India EV & Hybrid Electric Vehicle Market, 2030: Strategic Analysis – The Penetration of EVs and FHEVs is Expected to Reach as High as 2 Million Vehicles

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This study analyses various OEMs and Suppliers and their product strategy. It also estimates growth prospects and development of the charging network, and presents a funding analysis as well.

Tightening emissions standards coupled with plaguing pollution levels have begun to shift the dynamics of the Indian automotive market. While xEV (electric and hybrid vehicles) have gained traction in developed nations internationally, they are yet to do so in the Indian market.

However, projections show that in 2030 about 2 million xEVs will be sold in the country owing to increasing government initiatives and incentives, domestic OEMs’ interest towards EVs and the increasing popularity and awareness among Indian customers. However, inherent drawbacks in terms of charging infrastructure, grid management and varying (in comparison to other regions) consumer preferences in terms of product and features hinder the adoption of electric vehicles (EVs).

The aim of this study is to research, analyse and forecast the trends; provide an overview of the EV and Hybrid vehicles market; and discuss the impact of these trends on the growth and performance of key OEMs. This study mainly focusses on the Indian passenger vehicle (PV) market. Over 10 electric and 4 main hybrid vehicle models are expected to hit the Indian market before 2025. Mahindra will have high focus on EVs, while Japanese OEMs such as Nissan, Honda and Toyota are expected to focus on FHEVs in 2023. 48v mild hybrids are expected to be a go-to solution for manufacturers to comply with regulations.

As the Indian government has announced a ban of decade old diesel cars and is expected to introduce laws favouring EVs, this is an opportune time for global brands to introduce their EV/HEV models in India as a strategic move to arrest falling sales. Start-ups, with distinctive product features that also resonate with the cultural ethos, could look at gaining a definitive edge in this competitive market.

Key Features

Objectives of the Study

• Provide a strategic overview of the Indian EV and hybrid vehicle market
• Present an overview of key technological trends, including battery technology, charging systems and engine downsizing
• Predict growth trends across various segments and regions
• Analyse the positioning of EVs
• Understand and forecast the market share of key market participants and evaluate their strategies
• Discuss the cost comparison between EVs/FHEVs and conventional internal combustion engine (ICE) vehicles
• Develop the market’s future outlook, including study conclusions

Key Issues Addressed

• What is the future scenario of the automotive powertrain market and the role of EVs in it?
• Which OEM will lead the passenger EV and hybrid vehicle market?
• What are the technology and market roadmaps for the future of EVs and FHEVs?
• How do various OEMs position themselves and their EV/FHEV strategies towards 2025?

Key Topics Covered:

1. Executive Summary

• Key Findings
• Scenario (Push from OEMs & Moderate Govt. Support)
• Key OEM Sales Share-2023 and 2030
• EV Charging Infrastructure Developments
• Battery Pricing Trend Analysis
• Key OEM Focus-2023
• Key OEM Focus-2030
• Expected & Present Model Line-up

2. Research Scope, Objectives, Background and Methodology

• Research Scope
• Research Aims and Objectives
• Key Questions this Study will Answer
• Key OEMs or Participant Groups Compared in this Study

3. Definitions and Segmentation

• Product Segmentation

4. Electric And Hybrid Vehicle Ecosystem In India

• Current Electric Vehicle Market in India (2017)
• EV/FHEV Ecosystem
• Current Publicly Accessible Charging Infrastructure in India

5. Support Measures For EVs And Hybrids in India-Regulatory Framework & Incentives

• Government Initiatives-Overview
• Ban on Diesel Vehicles and Focus on Electric Mobility
• NITI Aayog-Strategy for Electrification (2030)
• FAME India-Roadmap (2015-2020)
• Key Testing & Certification Agencies

6. Forecast and Trends-2017-2030: Scenario Analysis

• Scenario (Push from OEMs & Moderate Govt. Support)
• Forecast Scenario Assumptions

7. Charging Infrastructure Development-Key Challenges and Initiatives

• Number of Public Charging Stations Vs. EV/HEV Parc Comparison
• EV Charging Infrastructure Developments
• Energy Price Benchmarking with Key Nations
• Charging Infrastructure Business Models
• Smart Grid Implementation in India
• Smart City Investment
• Renewables-Future of Renewables Availability in India
• Standardisation of Charging Infrastructure
• CHAdeMO Charging-Widely Adopted
• EV Charging Stations-Potential Business Models

8. Battery Development-Key Challenges and Initiatives

• Cost Comparison of Components
• Li-ion Battery Cost Breakdown
• Battery Pricing Trend Analysis
• Government Investment in Li-on Battery Production & Technology
• Private Investment in Li-ion Battery Production & Technology
• Comparative Analysis of Complexity and Cost of Powertrains

9. 48v Mild Hybrids-Bridging the Gap

• Need for 48v-Emission Regulations
• Comparative Benchmarking of 48v System and xEVs

10. Key OEM Approaches

• Key OEM Sales Share-2023 and 2030
• Key OEM Focus-2023
• Key OEM Focus-2030
• Expected & Present Model Line-up
• Maruti Suzuki
• Hyundai
• Mahindra Electric
• Tata Motors
• Nissan

11. EV & Hybrid Vehicles Industry In India-Suppliers

• Sun Mobility-Focusing of Charging Infrastructure
• Bosch-Comprehensive Solutions
• Continental-Focus on 48v and Full Hybrids
• Delphi-Focus on 48v and Full Hybrids
• Other Potential Suppliers
• Opportunities for Component Suppliers
• Mahindra Electric-Ola Vehicle Project: Nagpur

12. Growth Opportunities and Companies to Action

• Growth Opportunity-Social Collaboration
• Strategic Imperatives for Indian EV/HEV Industry

13. Conclusions and Future Outlook

• Indian EV/HEV Market-Conclusions and Future Outlook
• Legal Disclaimer

14. Appendix

• Mission 2030-Customer Opinion: City-Type Wise
• Abbreviations and Acronyms Used

Companies Mentioned 

• Bosch
• Continental
• Delphi
• Hyundai
• Mahindra Electric
• Maruti Suzuki
• Nissan
• Sun Mobility Private Limited
• Tata Motors

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Source: Research and Markets