India electric commercial vehicle market is projected to grow at a CAGR of around 70% during the forecast period owing to growing need for controlling GHG (Greenhouse gases) emissions emitted by vehicles. Moreover, the government is encouraging the use of electric powered vehicles, which is boosting the demand for electric commercial vehicles in India.
Government of India has launched various schemes and incentives for the adoption of electric vehicles in India like FAME scheme, which was launched by the government in 2015 and is a part of NEMMP scheme, Under the NEMMP scheme, the government was to invest up to Rs 14000 crore in creating infrastructure and promoting the use of environment-friendly electric vehicles. The NEMMP 2020 aims at sales of 6-7 million units of electric vehicles in India by 2020. High subsidies provided by the government and increasing electric vehicle infrastructure development in the country coupled with various leading commercial vehicle manufacturers foraying into the country’s electric commercial vehicle market are expected to drive India electric commercial vehicle market in the coming years. Leading players in the market include Tata Motors, Olectra Greentech, Mahindra Electric, Volvo Eicher Commercial Vehicles, JBM Auto, among others.
Based on vehicle type, as compared to hybrid vehicles (HEV) and plug in hybrid vehicles (PHEV), battery electric vehicles (BEV) segment is estimated to grow at a faster rate as government support in India is for battery electric vehicles under its FAME-II scheme in the form of government incentives and subsidies
Years considered for this report:
Historical Years: 2017-2024
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast the market size of India electric commercial vehicle market.
- To classify and forecast India electric commercial vehicle market based on propulsion type, vehicle type, range, component and regional distribution.
- To identify drivers and challenges for India electric commercial vehicle market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India electric commercial vehicle market.
- To conduct the pricing analysis for electric commercial vehicle market.
- To identify and analyze the profile of leading players involved in the manufacturing of India electric commercial vehicle market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major collaboration manufacturer across India.
TechSci Research calculated the market size of India electric commercial vehicle market using a bottom-up approach, where data for various end user industries and its application across various product types were recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research
Key Target Audience:
- Electric Commercial Vehicle Manufacturers, Traders, Distributors and Suppliers
- Raw Material Suppliers
- Government bodies such as regulating authorities and policymakers
- Organizations, forums and alliances related to electric commercial vehicles
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturer and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, India electric commercial vehicle market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Propulsion Type:
- Market, By Vehicle Type:
o Pick-up Trucks
- Market, By Range:
o 0-150 Miles
o 151-250 Miles
o 251-500 Miles
o 500 Miles & Above
- Market, By Component:
o Electric Motor
o EV Battery
o Hydrogen Fuel Cell
- Market, by Country:
Company Profiles: Detailed analysis of the major companies present in India commercial vehicle market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five)