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Manufacturing Localization, Innovation, and Economies of Scale will Drive Transformational Growth in the Next 2-5 Years
The adoption of electric four-wheelers in India is growing gradually, making it a major market for global companies. The growth of the electric vehicle (EV) market in the country is predominantly driven by government initiatives and incentives, mainly focusing on manufacturing localization, supply chain security, and export competitiveness, as well as environmental awareness. To keep up with the growing demand, global and domestic companies are on the verge of launching new EV models in the Indian market, which will not only open significant opportunities for charging infrastructure providers and battery technology companies but also pave the way for innovative financing business models, enhancing local EV component manufacturing capability and encouraging private and public companies to electrify their fleets; for example, last-mile delivery service companies shifting to EVs will see a significant spike.
This study covers the following topics:
Industry trends impacting the Indian EV market
EV adoption by regions/states
EV sales contributions by primary OEMs
OEMs' production infrastructure, investments, and market development approach
Future outlook for the Indian EV market
The Impact of the Top 3 Strategic Imperatives on the Indian EV Market
Competitive Intensity
Transformative Megatrends
Industry Convergence
Why
Presently, domestic and offshore OEM brands dominate the Indian electric PV market by securing the top 2 positions in the sales chart.
These OEMs primarily focus on compact SUVs and hatchbacks to attract urban consumers in India's metropolitan areas.
Frost Perspective
India's EV industry is poised for heightened competition in the coming years as more OEMs enter the market.
Notably, the entry of established companies such as Maruti, backed by a vast customer base and strong scalability, will not only boost EV sales but also enhance consumer confidence in EVs. Maruti is expected to launch at least 4 EVs in India over the next 5 years.
Why
As major Indian cities such as Delhi, Bengaluru, and Mumbai struggle with severe air quality issues, the electrification of urban mobility has become a crucial initiative to successfully tackle pollution challenges.
Frost Perspective
Alongside consumers adopting EVs due to advantages related to operating and maintenance costs, the transition of fleet owners to EVs will significantly contribute to addressing air quality issues in major cities.
Nevertheless, chasing infrastructure expansion by public and private networks will play a crucial role in realizing change in urban mobility.
Why
Indian companies are collaborating with global technology and battery firms; for example, market leader Tata is partnering with Renesas (a Japanese chip maker) to develop an EV ecosystem in India with a focus on semiconductor solutions and EV-specific technology.
Frost Perspective
These global partnerships, along with local production investments, reduce dependency on imports and lower production costs.
Apart from this, these alliances combine international technology and investment with local market understanding and policy incentives to create a high-impact model for scaling EV adoption.
Competitive Environment
Number of Competitors the Study Considers
14 (Tata Motors, JSW MG Motors India, Mahindra & Mahindra, BYD India, PCA India (Citroen), BMW India, Mercedes-Benz, Hyundai Motor India, Volvo Auto India, Kia India, Audi, Porsche, Rolls-Royce, JLR India)
Competitive Factors
EV unit sales
Top 5 Competitors
Tata Motors, JSW MG Motors India, Mahindra & Mahindra, BYD India, PCA India (Citroen)
Market Share of the Top 3 OEMs
91.1% (Tata Motors, JSW MG Motors India, Mahindra & Mahindra)
Other Notable Competitors
BMW India, Mercedes-Benz, Hyundai Motor India, Volvo Auto India, Kia India
Scope
Market Analysis
Comprehensive evaluation of market trends.
Competitive Landscape
Overview of key players in the Electric Vehicle Market, India.
Regulatory Framework
Insights on policies affecting the electric vehicle sector.
Consumer Insights
Understanding consumer behavior and adoption trends.
Technological Advancements
Examination of innovations driving the market forward.
Table of Contents
Research Scope
The Indian EV Market: Overview
Regional Segmentation
Transformation in the Indian EV Market
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8
The Impact of the Top 3 Strategic Imperatives on the Indian EV Market
Ecosystem
Research Methodology
Questions This Study Will Answer
Competitive Environment
Key Competitors
Factors Influencing EV OEMs
EV Distribution Channels
Growth Generator
Primary Findings: Current and Future Outlook
Key Growth Metrics
Growth Drivers
Growth Restraints
Potential Trends Influencing Market Growth
Supply Chain Localization
Interoperable Charging Networks
Key Strategic Collaborations
Connected Features
UX IoT: Premium Features in Mass EVs
Battery Technology Advancements
Incentive Evolution In India
Timeline: Major Schemes and Incentives
Purchase Subsidies/Exemptions by Leading States
Impact of New US Tariffs on the Indian EV Industry
Forecast Considerations
Indian EV Market: 2024 and 2025e
EV Adoption by Region: 2024 Comparison Summary
India: EV Sales Forecast
EV Sales Forecast by Region
EV Unit Sales Share and Market Share by OEMs, 2024
Northern Region EV Market: Overview
Key Growth Metrics
Regional Overview: Northern Region
Northeastern Region EV Market: Overview
Key Growth Metrics
Regional Overview: Northeastern Region
Eastern Region EV Market: Overview
Key Growth Metrics
Regional Overview: Eastern Region
Central Region EV Market: Overview
Key Growth Metrics
Regional Overview: Central Region
Western Region EV Market: Overview
Key Growth Metrics
Regional Overview: Western Region
Southern Region EV Market: Overview
Key Growth Metrics
Regional Overview: Southern Region
Competitive Landscape
Operating OEMs' Investments/Initiatives
Key EV Production Facilities in India: Summary
Primary Electric PV Production Capability in India: Summary
Key EV Development Regional Clusters
EV Developments Key Areas: Adoption Status
Battery Cell Production Outlook by Key Participants
Timeline: OEMs' Strategic Focus
Key Contributors: Exhibits
Tata Motors
JSW MG Motors India
Mahindra & Mahindra
Growth Opportunity Universe
Growth Opportunity 1: Government Initiatives Pushing the EV Industry Toward Self-sufficiency