India Electric Vehicle
MARKET ANALYSIS, 2016 - 2030
BASE YEAR: 2020
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India Electric
Vehicle
MARKET ANALYSIS & SEGMENT FORECAST TO 2030
Market by Product: Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV)
Market by Vehicle Type: Passenger Cars, Commercial Vehicles
AUTOMOTIVE & TRANSPORTATION INDUSTRY EXPERTS
Research Advisory
Sandeep is our technology industry leader with more than 14 years of strategic and business
research experience in the telecom, media, semiconductors, and information, automotive and
industrial technology domains. His key responsibilities include managing delivery of market
intelligence & business information content and driving the research & analysis initiatives. He is also
focused on maintaining operational excellence and relationships with major clients/accounts.
building and leading high-performance teams. He holds a master’s in business administration
(finance) and a bachelor’s degree in computer science and engineering.
Sandeep Mishra
Principal Author
Madhumita’s research expertise spans channels, automotive & transportation, electric vehicle,
aerospace & defense, connected vehicle, logistics, and intelligent transportation. She leads a team of
market research analysts to support tier-1 technology vendors with Grand View Research’s market
research and advisory services. Her key role involves market-sizing, forecasting and delivering insights to
key clients such as Siemens Mobility GmbH, Mahindra & Mahindra Ltd., Honda Motor Co. Ltd., TVS
Motor Company, and General Motors. She has been quoted in the top-tier press & media, such as The
Economic Times, YourStory, GSM Arena and Financial Times, and South China Morning Post. Madhumita
holds a Bachelor’s Degree in Computer Science and a Master’s in Marketing Management from the
Madhumita Chaudhary University of Pune, India.
Note: This report is authored by Grand View Research’s core team of seasoned research
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HOW IS COVID-19 COVERED IN THE REPORT
Response Based Factors Covered in the Report
Customer Behavior
Changing
consumption
pattern
Supply chain
management
Flexible workforce
& digital workplace
•
•
•
Competition Strategy
•
•
•
M&A Tracker
Change in
leadership roles
Realignment of
marketing
strategies
Stakeholder Behavior
•
•
•
Investors
confidence level
New potential
deals
Investment
patterns/ Equity
management
Logistics Management
Level of building
resilient supply
chain network
Level of
automation &
robotics
Level of integration
•
•
•
Macroeconomic
Factors
Regulatory Framework
•
•
•
Amendments in
existing guidelines
Introduction of novel
statutory policies
Impact of
regulations on
market participants
•
•
•
Adjusted GDP
growth
Government
fiscal policies
Changes in trade
tariffs
Outcome Based Factors Covered in the Report
Competition Dynamics
Demand Change
•
•
Drop/rise in demand
Adjusted industry
growth rate
•
•
•
•
New entrants in the market
Forward/backward
integration
Diversification
Companies exiting the
market
Innovation
Finance Management
•
•
Earning
changes/adjustments
FY cash flow
management/changes
•
•
•
Industry best practices:
Case studies
R&D investments
Diversifications
Market Voice : Key Opinions
“Rising carbon footprints and other environmental impacts of internal combustion
Analyst Perspective
Electric Vehicle
Manufacturer
vehicles have resulted in the increasing popularity of electric vehicles and a paradigm
shift in customer preference from conventional vehicles to electric vehicles”.
“Widespread adoption of EVs is expected to help reduce CO2 emissions from
transportation and dependence on fossil fuels, which in turn
is expected to impact the electric vehicles market favorably”.
Note: Above listed verbatim responses are intended to provide an overview of the market pulse. Please get in touch with us to learn more
about our primary research methodology & how we could customize our services to meet your end objective
Top 3 Trends : Key Takeaways
Government in India have drafted effective regulations regarding vehicle emissions, which are
1
2
3
anticipated to create significant growth opportunities for players operating across the value chain
of the market
Reduced battery price has led to a decrease in cost of the electric vehicles as batteries are one
of the most expensive parts of an electric vehicle.
Variations in charging load and lack of standardization are major drawbacks for the electric
vehicle market.
