India Electric Vehicle Market 2020-2025 | Share, Revenue, Analysis, Trends – 6Wresearch

India Electric Vehicle Market Overview

There is a growing demand for electric vehicles in India as the country strives to reduce its reliance on fossil fuels. The India electric vehicle market is expected to grow at a CAGR of XXXX% through 2024.

The government of India has set a target of selling five million electric vehicles by 2020. In January 2019, the government announced plans to provide subsidized loans and tax breaks for buyers of electric vehicles.

The India market for electric vehicles is dominated by two players – Mahindra & Mahindra and Tata Motors – with a combined share of over XX%. Other major players in the market include Ford Motor Company, Nissan Motor Company, Renault SA, and GM Cruise LLC.

India Electric Vehicle Market Analysis

The electric vehicle market is expected to grow at a CAGR of XXXX% during the forecast period 2016-2021. The major factors driving the growth of the electric vehicle market are increasing awareness about climate change and need for sustainable transportation, increasing government support for green initiatives, and increase in investment in R&D for new technologies such as lithium ion batteries.

The electric vehicles segment is projected to account for XX% of the global electric vehicle market by 2021. By region, North America will account for the largest share of the global electric vehicle market in 2016 followed by Europe. Asia Pacific will be the fastest growing regional markets during the forecast period.

The key players in this market are Tesla Motors Inc., Volkswagen AG, Nissan Motor Co Ltd., BYD Co Ltd., and SAIC Motor Corp Ltd. 

Globally Electric Vehicle Market Analysis 

The global electric vehicle market is projected to grow from $XXXX billion in 2017 to $XXXX billion by 2025, at a CAGR of XXXX%. The growth in the electric vehicle market can be attributed to the increasing demand for low-emission vehicles and the rising awareness about environmental concerns. India is expected to be one of the key market players in the global electric vehicle market due to its large population and growing automotive industry.

In 2016, the India automotive industry was worth $XXXX billion and is expected to grow at a CAGR of XXXX% over the next five years. The India automotive industry is supported by a strong domestic demand and a favorable policy environment, which includes government initiatives such as the Ultra Mega Economic Development Program me (UMEDP) and Make in India initiative. The UMEDP incentivizes investment in manufacturing sectors such as auto parts, batteries, and motors, while Make in India aims to create an ecosystem that supports innovation and growth in manufacturing businesses. Automotive companies such as Mahindra & Mahindra (M&M), Maruti Suzuki, Hyundai Motor Company India Pvt Ltd., Renault SA, Ford Motor Company of India Limited., Volkswagen Group India Private Limited., Toyota Kirloskar Motor Corporation Limited., Honda Motor Co., Ltd., Nissan Motors Corporation (Nissan), Yamaha Motor Co., Ltd., Fiat Chrysler Automobiles Nederland BV (FCA), Daimler AG & Co. KG

Future Trends in India Electric Vehicle Market

Electric vehicles are gradually gaining popularity in India as the fuel costs and environmental concerns increase. The market for electric vehicles is expected to grow at a CAGR of XXXX% through 2020. There are various reasons for this growth, including government initiatives to promote greener transportation, increasing awareness about the benefits of electric vehicles, and growing demand from fleet operators and consumers.

The major players in the electric vehicle market in India are Tesla Motors, Nissan Motor Company, General Motors Company, BYD Company Limited, and Mahindra Electric Vehicle. These companies are investing billions of dollars in research and development for new battery technologies that can meet high demands from the India market. Several automakers have started producing electric cars in India such as Tata Motors Ltd., Maruti Suzuki India Limited (MSIL), Renault Samsung Motors Pvt. Ltd., and JAC Motors Ltd. In March 2016, Tesla opened its first factory outside of the United States in Gigafactory 1 in Gujarat, which will produce batteries for its Model S and Model X cars.

Government initiatives such as the National electrification program me are also encouraging manufacturers to invest in the electric vehicle market in India. The government has set a target of having two million electric vehicles on India roads by 2020. This initiative is expected to reduce emission levels by over 50 million metric tons over the next 10 years.

Aspects of the India Electric Vehicle Market

The electric vehicle market in India is projected to reach Rs. XXXX crore by 2022 with the increasing popularity of EVs in India. The government has been supporting the EV industry with various initiatives such as providing tax breaks and subsidies. There are also a number of manufacturers that have started manufacturing EVs in India. Some of the major players in the India EV market include Mahindra Electric, Tata Motors, Bajaj Auto, and Ford Motor Company.

The EV market in India is currently dominated by three brands – Mahindra Electric, Tata Motors, and Bajaj Auto – accounting for over XX% share of the total sales. The growing demand for electric vehicles is contributing to the growth of the India EV market. The major factor contributing to this growth is the government’s initiatives such as providing tax breaks and subsidies which are encouraging people to switch to EVs. Additionally, there is a growing awareness about environmental issues among consumers and they want to take measures to reduce their carbon footprint.

The key factors restraining the growth of the India EV market are high cost of batteries and lack of charging infrastructure. The high cost of batteries is due to limited production capacity and difficulty in getting raw materials such as lithium-ion batteries from overseas. The lack of charging infrastructure restricts adoption due to time constraints associated with refilling battery packs

Drivers and Barriers to the India Electric Vehicle Market

The market is expected to grow from around $XXXX billion in 2020 to $XXXX billion by 2024, at a CAGR of over XXXX%. However, the market faces several drivers and barriers that may impede its growth.

One of the key drivers of the electric vehicle market is government initiatives and policies that are aimed at reducing air pollution and congestion in major cities. The government has also introduced tax breaks and subsidies for EVs, which has helped increase their uptake across the country. Another key driver of the India electric vehicle market is the increasing awareness among consumers about the benefits of using electric vehicles. This increased awareness has been fueled by various campaigns conducted by various stakeholders, such as bicycles and car manufacturers, NGOs, and other marketing firms.

However, one of the key barriers to the growth of the market is the high cost of batteries and other components associated with EVs. This high cost has made EVs less economically viable for most consumers, particularly those who do not have an existing infrastructure for charging EVs. Furthermore, there are lacklustre sales volumes even among high-end EVs due to a lack of available dealerships in rural areas and low consumer demand for SUVs and other large vehicles that are primarily powered by gasoline or diesel engines.

Conclusion of the India Electric Vehicle Market

The electric vehicle market is booming in India, and the country has set a target of selling XX million electric vehicles by 2030. The government is offering various incentives, such as tax breaks and higher purchase prices for electric vehicles. Major manufacturers are investing in the electric vehicle market in India , and the country is expected to be one of the top players in this sector.