Indian Electric Vehicle Market
DUBLIN, Nov. 22, 2022 (GLOBE NEWSWIRE) — The “Indian electric vehicle market, by vehicle type (car, LCV, M&HCV, 2WD, 3WD), by powertrain (BEV, HEV, PHEV, FCEV). ), By Reach, By Load Time, By Region, By Top 10 States, By Competitive Forecast and Opportunities, 2018–2028F” was added ResearchAndMarkets.com Offer.
The Indian electric vehicle market is expected to grow from US$5,153.79 million in 2022 to US$14,910.33 million in 2028, at a CAGR of 19.81%.
India is poised for rapid green energy adoption through various government initiatives, subsidies which in turn boost EV sales across the country to propel the Indian EV market in the years to come.
With pollution and the cost of fossil fuels rising, many countries are turning to green energy and India is no exception. Electric vehicles are divided into four segments depending on the powertrain: BEV, HEV, PHEV and FCEV. BEV, which is completely dependent on the battery, is gaining more and more popularity due to its zero emissions.
HEVs are powered by an internal combustion engine with one or more electric motors that use energy stored in batteries that cannot be charged separately. With PHEV, electric vehicles can use battery-powered motors and internal combustion engines independently to propel the vehicle. FCEVs, which are more efficient and produce fewer emissions than conventional internal combustion engines, run on hydrogen.
The demand for electric vehicles is increasing rapidly due to the increasing shift towards advanced technology and multiple government initiatives in India. Many companies are emerging with their advanced technology and innovative product range, keeping the vehicle’s budget-friendly cost.
Rising popularity of electric vehicles in the face of climate change
The government is prioritizing the clean mobility shift and faster adoption and manufacture of electric vehicles under the FAME II program in India to make them more affordable.
The two-wheeler segment is dominating the electric vehicle market as many youngsters choose electric two-wheelers for their daily needs and commuting around town. Also, COVID-19 has helped EVs gradually become more popular among customers. The low cost of running the tricycle segment quickly increases sales.
Many new players are emerging with their wide range of products that help to be competitive in the market. As part of the Paris Climate Agreement, the Indian government advocates renewable and environmentally friendly forms of power generation.
advance in technology
Rapid technological improvements in the areas of increasing battery capacity, increasing affordability, greater convenience, longer battery range, shorter charging times, less maintenance and contributing to pollution management are all factors contributing to the growth of the Indian EV market.
Lithium-ion batteries are quickly gaining popularity as they offer more energy density advantages over lead-acid batteries, thereby offering greater range and faster charge times.
Reducing oil imports and sustainable energy production
India is seeing a trend towards green energy adoption due to rising oil prices and urban pollution.
According to a report by FICCI and Rocky Mountain Institute entitled “Enabling India’s Transition to Electric Mobility,” the country’s transition to electric mobility in the passenger vehicle sector could save up to $300 billion in oil imports and nearly a gigatonne of CO2 emissions by 2030, the government is promoting green energy by raising environmental awareness and focusing on low-cost modes of transportation.
Many new players are emerging with their technology and increasing competition in the market. These players invest in research and development, innovation to offer a wide range of products. Tata Motors Limited dominates with its strong presence in the passenger car segment. In LCV, Mahindra & Mahindra Limited has the largest stake.
The M&HCV segment was led by PMI Electro Mobility Solutions Private Limited, followed by Tata Motors Limited. With a large distribution network coupled with brand awareness Hero Electric Vehicles Pvt. ltd conquers about 1/3 of the market for electric two-wheelers. For three-wheelers, YC Electric Vehicle is at the top, followed by Saera Electric Auto Pvt. GmbH.
Company Profiles: Detailed analysis of the key companies in the Indian electric vehicle market
Tata Motors Limited
MG Motor India Private Limited
Mahindra & Mahindra Limited
PMI Electro Mobility Solutions Private Limited
JBM Auto Ltd.
Hero Electric Vehicles Pvt. GmbH.
Okinawa Autotech Pvt. GmbH.
Greaves Electric Mobility Private Limited
YC electric vehicle
Saera Electric Auto Pvt. GmbH.
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