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Table of Contents
CHAPTER 01 Executive Summary
1.1 Market Insights
1.1.1 MARKET SNAPSHOT
1.2 Segmental Insights
CHAPTER 02 Market Variables, Trends & Scope
2.1 Penetration and Growth Prospect Mapping
2.2 India Electric Vehicle Market:Value Chain Analysis
2.3 India Electric Vehicle Market Dynamics
2.3.1 MARKET DRIVER ANALYSIS
2.3.1.1 Government initiatives, subsidies, and tax rebate programs
2.3.1.2 Rising crude oil prices
2.3.1.3 Advantages of electric vehicles over conventional vehicles
2.3.2 MARKET RESTRAINT ANALYSIS
2.3.2.1 High cost of electrical components
2.3.2.2 Range anxiety amongst customers
2.3.3 MARKET OPPORTUNITY ANALYSIS
2.3.3.1 Battery technology’s maturity
2.4 Market Analysis Tool
2.4.1 INDIA ELECTRIC VEHICLE INDUSTRY ANALYSIS – PORTER’S
2.4.1.1 Threat of New Entrants:
2.4.1.2 Bargaining power of buyers:
2.4.1.3 Bargaining power of Supplier:
2.4.1.4 Threat of substitutes:
2.4.1.5 Competitive rivalry:
2.4.2 INDIA ELECTRIC VEHICLE INDUSTRY ANALYSIS – PEST
2.4.2.1 Political Landscape
2.4.2.2 Economic Landscape
2.4.2.3 Social Landscape
2.4.2.4 Technology Landscape
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CHAPTER 03 India Electric Vehicle Market: Product Segment Analysis
3.1 Definition & Scope
3.2 India Electric Vehicle Market: Product movement & market share analysis, 2020 & 2030
3.2.1 Battery Electric Vehicle (BEV)
3.2.1.1 Global Halogen market estimates and forecasts, 2016–2030, (Units, USD Million)
3.2.2 Plug-In Hybrid Electric Vehicle (PHEV)
CHAPTER 04 India Electric Vehicle Market: Vehicle Type Segment
Analysis
4.1 Definition & Scope
4.2 India Electric Vehicle Market: Vehicle type movement & market share analysis, 2020 & 2030
4.2.1 Passenger Cars
4.2.1.1 Global headlight market estimates and forecasts, 2016–2030, (Units, USD Million)
4.2.2 Commercial Vehicle
CHAPTER 05 Competitive Landscape
5.1 Recent Developments and Impact Analysis, by Key Market Participants
5.2 Company Categorization
5.3 Company Market Positioning
CHAPTER 06 Company Profile
6.1 Audi AG
6.1.1 COMPANY OVERVIEW
6.1.2 FINANCIAL PERFORMANCE
6.1.3 PRODUCT BENCHMARKING
6.1.4 RECENT DEVELOPMENTS
6.2 BMW AG
6.2.1 COMPANY OVERVIEW
6.2.2 FINANCIAL PERFORMANCE
6.2.3 PRODUCT BENCHMARKING
6.2.4 RECENT DEVELOPMENTS
6.3 Hyundai Motor India
6.3.1 COMPANY OVERVIEW
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6.3.2 FINANCIAL PERFORMANCE
6.3.3 PRODUCT BENCHMARKING
6.3.4 RECENT DEVELOPMENTS
6.4 Jaguar Land Rover Limited
6.4.1 COMPANY OVERVIEW
6.4.2 FINANCIAL PERFORMANCE
6.4.3 PRODUCT BENCHMARKING
6.4.4 RECENT DEVELOPMENTS
6.5 Mahindra & Mahindra Ltd
6.5.1 COMPANY OVERVIEW
6.5.2 FINANCIAL PERFORMANCE
6.5.3 PRODUCT BENCHMARKING
6.5.4 RECENT DEVELOPMENTS
6.6 Mercedes-Benz AG
6.6.1 COMPANY OVERVIEW
6.6.2 FINANCIAL PERFORMANCE
6.6.3 PRODUCT BENCHMARKING
6.6.4 RECENT DEVELOPMENTS
6.7 MG Motor India Pvt. Ltd.
6.7.1 COMPANY OVERVIEW
6.7.2 FINANCIAL PERFORMANCE
6.7.3 PRODUCT BENCHMARKING
6.7.4 RECENT DEVELOPMENTS
6.8 Olectra Greentech Limited
6.8.1 COMPANY OVERVIEW
6.8.2 FINANCIAL PERFORMANCE
6.8.3 PRODUCT BENCHMARKING
6.8.4 RECENT DEVELOPMENTS
6.9 Tata Motors
6.9.1 COMPANY OVERVIEW
6.9.2 FINANCIAL PERFORMANCE
6.9.3 PRODUCT BENCHMARKING
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6.9.4 RECENT DEVELOPMENTS
6.10 Toyota Motor Corporation
6.10.1 COMPANY OVERVIEW
6.10.2 FINANCIAL PERFORMANCE
6.10.3 PRODUCT BENCHMARKING
6.10.4 RECENT DEVELOPMENTS
CHAPTER 07 Methodology and Scope
7.1 Information Procurement
7.1.1 PURCHASED DATABASE
7.1.2 GVR’S INTERNAL DATABASE
7.1.3 SECONDARY SOURCES & THIRD-PARTY PERSPECTIVES
7.1.4 PRIMARY RESEARCH
7.2 Information Analysis
7.2.1 DATA ANALYSIS MODEL
7.3 Market Formulation & Data Visualization
7.4 Data Validation & Publishi
CHAPTER 08 Report FAQs
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CHAPTER 09 Compass - Cloud Based Report Delivery Platform
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CHAPTER 01
Executive Summary
1.1 Market Insights
As of 2020, the Indian electric vehicle market was valued at USD 220.1 million. The sale of electric
vehicles in India is expected to reach -- units by 2030. The BEV segment captured over --% of the Indian
electric vehicle revenue share in 2020 and is expected to continue dominating the market over the
forecast period.
The overall market in terms of value is projected to expand at a CAGR of over 94% from 2021 to 2030.
The increasing government initiatives to promote the adoption of the electric vehicle coupled with the
rising crude oil prices is anticipated the drive the electric vehicle’s demand. Electric vehicles are
vehicles that generate power using an electric motor instead of an internal combustion engine that
burns a mix of fuels and gases for power generation. The increasing advantages of an electric vehicle
over conventional vehicles such as zero fuel emission, better performance, and lower total cost of
ownership will surge the demand for electric vehicles in the coming years.
