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India Electric Vehicle Market - Forecasts from 2018 to 2023

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  • 107 Pages
  • October 2018
  • Region: India
  • Knowledge Sourcing Intelligence LLP
  • ID: 4661686
The Indian electric vehicle market is expected to grow at CAGR of 28.12% over the forecast period of 2017-2023. Electric Vehicles are coming up as a more sustainable mode of commuting all around the world. The demand for electric vehicle in India is gaining pace due to favorable government policies so as to promote the use of electric vehicles. The government has made several policies to initiate and promote the availability and usability of electric vehicles, thus promoting the growth of the market in India. However, lack of charging stations and high purchase costs will hinder the growing demand for these vehicles over the forecast period.

By type, the Indian electric vehicle market is segmented as two-wheeler, three-wheeler, four-wheeler and heavy vehicles. The three-wheeler and two-wheeler vehicles held a significant market share in 2017. This is due to increasing use of electric three wheelers for public transport. The four-wheeler electric vehicles in India will witness a substantial rate due to improvement in the standard of living and their long-term cost-effectiveness.

By end-user, the Indian electric vehicle market is segmented as public and private. Public vehicles held a significant market share due to favorable government policies supporting alternative fuel sources so as to reduce the dependence on fossil fuels. According to the Union Minister Anant Geete, the government is taking necessary measures to make the public transport system fully electric. Thus, this segment will see significant growth in the coming years. The demand for electric vehicles by the private sector will grow on account of provision of tax benefits and subsidies on purchase of private electric vehicles in the country.

By battery type, the Indian electric vehicle transfer market is segmented as lead battery, lithium ion battery and others. Lead Acid based batteries are the older generation batteries which are being used in a majority of the older and low powered electric vehicles. These batteries have low capacities but they are more cost-effective. These are being replaced by the newer Lithium Ion batteries which are cheaper and offer better performance and longer life span as compared to the lead-acid based ones. Improved efficiency offered by lithium ion-based batteries will drive the demand for these batteries in the electric vehicles.


The India Electric Vehicle market has been analyzed through the following segments:

By Type

Heavy Vehicles

By End-User


By Battery Type

Lead Battery
Lithium Ion Battery

By Geography

North India
South India
East India
West India
Central India
List of Companies
Ampere Vehicles
Hero Electric
Mahindra Electric
YObykes (Electrotherm India Ltd.)
TVS Motors
Okinawa Autotech Pvt. Ltd.

Kinetic Green Energy and Power Solutions Ltd.

Lohia Auto Industries
Avon Cycles
Maruti Suzuki
Tata Motors

Table of Contents

1. Introduction
1.1. Market Overview
1.2. Market Definition
1.3. Scope Of The Study
1.4. Currency
1.5. Assumptions
1.6. Base, And Forecast Years Timeline
2. Research Methodology
2.1. Research Design
2.2. Secondary Sources
3. Executive Summary
4. Market Dynamics
4.1. Market Segmentation
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Porter’S Five Force Analysis
4.5.1. Bargaining Power Of Suppliers
4.5.2. Bargaining Power Of Buyers
4.5.3. Threat Of New Entrants
4.5.4. Threat Of Substitutes
4.5.5. Competitive Rivalry In The Industry
4.6. Life Cycle Analysis - Regional Snapshot
4.7. Market Attractiveness
5. India Electric Vehicle Market By Type
5.1. Two Wheeler
5.2. Three Wheeler
5.3. Four Wheeler
5.4. Heavy Vehicles
6. India Electric Vehicle Market By End-User
6.1. Public
6.2. Private
7. India Electric Vehicle Market By Battery Type
7.1. Lead Battery
7.2. Lithium Ion Battery
7.3. Others
8. India Electric Vehicle Market By Geography
8.1. North India
8.2. South India
8.3. East India
8.4. West India
8.5. Central India
9. Competitive Intelligence
9.1. Market Share Analysis
9.2. Recent Investment And Deals
9.3. Strategies Of Key Players
10. Company Profiles
10.1. Ampere Vehicles
10.1.1. Company Overview
10.1.2. Financials
10.1.3. Products And Services
10.1.4. Recent Developments
10.2. Hero Electric
10.2.1. Company Overview
10.2.2. Financials
10.2.3. Products And Services
10.2.4. Recent Developments
10.3. Mahindra Electric
10.3.1. Company Overview
10.3.2. Financials
10.3.3. Products And Services
10.3.4. Recent Developments
10.4. Yobykes (Electrotherm India Ltd.)
10.4.1. Company Overview
10.4.2. Financials
10.4.3. Products And Services
10.4.4. Recent Developments
10.5. Tvs Motors
10.5.1. Company Overview
10.5.2. Financials
10.5.3. Products And Services
10.5.4. Recent Developments
10.6. Okinawa Autotech Pvt. Ltd.
10.6.1. Company Overview
10.6.2. Financials
10.6.3. Products And Services
10.6.4. Recent Developments
10.7. Kinetic Green Energy And Power Solutions Ltd.
10.7.1. Company Overview
10.7.2. Financials
10.7.3. Products And Services
10.7.4. Recent Developments
10.8. Lohia Auto Industries
10.8.1. Company Overview
10.8.2. Financials
10.8.3. Products And Services
10.8.4. Recent Developments
10.9. Avon Cycles
10.9.1. Company Overview
10.9.2. Financials
10.9.3. Products And Services
10.9.4. Recent Developments
10.10. Maruti Suzuki
10.10.1. Company Overview
10.10.2. Financials
10.10.3. Products And Services
10.10.4. Recent Developments
10.11. Tata Motors
10.11.1. Company Overview
10.11.2. Financials
10.11.3. Products And Services
10.11.4. Recent Developments

Companies Mentioned

  • Ampere Vehicles

  • Hero Electric

  • Mahindra Electric

  • YObykes (Electrotherm India Ltd.)

  • TVS Motors

  • Okinawa Autotech Pvt. Ltd.

  • Kinetic Green Energy and Power Solutions Ltd.

  • Lohia Auto Industries

  • Avon Cycles

  • Maruti Suzuki

  • Tata Motors