India Electric Vehicle Market Size
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Forecast Data Period | 2024 - 2030 |
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Market Size (2024) | USD 34.8 Billion |
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Market Size (2030) | USD 120 Billion |
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CAGR (2024 - 2030) | 22.92 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Electric Vehicle Market Analysis
The India Electric Vehicle Market size is estimated at 34.8 billion USD in 2024, and is expected to reach 120 billion USD by 2030, growing at a CAGR of 22.92% during the forecast period (2024-2030).
34.8 Billion
Market Size in 2024 (USD)
120 Billion
Market Size in 2030 (USD)
126.29 %
CAGR (2017-2023)
22.92 %
CAGR (2024-2030)
Largest Segment by Fuel Category
98.38 %
value share, BEV, 2023
BEVs dominate India's EV market due to government incentives, rising fuel prices, and increasing awareness about the environmental benefits of electric mobility.
Fastest-growing Segment by Fuel Category
85.36 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to advancements in hydrogen fuel cell technology, government initiatives supporting hydrogen as an alternative fuel, and efforts to reduce air pollution.
Largest Segment by Vehicle Type
89.17 %
value share, Two-Wheelers, 2023
Two-wheelers dominate the market due to their affordability, convenience in navigating congested urban areas, lower operating costs, and increasing consumer adoption of electric scooters and bikes.
Leading Market Player
19.07 %
market share, Ola Electric Mobility Pvt. Ltd., 2023
Ola Electric Mobility Pvt. Ltd. leads the market with its innovative electric scooters, strong investment in R&D, and aggressive expansion plans, making significant strides in the Indian EV landscape.
Second leading Market Player
11.89 %
market share, TVS Motor Company Limited, 2023
TVS Motor Company Limited is a major player due to its extensive range of electric two-wheelers, strong brand recognition, and widespread dealership network across India, catering to diverse consumer needs.
India's comprehensive strategy to adopt electric vehicles (EVs) across various vehicle categories is driving the nation's transition toward sustainable mobility
- India's electric vehicle (EV) market, segmented by vehicle type into passenger cars, commercial vehicles, and two-wheelers, is undergoing a significant transformation, reflecting the country's commitment to embracing clean energy and reducing carbon emissions. Each segment caters to distinct market dynamics, user needs, and growth potential, painting a comprehensive picture of India's journey toward electric mobility.
- Electric passenger cars are steadily gaining traction in the Indian market, driven by increasing consumer awareness, favorable government policies, and the growing presence of both international and local manufacturers. Although currently small compared to conventional vehicles, the segment is witnessing a rapid expansion in offerings, ranging from affordable models aimed at the mass market to premium electric cars catering to the luxury segment.
- The electric commercial vehicle sector, though still in its early stages, is set to witness significant growth. This growth is being driven by a rising emphasis on sustainability and cost-effectiveness within the logistics and transportation sectors. Electric buses, trucks, and vans are gradually making their way into urban fleets, supported by government initiatives aimed at reducing pollution and promoting electric mobility in public transportation and goods delivery. The operational cost benefits of electric commercial vehicles, coupled with various state and central government incentives, are encouraging fleet operators and businesses to transition toward electric options. This segment's growth is critical for achieving India's ambitious environmental targets and improving urban air quality.
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India Electric Vehicle Market Trends
Government initiatives and stringent norms drive rapid growth in the electric vehicle market in India
- India's electric vehicle (EV) market is in a growth phase, with the government actively formulating strategies to combat pollution. The Fame India scheme, launched in 2015, has played a pivotal role in driving vehicle electrification. Building on its success, Fame Phase 2, active till April 2022, further bolstered EV sales, especially in 2021, with the government offering subsidies like INR 10,000 grants for electric cars with battery capacities up to 15 kWh.
- State governments across India are increasingly incorporating electric buses into their fleets, aiming to transition from internal combustion engine (ICE) buses. This move not only cuts operational costs but also curbs carbon emissions and improves air quality. In a notable move, the Delhi government greenlit the procurement of 300 new low-floor electric (AC) buses in March 2021, with 100 of them hitting the roads in January 2022. These initiatives contributed to a significant 62.58% surge in demand for electric commercial vehicles in India in 2022 over 2021.
