imagesReport

Understanding the current EV scenario in India

Release date
September 2023
# of pages
25
Agency
INTAGE INDIA
Report price
Free
Target countries
  • IndiaIndia

Description

India's electric vehicle (EV) market is rapidly expanding and has the potential to become one of the world's largest. This growth is driving significant changes in the automotive sector. However, it's crucial to recognize that the EV market is dynamic, influenced by factors such as government policies, technological advancements, and consumer preferences. To stay informed, it's essential to seek insights from industry experts and develop a comprehensive understanding of the EV ecosystem and market dynamics in India.


This report covers an understanding on the key drivers & barrier for EV adoption, the impact of government policies, anticipated growth of EVs in both 2W & 4W segments in India along with the opportunities & challenges faced by OEMs in bringing the EVs into the ecosystem. 

Summary

Globally, the shift to Electric Vehicles (EVs) is led by China, which accounts for nearly 70% of global EV sales, followed by Europe and the USA. India is also embracing this trend, with a growing interest in EVs, driven by factors like rising fuel prices, technological advancements, environmental concerns, and government incentives. India's EV market, particularly in two and three-wheel segments, holds significant growth potential compared to developed markets.


Battery Electric Vehicles (BEVs) are gaining traction in India, primarily in two and three-wheel segments due to increasing fuel costs and environmental awareness. BEV manufacturers are ramping up production to meet the rising demand, with an expected 30% utilization of current capacity. Experts predict substantial market share growth for BEVs by 2030, with 2-wheelers reaching 50%, 3-wheelers at 45%, and 4-wheelers at 15%. Success hinges on offering high-quality, affordable, and technologically advanced EVs for both commercial and consumer markets.


India's government is actively addressing EV challenges, focusing on enhancing charging infrastructure through initiatives like NEMP and the Green Energy Corridors project. Charging infrastructure providers receive incentives, including tax benefits and subsidies, to encourage station expansion. To boost BEV adoption, India needs to prioritize a robust charging network, incentives, local manufacturing, affordability, innovation, sustainable battery disposal, and training programs for BEV technology, driving widespread adoption and sustainability in the Indian market.

Survey Design

Survey Method: Online In-depth interviews in Bangalore & Delhi.


Target criteria: Experts with EV market understanding from Automotive sector: • Target department is Marketing, R&D, Sales, Consumer Insight. • Designation is Senior manager level or higher.

Related reports

Report on Indian EV market report（2022/04）

Report on EV market trend in Norway（2022/02）

Survey on EV users in 4 countries（202108～202111）

Reproducing and quotation
  • The copyright of this report/column is held by Intage Inc. or the company to which the author belongs. Please confirm the following prohibitions and cautions, and specify the source when reproducing or quoting.
    Example:
    "Source: Intage's Research Report "(Report title) (issued on DD/MM/YYYY)"
    "Source: Global Market Surfer, article published on DD/MM/YYYY"
  • Prohibiton:
    • Modification of part or all of the contents
    • Sale or publication of part or all of the contents
    • Use that is offensive to public order and morals or that leads to illegal activities
    • Reprpducing or quotation for the purpose of advertising or sales promotion of companies, products, or services.
  • Other cautions:
    • We are not responsible for any trouble, loss or damage caused by the use of this report.
    • These terms of use do not restrict the use of quotations, etc., which are permitted under the Copyright Act.
  • If you have any questions about reprinting or quotation, please contact us from here

Newest report