The Indian electric vehicle market is highly competitive with the presence of several global as well as
regional players. In 2020, the market was dominated by include Hyundai Motor India, Tata Motors,
Mahindra & Mahindra Ltd, Audi AG, BMW AG, MG Motor India Pvt. Ltd., and Olectra Greentech Limited.
The companies are particularly focusing on introducing advanced and technology-driven products in the
market. They are also pursuing strategic initiatives, such as mergers & acquisitions, and strategic
partnerships and collaborations, to strengthen their position in the market. For example, in October
2020, Uber, a ride-hailing company, announced a partnership with Lithium Urban Technologies, an
electric vehicle fleet operator in India. The collaboration envisages the two companies deploying over
1,000 electric vehicles for Uber India’s Rentals and Premier services.
The outbreak of the COVID-19 pandemic changed the overall business dynamics in 2020 and is
anticipated to affect the overall business scenario over the next few years. Lockdowns imposed in
different parts of the world as part of the efforts to arrest the spread of coronavirus resulted in supply
chains disruptions. Production was also suspended at numerous production facilities as part of the
lockdowns. As a result, shipments were delayed and production volumes plummeted, thereby severely
affecting automotive production. Manufacturers of electric vehicles continued to confront issues with
supplies of raw materials owing to the looming delays in international shipments and hence, reported
production delays. Nevertheless, although the pandemic triggered a significant decline in the overall
sales of passenger and commercial vehicles, the sales of electric cars in India remained unaffected.
According to the Society of Manufacturers of Electric Vehicles (SMEV), the sales of electric cars in India
increased over the year by 109% from 2,814 units in 2019 to 5,905 units in 2020. The majority or 64%
of the sales came from the Tata Nexon EV, with a total of 3,805 units sold in 2020.
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1.1.1 MARKET SNAPSHOT
Fig.1 Market Snapshot
Market Facts
Market Size, USD Million
Market Characteristics
Vendor Preview
Market Attributes
Market Participants
94.4%
L OW
MEDI UM
Key Vendors
HI GH
Degree of Innovation
Audi AG
BMW AG
Level of M&A Activities
Hyundai Motor India
Jaguar Land Rover Limited
152,206.7
Source of Disruption
Mahindra & Mahindra Ltd
Mercedes-Benz AG
220.1
2020
2030
Impact of Regulations
MG Motor India Pvt. Ltd.
Market Size (USD Million)
Market Growth Stage
Pace of Market Growth
High
ACCELERATING
Low | Medium | High | Exponential
Olectra Greentech Limited
Tata Motors
Product Substitutes
Toyota Motor Corporation
Accelerating | Decelerating
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
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1.2 Segmental Insights
Fig.2 Segmental Insights
Product Segmentation Analysis
Market Opportunity**
Market opportunity by Product
2030
CAGR% (2021-2030)
2020
Battery Electric Vehicle (BEV)
Battery Electric Vehicle
(BEV)
92.1%
Plug-In Hybrid Electric
Vehicle (PHEV)
- -%
Plug-In Hybrid Electric Vehicle (PHEV)
Market Opportunity**
Vehicle Type Segmentation Analysis
Market opportunity by vehicle type
CAGR% (2021-2030)
2030
2020
Passenger Cars
Passenger Cars
106.2%
Commercial Vehicle
- -%
Commercial Vehicle
*Market opportunity equates to Incremental growth in volume & value (Δ=Y2030-Y2020)
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
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Section Description:
This section intends to provide an in-depth analysis of variables related to the value chain, regulatory frameworks, and other allied market
dynamics impacting the study market.
This section also covers the business analysis tools (Porter’s and PEST), enabling you to understand the competitive rivalry.
CHAPTER 02
Market Variables, Trends & Scope
2.1 Penetration and Growth Prospects Mapping
Fig.3 Penetration and Growth Prospects Mapping
Growth
(High)
Penetration
(High)
Penetration
(Low)
Growth
(Low)
Passenger Cars
Commercial Vehicles
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
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Penetration is defined as the maturity of the type segment and its end use. A lower penetration rate depicts a higher untapped market potential for growth.
The growth rate is considered as the future projected CAGR until 2030. These growth rates are comparative in nature with the overall market growth rate being used as the benchmark
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2.2 Value Chain Analysis
Fig.4 India Electric Vehicle market: Value Chain Analysis
•
•
•
•
•
Lithium
Nickel
Cobalt
Aluminum
Carbon Steel
•
•
•
•
Audi AG
BMW AG
Hyundai Motor India
Tata Motors
• Public Transportation
Agencies
• Government
• Private Users
Raw Materials
OEMs
Sales &
Distribution
End Users
After Sales
Services
Component
Suppliers
• Contemporary Amperex
Technology Limited
• Continental AG
• LG Chem Ltd.
• Ultium Cells LLC
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
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The critical value chain components of the India Electric Vehicle include lamp manufacturers and suppliers, component suppliers, assemblers,
original equipment manufacturers (OEMs), distributors, and end users. The value chain originates in raw material suppliers. The raw materials
used in the manufacturing of electric vehicles and their components include steel, plastic, aluminum, rubber, aluminum alloys, nickel, lithium,
and cobalt, among others. The essential components of an electric vehicle include motor, reducer, battery, onboard charger, and battery
management system, among others. The OEMs in the value chain either source the components for different suppliers or manufacture them
in-house.