- The demand for electric cars has surged in recent times, driven by the government's introduction of stringent norms. In August 2021, the Indian government unveiled the Vehicle Scrappage Policy, targeting the phasing out of polluting and unfit vehicles, irrespective of their age. This policy, set to be implemented by 2024, is steering consumers toward electric cars. Additionally, the government has set an ambitious target of having 30% of all cars in India electrified by 2030. These initiatives are poised to propel electric car sales during the 2024-2030 period in India.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- India's population, driven by factors like a young demographic and improved healthcare, is projected to reach 1,522.77 million by 2030, reflecting steady growth
- The consumer spending for vehicle purchases in Asia-Pacific, as exemplified by India, shows signs of cautious optimism during 2022-2023, following a period of volatility
- India's auto interest rates have shown a consistent downward trend, driven by RBI's measures and evolving lending practices
- India's electric vehicle charging station market surges with 6,800 slow charging and 4,100 fast charging stations in 2022
- Various new entries and new product launches may accelerate the battery pack market in India
- The numerous tax hikes in the country were expected to increase fuel prices in 2023
- India's GDP per capita is expected to sustain growth, reaching USD 4,205.47 by 2030
- India's journey toward lower inflation sets the stage for economic resilience and investor confidence
- The combined revenue from shared rides in India is expected to rise consistently driven by factors like technological advancements, urbanization, and shifting consumer preferences
- Electric vehicle sales in India increased because of the falling battery prices and government incentives
- The used car sales market in India presents a landscape teeming with opportunities and growth
- Suzuki and Hyundai lead India's HEV sector, while Toyota and Renault face declining numbers
India Electric Vehicle Industry Overview
The India Electric Vehicle Market is moderately consolidated, with the top five companies occupying 43.74%. The major players in this market are Ampere Vehicle Private Limited, Ather Energy Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Ola Electric Mobility Pvt. Ltd. and TVS Motor Company Limited (sorted alphabetically).
India Electric Vehicle Market Leaders
Ampere Vehicle Private Limited
Ather Energy Pvt. Ltd.
Okinawa Autotech Pvt. Ltd.
Ola Electric Mobility Pvt. Ltd.
TVS Motor Company Limited
Other important companies include BYD India Private Limited, Hero Electric Vehicles Pvt. Ltd., Hyundai Motor India Limited, JBM Auto Limited, Mahindra & Mahindra Limited, MG Motor India Private Limited, Olectra Greentech Ltd., Switch Mobility (Ashok Leyland Limited), Tata Motors Limited, Toyota Kirloskar Motor Pvt. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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India Electric Vehicle Market News
- August 2023: Ola Electric launched S1X for INR 79,999. Ola S1X will be offered in two battery capacities 2-kWh and 3-kWh. The 2-kWh variant will have a range of 91 km while the 3-kWh will have a 151 km range. The scooter has a 3.5-inch segmented display, the physical key unlocks and comes Without smart connectivity.
- August 2023: Gabriel India Limited (Gabriel India), a flagship company of Anand Group, announced that during the quarter that ended on June 30, 2023, it has developed components for Maruti Suzuki Jimny and Stellantis electric Citroen C3. At present it is developing parts for new models of VW, Tata, Stellantis, Mahindra, and Maruti Suzuki.
- August 2023: Hyundai Motor India Limited (HMIL) signed an asset purchase agreement (APA), in Gurugram, Haryana, for the acquisition and assignment of identified assets related to General Motors India (GMI)’s Talegaon Plant in Maharashtra.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
India Electric Vehicle Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Type
- 5.1.1 Commercial Vehicles
- 5.1.1.1 Buses
- 5.1.1.2 Heavy-duty Commercial Trucks
- 5.1.1.3 Light Commercial Pick-up Trucks
- 5.1.1.4 Light Commercial Vans
- 5.1.1.5 Medium-duty Commercial Trucks
- 5.1.2 Passenger Vehicles
- 5.1.2.1 Hatchback
- 5.1.2.2 Multi-purpose Vehicle
- 5.1.2.3 Sedan
- 5.1.2.4 Sports Utility Vehicle
- 5.1.3 Two-Wheelers
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5.2 Fuel Category
- 5.2.1 FCEV
- 5.2.2 HEV
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Ampere Vehicle Private Limited
- 6.4.2 Ather Energy Pvt. Ltd.
- 6.4.3 BYD India Private Limited
- 6.4.4 Hero Electric Vehicles Pvt. Ltd.
- 6.4.5 Hyundai Motor India Limited
- 6.4.6 JBM Auto Limited
- 6.4.7 Mahindra & Mahindra Limited
- 6.4.8 MG Motor India Private Limited
- 6.4.9 Okinawa Autotech Pvt. Ltd.
- 6.4.10 Ola Electric Mobility Pvt. Ltd.
- 6.4.11 Olectra Greentech Ltd.
