India’s Electric Vehicle Market size was valued at US$ 326.6 Mn. in 2021 and the total revenue is expected to grow at 94.2% from 2022 to 2029, reaching US$ 66,070.86 Mn.
India Electric Vehicle Market Overview:
The goal of this study is to provide an overview of the India Electric Vehicle Market industry as well as a detailed market segmentation by segments and geographies. The report contains critical information on the market positions of the top India’s Electric Vehicle Market firms, as well as important industry trends and opportunities.
The study also contains company biographies, product images and specifications, capacity, production, price, cost, revenue, and contact information for the leading industry players in the Global India’s Electric Vehicle Market. This research looks into global, regional, and corporate market trends, volume, and value. This study examines the whole India’s Electric Vehicle Market Size from a worldwide standpoint, evaluating historical data and generating estimates.
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Market Scope:
Following the completion of market engineering, which included market statistics computations, market size estimations, market projections, market breakdown, and data triangulation, extensive primary research was conducted to gather information and verify and validate key figures. Both top-down and bottom-up approaches, as well as several data triangulation methods, were often used throughout the market engineering process to get a market evaluation and predictions for the overall market segments and sub-segments included in the India’s Electric Vehicle Market study. To give vital information throughout the report, extensive qualitative and quantitative analysis is done on all data gathered throughout the market engineering process.
Top-down and bottom-up approaches are used to validate the market size and estimate market size by segment. The market estimations in the research are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). Weights based on usage rate and average sale price are applied to each area to generate percentage splits, market shares, and segment breakdowns. The country-wise divisions of the overall market and its sub-segments are determined by the percentage adoption or usage of the specified market Size in the relevant area or nation.
Drivers:
To fuel its vehicles, India has been spending a sizable sum of money on the importation of crude oil. According to the Petroleum Planning and Analysis Cell (PPAC), India imports nearly 80% of the oil it uses, making the exchequer vulnerable to fluctuations in crude prices, which have in the past had an adverse effect on the nation’s economy.
A push for EV adoption will result in a decrease in oil imports, much of which is used to power vehicles. It would enable the government to release these money towards the construction of the infrastructure required to operate electric vehicles, such as nationwide charging infrastructure and battery production capacity.
Segmentation:
by Vehicle Type
• Two-wheeler
• Three-wheeler
• Passenger cars
• Commercial vehicles
by Technology
• Battery electric vehicle (BEV)
• Plug-in hybrid electric vehicle (HEV)
• Fuel cell electric vehicle
Key Players:
Inorganic growth tactics cited in the industry included acquisitions, partnerships, and collaborations. Because of increased demand, industry participants in the India’s Electric Vehicle Market are projected to benefit from excellent future growth opportunities. The following are a few firms involved in the global India Electric Vehicle Market industry.
• Mahindra & Mahindra Ltd.
• MARUTI SUZUKI INDIA LIMITED
• Toyota Motor Corporation
• AB Volvo
• Tata Motors
• Ashok Leyland
• Hero Electric Vehicles Private Limited
• Honda Motor Co., Ltd.
• Bayerische Motoren Werke AG
• Avon Cycles Ltd
• Lohia Auto Industries
• Electrotherm (India) Ltd
• Yamaha Golf-Car Company
• Club Car, LLC
• Speedways Electric
• Maini Material Movement Pvt. Ltd.
• Auto Power
• Carrieall Car Private Limited
• Ampere Vehicles Pvt. Ltd.
• Tunwal E-Vehicle India Pvt. Ltd
• Others
Regional Analysis:
After studying the political, economic, social, and technical elements impacting the India’s Electric Vehicle Market in various regions, the report offers a detailed PESTLE analysis for each of the five areas, namely North America, Europe, Asia Pacific, and the Middle East, Africa, and South America.
COVID-19 Impact Analysis on India’s Electric Vehicle Market:
Customer behaviour has changed as a result of the COVID-19 epidemic in all areas of society. Industries, on the other hand, will need to revise their plans to account for changing market supply. This report provides an overview of the COVID-19’s influence on the India’s Electric Vehicle Market and will assist you in developing your business in accordance with the new industry standards.
Key Questions Answered in the India’s Electric Vehicle Market Report are:
- What will be the CAGR of the India’s Electric Vehicle Market during the forecast period?
- In the India’s Electric Vehicle Market industry, which market category emerged as the market leader?
- Who are the main market participants in India’s Electric Vehicle Market?
- What will the size of the India’s Electric Vehicle Market be in 2029?
- Which company dominated the India’s Electric Vehicle Market industry in terms of market share?
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