India Electric Car Market Report-converted

India Electric Car Market COVID-19
Impact Analysis By Segmentations, Key
Company Profiles & Demand
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“21 of the world's 30 cities with the worst air pollution are in India”, says the headline of a
February 2020 article published on the website of CNN. This is not an exaggeration, as an air
quality index (AQI) in the mid-200s is common in Delhi, Mumbai, Bangalore, and other
metropolises in the country. Considering that the transportation industry plays a major role in
the emission of carbon dioxide (CO2) and other greenhouse gases (GHG), the government is
now promoting electric vehicles (EV), by offering purchase subsidies and bearing a major part
of the research and development (R&D) expenditure.
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As per P&S Intelligence, government support will propel the Indian electric car market from
$71.1 million in 2017 to $707.4 million by 2025, at a massive 34.5% CAGR between 2018
and 2025. In this regard, the FAME India scheme, launched in 2014 with an initial investment
of INR 795 crore, which was later revised to INR 895 crore, is the most-important step. In
2019, the second phase of the scheme was launched with a funding of INR 10,000 crore,
which will be spent on subsidizing electric vehicles and helping companies with R&D for
cost-effective electric propulsion.
The recent decline in the prices of batteries used in electric cars is a key reason for the
growing demand for electric cars in India. Since India is a developing countries, the
disposable income of people was not allowing a lot of people to invest in these vehicles.
However, now because of technological advancements, the prices of batteries have reduced,
thereby decreasing the overall cost of the vehicle. This is resulting in the rising adoption of
electric cars in the country.
The division is further expected to dominate the market during the forecast period, as the
government of India is offering the highest subsidies in the purchase of BEVs. In addition to
this, the falling battery price, increased availability of these vehicles, and their lower upfront
cost are further resulting in the growth of the category. In terms of battery, the market is
majorly categorized into lithium-nickel-cobalt-aluminum oxide (Li-NMC) and lithium-ironphosphate
(LFP).
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Between these two, the LFP category accounted for the largest share of the Indian electric car
market in 2017, contributing more than 65% sales volumes, according to a report by P&S
Intelligence. This can be ascribed to the various benefits offered by these batteries such as
thermal stability and safety levels, high current rating, and long cycle life. Maharashtra
dominated the market 2017, because of favorable government policies in the state.
Hence, the demand for electric cars in India is increasing due to the surging air pollution
levels and declining battery prices.
INDIA ELECTRIC CAR MARKET

• By Technology – Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle
(PHEV), and Hybrid Electric Vehicle (HEV)
• By Product – Hatchback, Sedan, Sport Utility Vehicle (SUV), and Others
• By Battery – Lithium-Iron-Phosphate (LFP), Lithium–Nickel–Manganese Cobalt Oxide
(Li–NMC), and Others
• By Battery Capacity – >201 Ah and <201 Ah
• By End-User – Shared Mobility Providers, Government Organizations, Personal Users,
Others
• By State – Maharashtra, Gujarat, Delhi, Karnataka, Tamil Nadu, and Rest of India
This study covers
• Historical and the present size of the India Electric Car Market
• Major factors driving the market and their impact during the short, medium, and long
terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their
comparative future potential
• Potential of on-demand logistics services, so the market players make informed
decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several
regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings
• Recent strategic developments by the major players in the market
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