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Section Description:
Every market forecast that we build considers various dimensions of market triggering factors such as product, customer
demographics, regulatory, geo-political, technology, economic, financial and competition with varied impacts over stipulated
time. These relevant factors & its impacts are closely monitored at each major country level, wherein its sensitivity results in
summation to region level forecast and henceforth reflects in global market forecast.
Market dynamics section is a key component of our report evaluating market drivers, restraints and other industry level
opportunity anticipated to impact growth over forecast period. Below section presents complete list of key factors evaluated
during market forecast for your understanding.
2.3 Market Dynamics
2.3.1 MARKET DRIVER ANALYSIS
TIMELINE IMPACT ANALYSIS
MARKET DRIVERS
2021 - 2024
2025 - 2028
GOVERNMENT INITIATIVES, SUBSIDIES, AND TAX REBATE PROGRAMS
LOW
HIGH
LOW
HIGH
RISING CRUDE OIL PRICES
LOW
HIGH
LOW
HIGH
ADVANTAGES OF ELECTRIC VEHICLES OVER CONVENTIONAL VEHICLES
LOW
HIGH
LOW
HIGH
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2.3.1.1 GOVERNMENT INITIATIVES, SUBSIDIES, AND TAX REBATE PROGRAMS
Electric vehicles are amongst the most prominent technologies that contribute to reducing air pollution. Thus, governments across the globe are
implementing policies to promote the adoption of electric vehicles. Environmental and sustainability objectives drive the electric vehicle policies
that are supported by all governance levels. Each country’s government is drafting tailor-made policies to support the electric vehicle market
growth in the respective countries.
2.3.1.2 RISING CRUDE OIL PRICES
2.3.1.3 ADVANTAGES OF ELECTRIC VEHICLES OVER CONVENTIONAL VEHICLES
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2.3.2 MARKET RESTRAINT ANALYSIS
TIMELINE IMPACT ANALYSIS
MARKET RESTRAINTS
2021 - 2024
2025 - 2028
HIGH COST OF ELECTRICAL COMPONENTS
LOW
HIGH
LOW
HIGH
RANGE ANXIETY AMONGST CUSTOMERS
LOW
HIGH
LOW
HIGH
2.3.2.1 HIGH COST OF ELECTRICAL COMPONENTS
Although the total overall ownership cost of electric vehicles is lower than that of conventional vehicles, their initial purchase price is
considerably higher than that of combustion vehicles. According to an article published by Natural Resources Defense Council, the average
purchase price of an electric vehicle is USD 19,000 more than a gasoline vehicle. Due to such high disparity in both the vehicles' initial
purchase prices, price-sensitive customers find it challenging to choose an electric vehicle while making a purchase decision. Customers are
unwilling to pay the premium for electric vehicles even though the total cost of ownership could be low for the vehicles' high annual usage.
OEMs find it challenging to replace an ICE powertrain with an electric powertrain as it costs USD 5,000 to 13,000 higher than ICE powertrains.
With increasing awareness and understanding of the overall benefits and low ownership cost of an EV, this scenario is expected to change over
the coming years. Moreover, as the battery technology matures and production volume increases, the vehicles' difference in purchase prices is
expected to nullify in the next few years.
2.3.2.2 RANGE ANXIETY AMONGST CUSTOMERS
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2.3.3 MARKET OPPORTUNITY ANALYSIS
2.3.3.1 BATTERY TECHNOLOGY’S MATURITY
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2.4 Business Environment Analysis
2.4.1 INDIA ELECTRIC VEHICLE MARKET PORTER’S ANALYSIS TOOL
Porter’s Five Forces model helps identify the key competitive forces that are affecting the market. These forces help in determining the
structure of the market and the competition level. Strong competitive forces represent that the market is less profitable owing to the presence
of entry barriers, few buyers, suppliers, and a large number of competitors as well as substitute products.
2.4.1.1 THREAT OF NEW ENTRANTS: MODERATE
►
There are several well-established players, such as Hyundai Motor India, Tata Motors, Mahindra & Mahindra Ltd, Audi AG, BMW AG, MG Motor India
Pvt. Ltd., and Olectra Greentech Limited are already active in the India Electric Vehicle market. These players have a strong geographic presence, an
established brand name, and access to the latest technologies. Stringent regulations for road safety and fuel efficiency, high capital investments,
and high R&D investment can also discourage any new entrants contemplating a market foray. Hence, the threat of new entrants can be considered
moderate.
2.4.1.2 BARGAINING POWER OF BUYERS:
2.4.1.3 BARGAINING POWER OF SUPPLIER:
2.4.1.4 THREAT OF SUBSTITUTES:
2.4.1.5 COMPETITIVE RIVALRY:
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2.4.2 INDIA ELECTRIC VEHICLE MARKET PEST ANALYSIS TOOL
2.4.2.1 POLITICAL LANDSCAPE
►
In order to promote a healthy living environment and reduce emissions caused by combustion fuel vehicles, several governments have pledged to
completely transform their automotive vehicles into electric vehicles.
►
For instance, the Indian Government’s National Electric Mobility Mission Plan (NEMMP) 2020 envisages promoting the adoption of hybrid vehicles
and electric vehicles while achieving national fuel security.
