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The Electric Vehicles Market to witness digitized electrification
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India Electric Vehicle Market: Drivers
Significant incentives for electric vehicles under FAME India and NEMMP 2020
Electric vehicles emit 50% less greenhouse gas than petrol or diesel
Low maintenance and operations costs of electric vehicles
Increasing crude oil prices anticipated to augment the adoption of electric vehicles
Drop in battery price may lead to E-Vehicle adoption
India Electric Vehicle Market: Forecast by Vehicle Type
By vehicle type, the India electric vehicles market is segmented into two-wheelers, passenger cars, commercial vehicles and others. The most preferred vehicle types in the current scenario are passenger cars and two wheelers, which will continue to dominate the electric vehicle market in the near future. The passenger cars segment is expected to hold three-fourths of the India electric vehicles market share by 2025 end.
India Electric Vehicle Market: Forecast by Technology
The segmentation by technology comprises hybrid electric vehicles, plug-in hybrid electric vehicles and battery electric vehicles. Hybrid electric vehicles will be the most common vehicles plying on the road in the future. The battery electric vehicles segment is expected to dominate the India electric vehicles market throughout the forecast period. A large market share of the battery electric vehicles segment (about 85% in 2025) is owing to the high sales volume of two wheelers in India. (over 90% of pure battery powered two wheelers have been sold in India in 2016)
India Electric Vehicle Market: Forecast by Power Source
The power source segment includes stored electricity and on-board electricity. The stored electricity segment is expected to be the most attractive segment in the India electric vehicles market and is estimated to dominate the India electric vehicles market with 84.4% market revenue share in 2017.
India Electric Vehicle Market: Forecast by Powertrain
On the basis of powertrain, the India market for electric vehicles is segmented into series hybrid, parallel hybrid and combined hybrid. Parallel hybrid is the most preferred type of powertrain in hybrid and plug-in hybrid vehicles owing to its advantages over other types of powertrains. This system is not included in battery electric vehicles as it requires both an internal combustion engine and an electric motor.
India Electric Vehicle Market: Key Players
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. and Tunwal E-Vehicle India Pvt. Ltd. are some of the key players operating in the India electric vehicles market.
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Related Reports:
Electric Vehicles Market
https://www.persistencemarketresearch.com/market-research/electric-vehicles-market.asp
Global electric vehicle market is expected to reach a humungous revenue of $800 Bn by 2026 end, and grow at healthy CAGR of 23% during forecast period of 2021-26.
Electric Bus Market
https://www.persistencemarketresearch.com/market-research/electric-bus-market.asp
Electric Bus Market Key growth analysed by persistence market research.
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