles. Electric vehicles produce zero tailpipe emissions, contributing to a significant reduction in greenhouse gas emissions and improving air quality.
Key Findings of the Study
Growing charging infrastructure is expected to drive the market's growth rate
The expansion of charging infrastructure plays a pivotal role in driving the growth of the electric vehicle market. Investments in charging stations, both public and private, improve convenience and alleviate range anxiety, allowing electric vehicle owners to charge their vehicles easily. The establishment of fast-charging networks enables rapid charging, making electric vehicles more practical for long-distance travel. Furthermore, integrating charging infrastructure into urban planning ensures accessibility and promotes the widespread adoption of electric vehicles in cities and communities.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Power Output (Less than 100 KW, 100 to 250 KW and More than 250 KW), Vehicle Class (Mid-Priced and Luxury), Electric Motor Type (DC Motors, Brushless DC Motors, Permanent Magnet Synchronous Motors and Three Phase Induction Motors), Charging Station Type (Normal Charging, and Super Charging), Level Type (Level 1, Level 2, Level 3), Number of Wheels (Two Wheeler, Three Wheeler and Four Wheeler), Propulsion Type (BEV, FCEV, PHEV, and HEV)
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Market Players Covered
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ABB (Germany )Tata Power(India), P2 Power Solutions(India), Fortum.(India), Delta Electronics, Inc.(China), Exicom Tele-Systems(India), Ensto Oy(Finland), Mass-Tech Controls Pvt. Ltd.(India), BRIGHTBLU(India) and Tata Motors(India), Hero Electric. (India), Ola Electric Technologies Private Ltd. (India) , Greaves Electric Mobility Private Limited(India), MG Motor India Pvt. Ltd. (India), Mahindra Electric Mobility Limited(India), Olectra Greentech Limited. (India), Hyundai Motor Company (India), LOHIA AUTO INDUSTRIES. (India), Okinawa Autotech Pvt. Ltd (India), Ford Motor Company ( U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The electric vehicle market is segmented on the basis of power output, vehicle class, electric motor type, charging station type, level type, number of wheels, and propulsion type.
- On the basis of power output, the India electric vehicle market is segmented into less than 100 KW, 100 to 250 KW, and more than 250 KW.
- On the basis of vehicle class, the India electric vehicle market is segmented into mid-priced and luxury.
- On the basis of electric motor type, the India electric vehicle market is segmented into DC motors, brushless DC motors, permanent magnet synchronous motors and three phase induction motors.
- On the basis of charging station type, the India electric vehicle market is segmented into normal charging, and super charging.
- On the basis of level type, the India electric vehicle market is segmented into level 1, level 2, level 3.
- On the basis of number of wheels, the India electric vehicle market is segmented into two Wwheeler, three wheeler and four wheeler.
- On the basis of propulsion type, the India electric vehicle market is segmented into BEV, FCEV, PHEV, and HEV.
Major Players
Data Bridge Market Research recognizes the following companies as the major electric vehicle market players in electric vehicle market are S Delta Electronics, Inc.(China), Exicom Tele-Systems(India), Ensto Oy(Finland), Mass-Tech Controls Pvt. Ltd.(India), BRIGHTBLU(India) and Tata Motors(India), Hero Electric. (India), Ola Electric Technologies Private Ltd. (India) , Greaves Electric Mobility Private Limited(India)
Market Developments
- In 2021, In Chongqing, BYD unveiled four new electric vehicle models that feature Blade batteries. Qin Plus EV, E2 2021 EV, Tang EV, and Song Plus EV are the new vehicle models that are available with cutting-edge battery safety features. These new launches with cutting-edge battery safety features will draw lots of customers, which will accelerate market expansion.
- In 2021, Along with FAW and SAIC, Volkswagen displayed 7-seater EVs ID.6 Crozz and ID.6 X in China. The vehicles are available with two different battery capacities, 58 kWh and 77 kWh. This would satisfy a variety of consumers' needs and help the market expand.
For more detailed information about the India electric vehicle market report, click here – https://www.databridgemarketresearch.com/reports/india-electric-vehicle-market
