Let's talk!

Blogs » Business » India Electric Vehicles Market, Forecast 2022-2027

India Electric Vehicles Market, Forecast 2022-2027

  • <!-- wp:paragraph -->

    Bharat Book Bureau Provides the Trending Market Research Report on “Electric Vehicles Market in India 2022-2027” under Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.

    India Electric Vehicles Market, Forecast 2022-2027<!-- /wp:paragraph --> <!-- wp:image {"id":51583,"sizeSlug":"large","linkDestination":"media"} -->

    <!-- /wp:image --> <!-- wp:paragraph -->

    Electric Vehicles (EVs) account for less than 1% of the vehicle sales in the country. However, as many as 90% of the existing four-wheeler owners would be willing to switch to an EV provided that the right infrastructure is in place, out of which 75% of the population believes EVs could replace Internal Combustion Engine (ICE) vehicles by 2030. Electric two-wheelers have already gained wide popularity. Their economic viability is one of the major drivers of their sales in tier I cities.

    Companies such as Olectra, Mahindra & Mahindra, JBM Auto, and Ather are developing not only electric vehicles but are also concentrating on the expansion of EV infrastructure development for the market

    Market insights:
    In FY 2022, around 6,50,630 EVs valued at about INR 115.67 Bn were sold in the country. It is expected that the number of vehicles sold in a year may cross eight million by 2027, expanding at a CAGR of ~68.38% during the FY 2023 – FY 2027 period.

    Given their economic viability in terms of price and fuel economy, two-wheelers account for the largest share of the EV market. At present, electric four-wheelers have very low penetration in the EV market due to high upfront costs, low battery life, underdeveloped charging ecosystem, and import-based infrastructure.

    Segment insights:
    Electric two-wheelers dominate the EV market; 59.56% of the EVs sold in FY 2022 were two-wheelers. The segment will continue to lead the market during the forecast period, but its growth rate is feared to reduce due to saturation. On the other hand, four-wheelers (both commercial and personal) are expected to witness a massive growth during the forecast period. This is because most consumers are looking for an alternative to ICE cars and buses due to the high price of petrol and diesel. Three-wheelers are also anticipated to show a steady growth during the forecast period.

    COVID-19 impact analysis:
    The future for EV market in the country is expected to develop at a fast rate. The government has reduced the GST on EVs to 5% to make them more affordable and will provide capital grants to organizations – such as delivery companies and e-commerce players – that promote EV adoption. It also approved the installation of more than 2,600 EV charging stations with the aim to provide charging facilities every 25 kms thus addressing range anxiety. The Union Budget 2022 – 23 also had several proposals for India’s EV landscape, such as inducing EV penetration in public transport and create special mobility zones for EVs.

    Browse our full report with Table of Content :

    About Bharat Book Bureau:
    Bharat Book is Your One-Stop-Shop with an exhaustive coverage of 4,00,000 reports and insights that includes latest Market Study, Market Trends & Analysis, Forecasts Customized Intelligence, Newsletters and Online Databases. Overall a comprehensive coverage of major industries with a further segmentation of 100+ sub sectors.

    Contact us at:
    Bharat Book Bureau
    Tel: +91 22 27810772 / 27810773
    Email: poonam@bharatbook.com
    Website: www.bharatbook.com

    <!-- /wp:paragraph -->

Recent Blog Entries

  • A Server Virtualization Engineer partitions a physical server by using software into several smaller virtual servers to boost server resources. Besides, this individual also helps to ensure that space is saved, allowing many resources to use the same space. By doing so, they improve network performa...
  • October 29, 2018
    Posted by Deylr eylrod
  • We welcome the many gamers at our website; players can discover us to get cash of clans’ limitless gems and hacks. The coc hack tool is a strategy application for mobile device at present! We construct our coc hack tool for both android and iOS gadget, it is established by specialize industr...
  • One on the great "you was able to make it moments" to be described as a rookie must be in the event you notice your name employing a Madden video games. Would you play you because you in Madden? Would that certainly be considered a sign of narcissism reely more than the moment being proud of merely ...
  • The gaming companies are enduring a summer swoon, as being the industry-tracking NPD Group today announced its June retail sales figures, showing shrinking revenues year-over-year overall.Even with grim news with the industry overall, there was clearly some individual winners. Take-Two Interactive f...
View All