India Electric Car Market Size
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Study Period: | 2016 - 2028 |
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Largest Share by Sub Body Type: | Hatchback |
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Fastest Growing by Sub Body Type: | Sports Utility Vehicle |
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CAGR: | 8.50 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Electric Car Market Analysis
The India Electric Car Market is projected to register a CAGR of 8.50%
- Largest Segment by Vehicle Type - Hatchback : Most of the models are launched in sedans and more options to choose from Sedan over hatchbacks is making sedans the best-selling segment in passenger car sales in India.
- Fastest-growing Segment by Vehicle Type - Sports Utility Vehicle : The growing interest of people towards adventure and tough driving on various terrains and growing preference towards bold looks is driving the growth SUV in the passenger car segment in India.
- Largest Segment by Fuel Type - BEV : The rebates provided by the government are high on BEV and stringent norms are encouraging people to invest in clean fuel vehicles, which makes BEV the largest fuel type in India electric car sales.
- Fastest-growing Segment by Fuel Type - HEV : The governmental subsidies for BEV, various norms, better fuel economy, less maintenance cost, chrging station development is making BEV the fastest growing segment in passenger car sales in India.
India Electric Car Industry Segmentation
Passenger Cars are covered as segments by Body Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type.| Body Type | ||||||
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| Fuel Type | |
| BEV | |
| FCEV | |
| HEV | |
| PHEV |
India Electric Car Market Trends
This section covers the major market trends shaping the India Electric Car Market according to our research experts:
Hatchback is the largest segment by Sub Body Type.
- The Indian electric car market has been experiencing fluctuating growth over the last decade due to a lack of consumer awareness, flip-flop regulatory and incentive policies, and market visibility. The market is still in a nascent stage, with electric car sales penetration of less than 1% in the overall passenger car industry.
- However, the Government of India is still working on policies to promote electric vehicles. The government has targeted to achieve 30% vehicle electrification in the country by 2030. Recently, the second phase of the FAME India scheme was announced for all categories of EVs, including cars. An investment of around USD 776.5 million is allocated to increase sales of electric vehicles in the country.
- Besides the Make in India scheme encourages the manufacturing of electric cars in the country through policies that support 100% foreign direct investment (FDI) and offer financial support for research and manufacturing. These policies are expected to encourage the local production of electric vehicles and help the government bring down the prices of these vehicles to support their rapid adoption in the country.
- Due to such initiatives, many electric car manufacturers have made their electric car platforms ready and are all set to launch their products. Over the last two years, electric car manufacturers have spent over USD 1 billion in investments in R&D for the design and development of electric vehicles. These investments helped manufacturers not only with the high upfront capital required in the initial stages of assembly and supply chain setup but also in keeping the cost of electric two-wheeler low while boosting the quality of products.
To understand key trends, Download Sample Report
India Electric Car Industry Overview
The India Electric Car Market is fairly consolidated, with the top five companies occupying 99.31%. The major players in this market are Hyundai Motor Company, Jaguar Land Rover Limited, Mahindra & Mahindra Ltd, MG Motor India Pvt. Ltd. and Tata motors (sorted alphabetically).
India Electric Car Market Leaders
Hyundai Motor Company
Jaguar Land Rover Limited
Mahindra & Mahindra Ltd
MG Motor India Pvt. Ltd.
Tata motors
*Disclaimer: Major Players sorted in no particular order
India Electric Car Market News
- August 2022: Tata Motors Ltd, and Ford India Private Limited (FIPL), have signed a Unit Transfer Agreement (UTA) for the acquisition of FIPL’s manufacturing plant situated at Sanand, Gujarat
- August 2022: Mahindra & Mahindra Ltd. (M&M) and the Volkswagen Group announced to expand their cooperation. Both companies signed a term sheet on the supply of MEB electric components for Mahindra’s new, purpose-built electric platform INGLO, deepening the partnering agreement from earlier this year.