2.4.2.2 ECONOMIC LANDSCAPE
2.4.2.3 SOCIAL LANDSCAPE
2.4.2.4 TECHNOLOGY LANDSCAPE
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Section Description:
This section intends to provide an overview of market estimates & trends by product. We have analyzed and tracked production and sales
data for product types along with in-depth product mapping to estimate the market size. Furthermore, we have also used Delphi method to
get inputs from vendors on the market and get our estimates validated. These parameters are integrally built into our forecasting
methodology driven by weights assigned to each parameter across short, medium & long term of the forecast.
Inclusion: Product segment includes Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicles (PHEV)
Exclusion: Not applicable.
CHAPTER 03
India Electric Vehicle Market: Product Estimates & Trend
Analysis
3.1 Definition & Scope
We have segmented the global India Electric Vehicle market based on our parameters: product, and vehicle type. In the first level, the market
has been segmented into the following products:
►
Battery Electric Vehicle (BEV): Battery electric vehicles are powered solely with an electric battery.
►
Plug-in Hybrid Electric Vehicle: Plug-in hybrid electric vehicle use batteries to power an electric motor, and other alternative fuels for internal
combustion engine.
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3.2 Product movement & market share analysis, 2020 & 2030
The battery electric vehicle segment accounted for the largest revenue share in 2020 and is anticipated to maintain its dominance over the
forecast period. The high revenue share is mainly attributable to the increasing environmental awareness and benefits of BEV among endusers. Also, the average driving range of BEVs has been steadily increasing. The average range of BEVs was about 350 km in 2020, up from
200 km in 2015. The plug-in hybrid electric vehicle segment is projected to expand at the highest CAGR of over --% in terms of revenue from
2021 to 2030. This upsurge is due to the initiatives taken by the Indian governments to promote the usage of electric vehicles. PHEVs are
generally offered in larger vehicle segments such as electric trucks and buses. The growing transportation and logistics industry is expected to
witness segmental growth over the forecast period. Furthermore, companies such as Tata Motors are focusing on increasing their plug-in
electric car sales.
Fig.5 India Electric Vehicle market, product movement analysis, 2020 & 2030
2030
2020
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
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3.2.1 BATTERY ELECTRIC VEHICLE (BEV)
3.2.2 BATTERY ELECTRIC VEHICLE (BEV) MARKET VALUE ESTIMATES AND FORECASTS, 2016–2030, (USD MILLION)
Fig.6 Battery electric vehicle (BEV) market value estimates and forecasts, 2016-2030
159.6 114.8
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
The battery electric vehicle (BEV) segment is anticipated to reach USD -- Million by 2030, growing at a CAGR of --% over the forecast period.
The final report will include the aforementioned figure in tabular format.
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3.2.3 PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV)
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Section Description:
This section intends to provide an overview of market estimates & trends by vehicle type. We have analyzed and tracked production and
sales data for vehicle types along with in-depth product mapping to estimate the market size. Furthermore, we have also used Delphi
method to get inputs from vendors on the market and get our estimates validated. These parameters are integrally built into our
forecasting methodology driven by weights assigned to each parameter across short, medium & long term of the forecast.
Inclusion: Vehicle Type: Passenger Cars and Commercial Vehicle
Exclusion: Not applicable.
CHAPTER 04
India Electric Vehicle Market: Vehicle Type Estimates & Trend
Analysis
4.1 Definition & Scope
The India Electric Vehicle market has been segmented into the following vehicle types:
►
Passenger Vehicles: Passenger cars are motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more
than eight seats in addition to the driver's seat.
►
Commercial Vehicle: Commercial vehicles are motor vehicles with at least four wheels, used for the carriage of goods. Mass given in tons (metric
tons) is used as a limit between light commercial
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4.2 Vehicle type movement & market share analysis, 2020 & 2030
The commercial vehicle segment accounted for a dominant revenue share in 2020 and is anticipated to continue its dominance over the
forecast period. The commercial vehicle segment includes electric light trucks and electric buses. The passenger car segment is estimated to
expand at the highest CAGR from 2021 to 2030 as SUVs offer advanced features, affordability, comfort, and durability, among other
advantages. Also, several prominent manufacturers are focused on launching electric vehicles in the light truck segment.
Fig.7 India vehicle type market, application movement analysis, 2020 & 2030
2030
2020
Passenger Cars
Commercial Vehicles
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
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4.2.1 PASSENGER CARS
4.2.1.1 PASSENGER CARS MARKET VALUE ESTIMATES AND FORECASTS, 2016–2030, (USD MILLION)
Fig.8 Passenger Cars market value estimates and forecasts, 2016-2030
124.2
73.5
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
The final report will include the aforementioned figure in tabular format.
4.2.2 COMMERCIAL VEHICLE
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Section Description:
This section intends to provide an overview of competition within India electric vehicle market
listing major recent developments, company product offerings and market positioning are
discussed in detail. It also includes vendor landscape and distinctive listing for public & private
companies active in the market.
Your interest specific to additional data points can be accommodated upon request.
