The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.

This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.

The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.

In a new report published by Persistence Market Research titled „Electric Vehicle Market: India Industry Analysis (2012-2016) and Forecast (2017-2025),“ it has been observed that the India electric vehicles market is expected to expand at a CAGR of 77% in terms of value during the forecast period. According to this report, market players are focusing on expanding their presence in India where the electric vehicles industry is growing at a rapid rate. Key players operating in the market are focusing on entering into tie-ups with local vendors, distributors and aftermarket companies to promote their products. The electric vehicle market in India is anticipated to create lucrative opportunities for electric vehicle manufacturers as well as for vehicle component manufacturers in the near future. Owing to this fact, huge investments are already being planned by many key vendors in the Indian market to capitalize on the opportunities provided by the high potential market for electric vehicles in the subcontinent.

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

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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.

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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

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Report Highlights:

Shifting Industry dynamics
In-depth market segmentation
Historical, current and projected industry size Recent industry trends
Key Competition landscape
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth
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There has been a growing trend toward consolidation in the automotive sector, with the output of motor vehicles resting mainly in the hands of a few large companies and smaller independent manufacturers gradually.

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