- August 2022: Mahindra & Mahindra Limited, India’s leading SUV manufacturer, unveiled its new state-of-the-art INGLO EV platform and five e-SUVs under two EV brands, showcasing its vision for the future of electric mobility.
India Electric Car Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.2. GDP
2.3. CVP
2.4. Inflation Rate
2.5. Interest Rate For Auto Loans
2.6. Battery Price (per Kwh)
2.7. Electrification Impact
2.8. Shared Mobility
2.9. New XEV Models Announced
2.10. Charging Stations Deployment
2.11. Regulatory Framework
2.12. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION
3.1. Body Type
3.1.1. Passenger Cars
3.1.1.1. Hatchback
3.1.1.2. Multi-purpose Vehicle
3.1.1.3. Sedan
3.1.1.4. Sports Utility Vehicle
3.2. Fuel Type
3.2.1. BEV
3.2.2. FCEV
3.2.3. HEV
3.2.4. PHEV
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Honda Motor Co. Ltd.
4.4.2. Hyundai Motor Company
4.4.3. Jaguar Land Rover Limited
4.4.4. Mahindra & Mahindra Ltd
4.4.5. Maruti Suzuki
4.4.6. Mercedes-Benz AG
4.4.7. MG Motor India Pvt. Ltd.
4.4.8. Tata motors
4.4.9. Toyota Kirloskar Motor Pvt. Ltd.
4.4.10. Volvo Car Corporation
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter’s Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
Figure 1:
INDIA ELECTRIC CAR MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
Figure 2:
INDIA ELECTRIC CAR MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
Figure 3:
INDIA ELECTRIC CAR MARKET, CVP YOY GROWTH RATE, 2016 – 2027
Figure 4:
INDIA ELECTRIC CAR MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
Figure 5:
INDIA ELECTRIC CAR MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
Figure 6:
INDIA ELECTRIC CAR MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
Figure 7:
INDIA ELECTRIC CAR MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
Figure 8:
INDIA ELECTRIC CAR MARKET, DISTRIBUTION OF GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY, SHARE %, 2021
Figure 9:
INDIA ELECTRIC CAR MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
Figure 10:
INDIA ELECTRIC CAR MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
Figure 11:
INDIA ELECTRIC CAR MARKET, VOLUME IN UNITS, 2016 – 2026
Figure 12:
INDIA ELECTRIC CAR MARKET, VALUE IN USD, 2016 – 2026
Figure 13:
INDIA ELECTRIC CAR MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
Figure 14:
INDIA ELECTRIC CAR MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
Figure 15:
INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
Figure 16:
INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
Figure 17:
INDIA ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2016-2028
Figure 18:
INDIA ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2016-2028
Figure 19:
INDIA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2016-2028
Figure 20:
INDIA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2016-2028
Figure 21:
INDIA ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2016-2028
Figure 22:
INDIA ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2016-2028
Figure 23:
INDIA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2016-2028
Figure 24:
INDIA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2016-2028
Figure 25:
INDIA ELECTRIC CAR MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
Figure 26:
INDIA ELECTRIC CAR MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
Figure 27:
INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
Figure 28:
INDIA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
Figure 29:
INDIA ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
Figure 30:
INDIA ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2016-2028
Figure 31:
INDIA ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
Figure 32:
INDIA ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
Figure 33:
INDIA ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
Figure 34:
INDIA ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2016-2028
Figure 35:
INDIA ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
Figure 36:
INDIA ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
Figure 37:
INDIA ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
Figure 38:
INDIA ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
Figure 39:
INDIA ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021
Market Definition
- Body Type - Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
- Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion.
- Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
- Sub Body Type - The sub-body type includes Hatchback, Sedan, SUV, and MPV.
- Vehicle Type - Passenger vehicles which includes electric powered cars and vehicles, sports utility vehicles, multipurpose vehicles
Research Methodology
Mordor Intelligence follows a four-step methodology in all our reports.
- Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
