Currently, India is in the early stages of adoption of electric vehicles (EV) and adoption rate is less than 1%. Key players in the market include Hyundai, MG Motor, Mahindra Electric and Tata in the EV four-wheeler category and Okinawa, Tork Motors, Ather Energy, Ultraviolette, Evolet in the two-wheeler segment. Players in the three-wheeler segment include Mahindra & Mahindra, Lohia Auto and Greaves Cotton.
The Indian government aims at 30% EV adoption in the country by 2030. Considering the size of the population, the adoption of electric vehicles in the passenger cars segment is very low. In 2019-20, sale of electric vehicles grew by 20% and reached 156,000 vehicles primarily due to sales of electric two-wheelers. From the 156,000 units sold, 152,000 units were two-wheelers, 3,400 cars and 600 buses. This is in comparison to the 1.74 crore traditional two-wheelers which sold in the country in the same period.
The pandemic has caused supply chain problems and manufacturing disruption in the electric vehicle market in India. It is expected that there will be delays in the production as manufacturers will primarily be focusing on stimulating demand and producing BS-VI vehicles. Also, restrictions of import of components from China is expected to cause further delays. In July 2020 sales of high-speed EVs stood at 7,411 units as compared to 16,434 sold in January 2020.
The market is now recovering post-pandemic and it is expected that the electric vehicle market in India will reach approximately 63 lakh unit mark per annum by 2027.
Why Purchase This Report?
The report highlights key dynamics ofthe global and Indian electric vehicle market. The growing opportunity in the sector has been investigated along with capturing initiatives and performance of key players such asHyundai Motor Company, Mahindra Electric Mobility Limited, Tata Motors Limited, Honda Motor Co. Ltd. and Volvo Car Corporation. The report contains the impact of COVID-19 on the sector, the sector outlook and the opinions of industry stakeholders/experts.
The publisher has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
1. Analyst Opinion
2. Global Electric Vehicle Market
2.2 Market Statistics & Performance
2.3 COVID-19 Impact
2.5 Industry Speak
3. India Electric Vehicle Market
3.2 Market Statistics & Performance
3.3 COVID-19 Impact
3.5 Industry Speak
4. Competitive Landscape
4.1 Hyundai Motor Company
4.2 Mahindra Electric Mobility Limited
4.3 Tata Motors Limited
4.4 Honda Motor Co. Ltd.
4.5 Volvo Car Corporation
5. List of Charts and Graphs
5.1 Global Number of Battery Electric Vehicles in Use (2012 to 2019, in millions)
5.2 Global Plug-in Electric Light Vehicle Sales (2015 to 2019, in million units)
5.3 India Share of Electric Vehicle Market by Separator (2020 & 2030E, %)
5.4 India Share of Electric Vehicles Sold by Type (FY 2019, %)
5.5 India Share of Electric Vehicle Production, by Sector (FY 2018, %)
5.6 India Awareness of Electric Car Models (2019, %)
5.7 India Projected Number of Electric Two-Wheelers (2020 to 2030, in 1,000s)
5.8 India Number of Electric Two-Wheeler FY 2015 to FY 2018 (in 1,000s)
6. Research Methodology
- Ather Energy
- Greaves Cotton
- Honda Motor Co. Ltd.
- Hyundai Motor Company
- Lohia Auto
- Mahindra & Mahindra
- Mahindra Electric Mobility Limited
- MG Motor
- Tata Motors Limited
- Tork Motors
- Volvo Car Corporation