CHAPTER 05
Competitive Landscape
5.1 Recent Developments and Impact Analysis, by Key Market Participants
The key players that dominated the India electric vehicle market in 2020 include Hyundai Motor India,
Tata Motors, Mahindra & Mahindra Ltd, Audi AG, BMW AG, MG Motor India Pvt. Ltd., and Olectra
Greentech Limited. These market players are offering a wide range of electric vehicles, including
passenger cars, light commercial vehicles, and electric buses. The companies are particularly focusing
on introducing advanced and technology-driven products in the market. They are also pursuing
strategic initiatives, such as mergers & acquisitions, and strategic partnerships and collaborations, to
strengthen their position in the market. For example, in October 2020, Uber, a ride-hailing company,
announced a partnership with Lithium Urban Technologies, an electric vehicle fleet operator in India.
The collaboration envisages the two companies deploying over 1,000 electric vehicles for Uber India’s
Rentals and Premier services.
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5.2 Company Categorization
Rank
Company name
Key Innovators
Market Leaders
Emerging Players

Company A

Company B

Company C

Tata Motors

MG Motor India Pvt. Ltd.

Mahindra & Mahindra Ltd

Company A

Company B

Company C
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
5.3 Company Market Positioning
Rank
Company name
1
Tata Motors
2
Mahindra & Mahindra Ltd
3
-
4
-
5
-
Source: OICA, ACEA, Marklines, JAMA, SIAM, CAAM, Company Annual Reports, Primary Interviews, and Grand View Research.
The electric vehicle market is highly competitive in nature. Prominent and well-established players in
the market collectively held a larger share of it in 2020. The table enlists the key players with their
rankings based on various criteria including net sales or revenue, product offerings, geographical
presence, and strategic initiatives.
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Section Description:
This section covers company profiles of top 10 vendors covering brief background about company, plant location
& business type, financial performance, product benchmarking and strategic initiatives. Data related to M&A and
divestures, product or service launches, awards & recognition and other operations / expansions are listed.
Your interest in additional list of company profiles can be accommodated based on request.
CHAPTER 06
Company Profiles
6.1 Audi AG
6.1.1 COMPANY OVERVIEW
6.1.2 FINANCIAL PERFORMANCE
6.1.3 PRODUCT BENCHMARKING
6.1.4 RECENT DEVELOPMENTS
6.2 BMW AG
6.2.1 COMPANY OVERVIEW
6.2.2 FINANCIAL PERFORMANCE
6.2.3 PRODUCT BENCHMARKING
6.2.4 RECENT DEVELOPMENTS
6.3 Hyundai Motor India
6.3.1 COMPANY OVERVIEW
6.3.2 FINANCIAL PERFORMANCE
6.3.3 PRODUCT BENCHMARKING
6.3.4 RECENT DEVELOPMENTS
6.4 Jaguar Land Rover Limited
6.4.1 COMPANY OVERVIEW
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6.4.2 FINANCIAL PERFORMANCE
6.4.3 PRODUCT BENCHMARKING
6.4.4 RECENT DEVELOPMENTS
6.5 Mahindra & Mahindra Ltd
6.5.1 COMPANY OVERVIEW
6.5.2 FINANCIAL PERFORMANCE
6.5.3 PRODUCT BENCHMARKING
6.5.4 RECENT DEVELOPMENTS
6.6 Mercedes-Benz AG
6.6.1 COMPANY OVERVIEW
6.6.2 FINANCIAL PERFORMANCE
6.6.3 PRODUCT BENCHMARKING
6.6.4 RECENT DEVELOPMENTS
6.7 MG Motor India Pvt. Ltd.
6.7.1 COMPANY OVERVIEW
6.7.2 FINANCIAL PERFORMANCE
6.7.3 PRODUCT BENCHMARKING
6.7.4 RECENT DEVELOPMENTS
6.8 Olectra Greentech Limited
6.8.1 COMPANY OVERVIEW
6.8.2 FINANCIAL PERFORMANCE
6.8.3 PRODUCT BENCHMARKING
6.8.4 RECENT DEVELOPMENTS
6.9 Tata Motors
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6.9.1 COMPANY OVERVIEW
6.9.2 FINANCIAL PERFORMANCE
6.9.3 PRODUCT BENCHMARKING
6.9.4 RECENT DEVELOPMENTS
6.10 Toyota Motor Corporation
6.10.1 COMPANY OVERVIEW
6.10.2 FINANCIAL PERFORMANCE
6.10.3 PRODUCT BENCHMARKING
6.10.4 RECENT DEVELOPMENTS
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CHAPTER 07
Methodology and Scope
Fig.1 Methodology
Top Down
Market size derived through parent market
lineage & its trend and verified through key
vendors
Bottom up
Market sized based on key market
participants product offering, revenue,
volumes & geographic presence
Econometric Model
Demand Model
Market size based on macro & micro
economic variables & its impact on study
product market through weights
Hybrid Model
Market size derived or validated through
consumption of study product into each
application or end-user industry
Peer Market
Comparison
Market size derived or validated based
on peer market or adjacent market’s
output or sales comparison
Input Elements
Model
Market size derived & validated through
various raw material consumed in the
manufacturing process
Market estimation built on integrating
two or more of methods mentioned
above
India electric vehicle market report estimations are derived based on hybrid model leveraging top down
and bottom up approach tracking vehicle type production and sales unit at country level and thorough
product mapping with pricing analysis for major market players. The sales unit of vehicle types and price
were used to estimate the market size.
Source: Secondary Literature, Company Annual Reports, Primary Interviews and Grand View Research
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Fig.2 Various stages of research workflow
INFORMATION
PROCUREMENT
The stage involves the
procurement of market
data or related information
via different sources &
methodologies.
