India electric vehicle market to Touch USD 113.99 Billion in 2029; Rising Adoption of Electric Micro-Mobility Vehicles will Facilitate Market Growth

The India electric vehicle market size is anticipated to display vigorous growth by reaching USD 113.99 billion by 2029. Fortune Business Insights™ in its report titled “India Electric Vehicle Market Size, Share & COVID-19 Impact Analysis, By Platform {Two Wheeler, Three Wheeler, Four Wheeler – By Vehicle Type (Passenger cars and Commercial Vehicles) and By Propulsion Type (Battery Electric Vehicle (BEV), and Hybrid Electric Vehicle (HEV))}, and Regional Forecasts, 2022-2029" observes that the market size in 2021 was valued at USD 1.45 billion and is anticipated to reach USD 3.21 billion in 2022. The market is anticipated to witness a CAGR of 66.52% during 2022-2029. Several factors, such as the inclination toward electric vehicles to control the level of pollution and strategic alliances among prominent players, are likely to propel India electric vehicle market during the forecast period.

Bajaj Auto introduced a new EV production unit in India to Facilitate a Better EVs Experience

The Indian Firm, Bajaj Auto, introduced a new EV production unit, which has the capacity to manufacture 5 lakh Electric Vehicles per year. To reduce dependence on imported parts, the new Bajaj Chetak EV will be built with localized components. Furthermore, the new Bajaj Chetak was launched with an affordable price tag in order to facilitate consumers to buy eco-friendly vehicles.

Shortage of Essential Components during Pandemic Could Hinder Market's Development

A considerable impact of the COVID-19 pandemic has been observed on this market. Certain factors such as the semiconductor crisis, temporary halt in manufacturing activities, and shortages of basic materials during the outbreak have negatively affected the India electric vehicle market growth. Meanwhile, a steady recovery has been observed by Indian government initiatives, and hefty subsidies and incentives at the state level during the pandemic have augmented the product demand. Furthermore, For instance, it has been observed that in 2021, e-4W sales surged by around 287.1% 2021.

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Government's Focus on Fighting Climate Change Promotes Market Growth

The rising adoption of electric micro-mobility vehicles is an essential factor that has led to the growth of this market. Another reason that escalates the demand for the product is the highly price-sensitive market of India. Furthermore, the high suitability of two-wheelers to Indian road traffic congestion is stimulating the adoption of products at a significant rate. The cheap product price and rising government initiatives toward e-mobility adoption are some other factors that help various brands to penetrate into the Indian electrification market to grab revenue growth opportunities. Rising fuel prices and lesser operating costs of EVs compared to fossil fuel-powered vehicles in India have enhanced product demand.

Key Industry Giants Entered into Collaboration to bolster their Portfolio

Major firms such as TATA Motors are investing in R&D activities and technology domains to establish their solid footholds in the electric vehicles segment. Furthermore, the firm produces utility vehicles, buses, trucks, defense vehicles, and cars. It also manufactures engines for industrial & marine aggregates and applications, such as transmissions for commercial vehicles and axles. The firms two EVs model, Tigor and Nexon, have the largest sales of EVs 6,94,159 units in India.

Key Industry Development

• January 2022: Mahindra Group joined a strategic agreement with Hero Electric for five years. Under this collaboration, Mahindra will start manufacturing two of Hero Electric's most popular e- scooters – the NYX and Optima – at its Pithampur plant. The Motto of this collaboration is to offer authentic value-for-money products in electric mobility.

Segmentation

• On the basis of platform market is classified into four-wheelers, three-wheeler, and two-wheeler. The four-vehicle market is estimated to gain a significant hold on the India electric vehicle market share during the estimated period. The rapid adoption of four-vehicle across the region is expected to fuel the industry's growth due to its economic cost compared to internal combustion engine.

• By vehicle type market is divided into commercial vehicles and passenger cars. The passenger cars will dominate due to the comfort, luxury, and availability of varied options they provide with clean emissions. For instance, India's leading automotive manufacturer, TATA Motors collaborated with State Bank of India to promote EV culture across the region.

List of Key Players Profiled in the Market Report

• BMW Group (Germany)


• Daimler AG (Germany)


• Toyota(Japan)


• Volkswagen (Germany)


• Renault Group (France)


• Ford Motor Company (U.S.)


• Mahindra & Mahindra (India)


• TATA motors (India)


• Hyundai (South Korea)


• MG Motors (U.K.)


• Ola Electric (India)

Report Scope & Segmentation