- 6.4.12 Switch Mobility (Ashok Leyland Limited)
- 6.4.13 Tata Motors Limited
- 6.4.14 Toyota Kirloskar Motor Pvt. Ltd.
- 6.4.15 TVS Motor Company Limited
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- INDIA ELECTRIC VEHICLE MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- INDIA ELECTRIC VEHICLE MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- INDIA ELECTRIC VEHICLE MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 14:
- INDIA ELECTRIC VEHICLE MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- INDIA ELECTRIC VEHICLE MARKET, VALUE IN USD, 2017 - 2030
- Figure 16:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 17:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 18:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 19:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 20:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 21:
- INDIA ELECTRIC VEHICLE MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 22:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 23:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 24:
- INDIA ELECTRIC VEHICLE MARKET, BY BUSES, BY VOLUME IN UNITS, 2017 - 2030
- Figure 25:
- INDIA ELECTRIC VEHICLE MARKET, BY BUSES, BY VALUE IN USD, 2017 - 2030
- Figure 26:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 27:
- INDIA ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- INDIA ELECTRIC VEHICLE MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 30:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 31:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 32:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 33:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 34:
- INDIA ELECTRIC VEHICLE MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 35:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 36:
- INDIA ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 37:
- INDIA ELECTRIC VEHICLE MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 38:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 39:
- INDIA ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- INDIA ELECTRIC VEHICLE MARKET, BY TWO-WHEELERS, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- INDIA ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- INDIA ELECTRIC VEHICLE MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 44:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 45:
- INDIA ELECTRIC VEHICLE MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- INDIA ELECTRIC VEHICLE MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 48:
- INDIA ELECTRIC VEHICLE MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 49:
- INDIA ELECTRIC VEHICLE MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 50:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 51:
- INDIA ELECTRIC VEHICLE MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 52:
- INDIA ELECTRIC VEHICLE MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 53:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 54:
- INDIA ELECTRIC VEHICLE MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 55:
- INDIA ELECTRIC VEHICLE MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 56:
- INDIA ELECTRIC VEHICLE MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 57:
- INDIA ELECTRIC VEHICLE MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 58:
- INDIA ELECTRIC VEHICLE MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 59:
- INDIA ELECTRIC VEHICLE MARKET SHARE(%), BY MAJOR PLAYERS, 2021
India Electric Vehicle Industry Segmentation
Commercial Vehicles, Passenger Vehicles, Two-Wheelers are covered as segments by Vehicle Type. FCEV, HEV are covered as segments by Fuel Category.
- India's electric vehicle (EV) market, segmented by vehicle type into passenger cars, commercial vehicles, and two-wheelers, is undergoing a significant transformation, reflecting the country's commitment to embracing clean energy and reducing carbon emissions. Each segment caters to distinct market dynamics, user needs, and growth potential, painting a comprehensive picture of India's journey toward electric mobility.
- Electric passenger cars are steadily gaining traction in the Indian market, driven by increasing consumer awareness, favorable government policies, and the growing presence of both international and local manufacturers. Although currently small compared to conventional vehicles, the segment is witnessing a rapid expansion in offerings, ranging from affordable models aimed at the mass market to premium electric cars catering to the luxury segment.
- The electric commercial vehicle sector, though still in its early stages, is set to witness significant growth. This growth is being driven by a rising emphasis on sustainability and cost-effectiveness within the logistics and transportation sectors. Electric buses, trucks, and vans are gradually making their way into urban fleets, supported by government initiatives aimed at reducing pollution and promoting electric mobility in public transportation and goods delivery. The operational cost benefits of electric commercial vehicles, coupled with various state and central government incentives, are encouraging fleet operators and businesses to transition toward electric options. This segment's growth is critical for achieving India's ambitious environmental targets and improving urban air quality.
| Vehicle Type | Commercial Vehicles | Buses |
| Heavy-duty Commercial Trucks | ||
| Light Commercial Pick-up Trucks | ||
| Light Commercial Vans | ||
| Medium-duty Commercial Trucks | ||
| Vehicle Type | Passenger Vehicles | Hatchback |
| Multi-purpose Vehicle | ||
| Sedan | ||
| Sports Utility Vehicle | ||
| Vehicle Type | Two-Wheelers | |
| Fuel Category | FCEV | |
| HEV |
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Market Definition
- Vehicle Type - The category includes passenger cars, commercial vehicles, and two-wheelers.
- Vehicle Body Type - TUnder Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses; and for Two-Wheelers, it encompasses Scooters and Motorcycles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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