INFORMATION
ANALYSIS
This step involves the
analysis & mapping of all
the information procured
from the previous step. It
also encompasses the
analysis of data
discrepancies observed
across various data
sources.
The movement from step 1 and step 2 is bi-directional in
nature. The process follows a to & fro from both the ends. This
is an integral data filtration technique used by GVR.
MARKET
FORMULATION
VALIDATION &
PUBLISHING
The final step entails the
placement of data points at
appropriate market spaces in
an attempt to deduce viable
conclusions. Analyst
perspective & subject matter
expert based heuristic form of
market sizing also plays an
integral role in this step.
Validation is the most
important step in the
process. Validation & revalidation via an intricately
designed process helps us
finalize data-points to be
used for final calculations.
The validation & market formulation steps are also reversible in
nature. They are run parallel to ensure data accuracy and process
flexibility.
The process of market sizing & data point identification runs throughout the report schedule. The process moves from Step 1&2to Step
3&4, while keeping the steps 1&2 and 3&4 reversible. The cycle of market sizing & variable identification also keeps repeating until
every data point is duly validated and is fit for publishing.
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7.1 Information Procurement
Fig.3 Information procurement
Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate
analysis. We follow a Multi-Channel Data Collection Process to gather the most reliable and current information possible.
►
We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals,
SME journals, and more.
►
We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
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►
We conduct primary research with industry experts through questionnaires and one-on-one phone interviews. We pull from reliable secondary
sources such as white papers and statistics, published documents by government organizations and regulatory bodies, Key Opinion Leaders
(KoL) publications, company filings, investor documents, and more.
►
We purchase and review investor analyst reports, broker reports, academic commentary, and government quotes, for insightful third-party
perspectives.
7.1.1 PURCHASED DATABASE
►
This includes company databases such as Hoovers, which helps us to identify financial information, industry competitive landscape, and
structure of market participants. In addition, it serves as an important step in market sizing, especially in case of commodity-flow techniques.
►
It includes industry databases such as Factiva, which provides access to industry statistics & insights from various key Opinion Leaders (KOLs)
and formulate conclusions.
►
Other sources include SME journals and databases from third-party vendors to gain insights into:
o
Regional presence of the company
o
Solution offerings
o
Recent trends in the market
o
Potential market-related statistics
o
Investment information or opportunity-based statistics
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7.1.2 GVR’S INTERNAL DATABASE
►
This includes our internal database of data points that are collected from previous research & studies and information made available via our
database management team.
►
It also includes internal audit reports and archives.
7.1.3 SECONDARY SOURCES & THIRD-PARTY PERSPECTIVES
List of Secondary Sources:
►
A list of secondary sources along with the information extracted from them will be available in the final deliverable.
►
Sources consulted during preliminary phase include OICA, ACEA, IEA, Marklines, JAMA, SIAM, CAAM, Magazine and Company Websites
►
Notable examples include white papers, government statistics published by organizations like UN Comtrade, World Bank, KoL publications,
company filings, investor documents etc.
►
Secondary databases are aimed at gathering market intel, historical statistics, product classifications according to SIC, NAICS, HS codes, and to
understand trends available through public domains.
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7.1.4 PRIMARY RESEARCH
The key objectives of primary research are as follows:
►
To validate our data in terms of accuracy and acceptability
►
To gain insights to the current market and future expectations
Fig.4 Primary Research Pattern
The primary interviews
and surveys derive
directions from extensive
secondary research.
Secondary research is a
continuous process and is
conducted at each level
along the value chain.
Interviews with technology
developers and system
integrators
Interviews with researchers
and representatives of
regulatory bodies
Interviews with industry experts
& independent consultants
Interview Scope
▸ Research tools:
Questionnaire based
research and telephonic
discussions
▸ Database: Paid vendors,
LinkedIn, Hoover’s,
Factiva, Sources extracted
from previous pertinent
studies
▸ Regional scope: All
countries within the scope
of the study. Interviews of
KoLs from non-English
speaking countries are
conducted via our vendors
and questionnaires
All our estimates and forecasts were verified through exhaustive primary research with Key Industry
Participants (KIPs) that typically include:
►
Prominent players in the market
►
Key Industry Participants (KIPs)
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7.2 Information Analysis
Fig.5 Information analysis
PRIMARY RESEARCH
Primary interviews with industry experts,
freelance consultants, manufacturers,
distributors and resellers & system
integrators. Interviews are largely based
on tele-interviews and online surveys
INFORMATION PROCUREMENT
The stage involves the procurement of
market data or related information via
different sources & methodologies such
as primary interviews, paid and internal
databases and secondary sources
SECONDARY SOURCES
GVR’S INTERNAL DATABASE
Includes government statistics published
published by organizations like World
Bank, IEEE publications, EE Times,
company filings, investor documents,
whitepapers and use cases
Includes historic market databases, case
studies, internal audit reports, & archives.
Pertinent data such as technological
development, market strategies,
regulatory scenario etc. are also
considered. We have a dedicated team of
analysts updating & maintaining these
databases
PURCHASED DATABASE
We buy access to paid databases like
Hoover’s and Factiva to gain access to
company financials, industry information,
and industry journal publications
THIRD PARTY PERSPECTIVE
Analysis of investor analyst reports,
broker reports, government quotes, key
opinion leaders, research institutes &
academic centers
Market Research Efforts:
►
Bottom-up Approach for estimating and forecasting demand size and opportunity
►
Top-down Approach for new product forecasting and penetration
►
Combined Approach of both Bottom-up and Top-down for full coverage analysis.
