Currently, India is in the early stages of adoption of electric vehicles (EV) and adoption rate is less than 1%. Key players in the market include Hyundai, MG Motor, Mahindra Electric and Tata in the EV four-wheeler category and Okinawa, Tork Motors, Ather Energy, Ultraviolette, Evolet in the two-wheeler segment. Players in the three-wheeler segment include Mahindra & Mahindra, Lohia Auto and Greaves Cotton.
The Indian government aims at 30% EV adoption in the country by 2030. Considering the size of the population, the adoption of electric vehicles in the passenger cars segment is very low. In 2019-20, sale of electric vehicles grew by 20% and reached 156,000 vehicles primarily due to sales of electric two-wheelers. From the 156,000 units sold, 152,000 units were two-wheelers, 3,400 cars and 600 buses. This is in comparison to the 1.74 crore traditional two-wheelers which sold in the country in the same period.
The pandemic has caused supply chain problems and manufacturing disruption in the electric vehicle market in India. It is expected that there will be delays in the production as manufacturers will primarily be focusing on stimulating demand and producing BS-VI vehicles. Also, restrictions of import of components from China is expected to cause further delays. In July 2020 sales of high-speed EVs stood at 7,411 units as compared to 16,434 sold in January 2020.
The market is now recovering post-pandemic and it is expected that the electric vehicle market in India will reach approximately 63 lakh unit mark per annum by 2027.
Why should the report be purchased?
The report highlights key dynamics ofthe global and Indian electric vehicle market. The growing opportunity in the sector has been investigated along with capturing initiatives and performance of key players such asHyundai Motor Company, Mahindra Electric Mobility Limited, Tata Motors Limited, Honda Motor Co. Ltd. and Volvo Car Corporation. The report contains the impact of COVID-19 on the sector, the sector outlook and the opinions of industry stakeholders/experts.
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