India Electric Vehicle Market Share Report, 2019-2026

India Electric Vehicle Market

The India Electric Vehicles Market generated revenue worth USD 1,202 million in 2018 and is projected to reach USD 9,306 million by the end of 2026, expanding at a CAGR of 25.5% over the forecast period (2019-2026).

The factors driving the growth of India Electric Vehicles Market includes rise in the sales of electric vehicles, attractive policy for enhancing the production of electric vehicles and growing emphasis on reducing the carbon gas emission levels. According to the report published by Money Control, the Union Cabinet of India approved Production-Linked Incentive (PLI) scheme aims to provide incentive worth INR 26,058 crore to the automotive manufacturers to produce advanced battery electric technology over next five years, which will boost the India Electric Vehicle Market share in the coming years. Moreover, rise in Government’s expenditure to build electric vehicles charging stations across different states in India, rapid urbanization and rise in the prices of crude oil, are some of the additional factors supplementing the market growth. In addition, growing adoption of advanced technologies, rising popularity of Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, increase in the working-class population, technological advancements in the electric vehicles, significant presence of the domestic car manufacturing companies and high population growth rates, are contributing to the market growth.

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However, the growth of India Electric Vehicles Market is hindered due to high cost of electric vehicles in India.

The leading players operating in the market are MG Motor India Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Lohia Global, Kinetic Green Energy & Power Solutions Ltd., Ather Energy, Electrotherm (India) Limited, Tata Motors Limited, Mahindra Electric Mobility Limited, Hyundai Motor India Ltd., Lohia Global and Hero Electric, among others.

Battery Type: Segment Analysis

Based on Battery Type, the Lithium-ion Battery segment capture the largest market share in 2018. The lithium-ion batteries are available in standard industry sizes, light weight, provides long lifespan, and are temperature tolerant along with its fast-charging capabilities, are some of the features of responsible for the segment’s growth.

Four-Wheelers Driving Range: Segment Analysis

Based on Four-Wheelers Driving Range, the More than 200 Km segment is estimated to hold the highest market share during the forecast period attributed to growing demand for long range electric cars and rise in the electric cab service providers.

Propulsion Type: Segment Analysis

Based on Propulsion Type, the Battery Electric Vehicle segment dominated the market in 2018. The electric vehicles batteries save consumers spending on petrol and gas, requires low maintenance, provides enhanced performance and are environment friendly, are some of the important factors augmenting the market growth in India.

Market Segmentation

India Electric Vehicle Market by Vehicle Type Revenues USD

• Two-Wheelers

• Three-Wheelers

• Four-Wheelers

India Electric Vehicle Market by Volume (Units)

• Two-Wheelers

• Three-Wheelers

• Four-Wheelers

India Electric Vehicle Market by Propulsion Type

• Battery Electric Vehicle

• Plug-in Hybrid Electric Vehicle

• Hybrid Electric Vehicle

India Electric Vehicle Market by Two-Wheelers Battery Type

• Lithium-ion Battery

• Lead Acid Battery

India Electric Vehicle Market by Two-Wheelers Price Range

• Less than 800 USD

• 800-1,200 USD

• More than 1,200 USD

India Electric Vehicle Market by Four-Wheelers Price Range

• Less than 16,000 USD

• 16,000 – 36,000 USD

• More than 36,000 USD

India Electric Vehicle Market by Two-Wheelers Driving Range

• Less than 70 Km

• 70-100 Km

• More than 100 Km

India Electric Vehicle Market by Four-Wheelers Driving Range

• Less than 150 Km

• 150-200 Km

• More than 200 Km

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