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The India - electric vehicle market size is estimated to grow at a CAGR of 68.48% between 2023 and 2028. The market size is forecast to increase by USD 34,369.3 million. The accelerated growth of the market is due to various factors, including the increasing adoption of EVs for improved logistics and transportation, the growing focus on reducing vehicular emissions, and the increase in product launches in electric vehicle.
The report includes a comprehensive outlook on the India Electric Vehicle Market, offering forecasts for the industry segmented by Charging, which comprises normal charging, super charging. Additionally, it categorizes Vehicle Type into passenger cars, commercial vehicles, and covers Type, including BEV, PHEV. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing adoption of EVs for improved logistics and transportation is the key factor driving market growth. EVs are majorly adopted as a suitable alternative to conventional transport vehicles to ensure a smooth logistics supply chain across industries. Electric engines are highly efficient at low speeds, which, in turn, aids logistics and transport operators in urban areas. The lower chances of a breakdown in EVs allow them to provide smoother and faster logistics services and thereby enable operators to maintain an effective logistic ecosystem across a wide range of industries.
Furthermore, the increasing focus of industries on achieving environmental and economic sustainability, coupled with effective logistics and supply chains, is fueling the growth of the India - EV market. Industries are also increasingly placing orders for ECVs for logistics and transportation, which, in turn, is propelling the growth of the India - electric vehicle market. Therefore, the increasing adoption of EVs for improved logistics and transportation will drive the market's growth during the forecast period.
The technological advances in ECVs is the primary trend shaping market growth. Market players are integrating various advanced technologies, such as regenerative braking and solar panels. The use of such advanced technologies lowers power consumption and enhances the operational efficiency of ECVs. Fast chargers in ECVs increase the reaction rates in battery cells to quickly fill the battery capacity within a few hours. This increases the amount of heat generated. Market players are, therefore, focusing on introducing high-density batteries to reduce heat generation in battery packs.
Furthermore, market players are also focusing on integrating Li-ion battery technology to reduce the overall cost of ECVs. This also enhances and improves the operation of electric commercial vehicles. Consequently, these technological advances for the development of high-quality electric commercial vehicle is expected to increase the opportunities for the growth of the market during the forecast period.
The availability of alternatives in electric vehicles is a challenge that affects market growth. The cost of traditional vehicles is lower than that of electric and hybrid electric commercial vehicles. The low operating costs, reduced initial purchase cost, improved operational efficiency over long distances, and their widespread availability are the major factors attracting more consumers to purchase conventional vehicles. Vehicles that run on diesel and gasoline provide fast fuel combustion, which helps in a strong pickup.
Furthermore, conventional vehicles require lower maintenance than ECVs. All these drawbacks associated with conventional commercial vehicles may increase their uptake as a suitable alternative to electric and hybrid electric vehicles. Thus, such factors are expected to impede the market's growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
India Electric Vehicle Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The normal charging segment is estimated to witness significant growth during the forecast period. The main advantage of normal charging is that it is affordable. It is seven to ten times cheaper than a supercharger with the same performance. Another advantage is that it is much more widespread due to its low price. At the same time, it is significantly small, and its installation is simple, fast, and less expensive. Owing to its characteristics, normal charging is also suitable for home installation and night charging.
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The normal charging segment was the largest segment and was valued at USD 300.36 million in 2018. The mass production of electric passenger cars is expected to increase as governments of various countries across the globe are taking incentives to increase the adoption of EVs. With the increasing EV sales (PHEV and EVs), the implementation of AC charging infrastructure at residential units, parking places, and commercial buildings is expected to grow at a rapid pace due to its low cost and less impact on the power grid. Therefore, such factors will propel the growth of the normal charging segment in the India - EV market during the forecast period.
The India electric vehicle market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Electric Vehicle Market In India Scope |
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Report Coverage |
Details |
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Page number |
134 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 68.48% |
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Market Growth 2024-2028 |
USD 34,369.3 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
65.87 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ANI Technologies Pvt. Ltd., Ather Energy Pvt. Ltd., Atul Auto Ltd., Bajaj Auto Ltd., Electrotherm Ltd., EV Motors India Pvt Ltd., Hero Eco Group, Hyundai Motor Co., Jitendra wheels, Kinetic green vehicles, Li-ions Elektrik Solutions Pvt. Ltd., Mahindra and Mahindra Ltd., Maini Corporate Pvt Ltd., RattanIndia Enterprises Ltd., Rissala Electric Motors Pvt. Ltd., SAIC Motor Corp. Ltd., Suzuki Motor Corp., Tata Sons Pvt. Ltd., TVS Motor Co. Ltd., and Ultraviolette Automotive Pvt Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Charging
7 Market Segmentation by Vehicle Type
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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