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7.2.1 DATA ANALYSIS MODEL
Fig.6 Data Analysis Model
Overall Market
Total
Market
Regional Market
Product A
Sub-category
Market
Product B
Demand at A
Sub-Category Level
Product B1
Regional Market
Product B
Demand at A
Country Level
Product B2
Derived via commodity flow and demand/consumption models
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7.3 Market Formulation & Data Visualization
Before our research is published or finalized for clients, it goes through a protocol of internal and
external checks to ensure we deliver the highest quality of reliable, informed data and insights. We
call it Multi-Level Data Validation. This step involves finalization of market numbers. This step on an
internal level is designed to manage outputs from the Data Analysis step.
►
Data Normalization
►
The final market estimates and forecasts are then aligned sent to industry experts, in-panel quality
control managers for validation.
►
This step also entails the finalization of the report scope and data representation pattern.
7.4 Data Validation & Publishing
Fig.7 Data Validation & Publishing
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CHAPTER 08
Report FAQs
2.1
How do I trust your report quality/data accuracy?
►
We offer risk-free purchases. We will let you explore our report online through the conference
without purchase commitment.
►
Our portfolio of over 10,000 reports goes through rigorous quality checks and is based on
robust models
►
We are a BBB "A+" accredited market research firm
►
For client testimonials, case studies or additional questions, please reach out to us
3.1
My research requirement is very specific; can I customize this report?
►
Yes, we offer free customizations within the research’s scope
►
75% of our engagements are based on customized market reports
►
Clients have free access to pre-sale analyst briefs to discuss requirements and
recommendations
4.1
I have a pre-defined budget. Can I buy chapters/sections of this report?
►
Yes, we sell sections of our reports
►
You also have the option to buy excel & PPT versions of our reports.
►
You may buy customized market intelligence based on your budget. We have a product to offer
irrespective of the price point
5.1
How do you arrive at these market numbers?
►
Our research methodology is a three-step cyclic process:
►
It starts with Information Procurement from internal DBs, paid primary and secondary sources
►
The second step is Data Analysis and Modeling
►
The third step is by Data Validation via industry expert opinions
►
For a detailed research methodology, please request for a sample report.
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6.1
Who are your clients?
►
We cater three categories of clients: manufacturers and market participants, academicians,
and investment banks and venture capitalists
►
We service more than 1,500 clients annually. More than half of our clients re-engage us for
additional reports and services.
7.1
How will I receive this report?
►
The report will be delivered to you via PDF, Excel, PPT downloads & BI dashboards
►
Post purchase you will receive an email with a link to access the report on our proprietary
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Related Reports
Our Expertise:
This India electric vehicle report is part of a bundle of reports on Automotive &
Transportation. We have published a total of 30+ reports in this space, and plan to continue
publishing data books and reports on this subject. You can access all these data books &
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Please write back to us to learn more about our value for money subscription packages &
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
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Forecasts, 2021 - 2030
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CHAPTER 09
Compass - Cloud Based Report Delivery
Platform
All reports will be delivered using our online proprietary platform – Compass. Reports will be
available to you in the following formats:
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Index of Figures
Fig. 1 India electric vehicle market segmentation
Fig. 2 Market research process
Fig. 3 Primary research process
Fig. 4 Information analysis
Fig. 5 Data validation and publishing
Fig. 6 India electric vehicle market snapshot
Fig. 7 Penetration & growth prospect mapping
Fig. 8 Industry value chain analysis
Fig. 9 Market driver analysis
Fig. 10 Average crude oil prices, January 2018 - March 2021 (USD per gallon)
Fig. 11 Market restraint analysis
Fig. 12 Market opportunity analysis
Fig. 13 Porter’s analysis
Fig. 14 PEST analysis
Fig. 15 India electric vehicle market: By product segment outlook & market share, 2020 and 2030
Fig. 16 India electric vehicle market: By vehicle type segment outlook & market share, 2020 and
2030
Fig. 17 Competition dashboard
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Index of Tables
Table 1 Government policies for key countries
Table 2 Commercial plans for electric vehicle adoption
Table 3 BEV market volume, by country, 2016 - 2030 (Units)
Table 4 BEV market value, by country, 2016 - 2030 (USD Million)
Table 5 PHEV market volume, by country, 2016 - 2030 (Units)
Table 6 PHEV market value, by country, 2016 - 2030 (USD Million)
Table 7 Passenger cars market volume, by country, 2016 - 2030 (Units)
Table 8 Passenger cars market value, by country, 2016 - 2030 (USD Million)
Table 9 Commercial vehicle market volume, by country, 2016 - 2030 (Units)
Table 10 Commercial vehicle market value, by country, 2016 - 2030 (USD Million)
Table 11 India electric vehicle market volume, by product, 2016 - 2030 (Units)
Table 12 India electric vehicle market value, by product, 2016 - 2030 (USD Million)
Table 13 India electric vehicle market volume, by vehicle type, 2016 - 2030 (Units)
Table 14 India electric vehicle market value, by vehicle type, 2016 - 2030 (USD Million)
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