Industry Awareness

TERM I | Industry Report – Electric Vehicles | Group Number 3 | Section F

Siddhant Bhurkunde 2020IPM135 +91 9172420876

Mohd Faisal 2023PGP204 +91 97118 92979
Joushita J Kennet 2023PGP151 +91 99404 63382
Shubh Desai 2023PGP338 +91 84248 63445
Vanshika Shah 2023PGP404 +91 88397 31774

Executive Summary:

This report provides an overview of the Indian Electric Vehicle (EV) market, which has shown
resilience during the COVID-19 pandemic and has a high growth potential. The report covers the
following aspects:
• The market segmentation by vehicle type and the competitive landscape of each segment.
• The regional variations in market dynamics and the factors influencing them.
• The challenges posed by inadequate charging infrastructure and the possible solutions.
• The opportunities and challenges for the EV market, such as demand, cost, performance,
customer satisfaction, environmental impact, technology, and regulation.
• The state-wise EV registrations and the role of government policies in promoting EV
adoption and local manufacturing.
• The key technology trends that are shaping the future of EV performance and addressing
the existing challenges.
• The prominent market players and their strategies to reduce ownership costs and increase
local integration.

The report aims to provide insights to potential investors and stakeholders on the Indian EV
market. The report also highlights the importance of government initiatives and technological
advancements in driving the electric mobility revolution in India.

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Table of Contents:

1. Industry Profile…………………………………………………………….…....…04

1.1. Market Overview

1.2. Driving Factors
- Stricter Emission Regulations
- Declining Battery Prices
- Rising Fuel Costs
1.3. Government Initiatives
- Electrification Missions
- Public Charging Infrastructure
- FAME-II Program
1.4. Segment-wise Market Breakdown
- Electric Two-wheelers
- Electric Three-wheelers
- Electric Four-wheelers
- Electric Light Goods Vehicles

2.Players Profile…………………………………………………………………..….……06

2.1. Leading Market Players

2.2. Local Component Integration and Government Subsidies
- Efforts to Lower Ownership Costs
- Transition to Local Components
2.3. Challenges and Opportunities
- High Upfront Costs
- Battery Life
- Charging Infrastructure
- Emerging Business Opportunities
3.Macroeconomic Profile….……………………………………………………….……..07
3.1. Technology Trends
- 800V Electric Vehicle Platform

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 - Lithium-ion Battery Advancements
- Cell-to-Pack Technology
- Maximizing EV Range
- Software-Defined Vehicles
3.2. EV Market In India
3.3. Category wise EV sales
3.4. State-wise EV Registrations
3.5. Legal and Regulatory Framework
- FAME 1 & 2
- Extended Product Linked Incentives
- State Policies
- Vehicle Scrappage Policy
- Other Subsidies and Stimulus

4.Conclusion & Key Takeaways….……………………………….………….….……11

5.Appendix……………………………………………………………………………...13
6.References…………………………………...………………………………………..17
7.Declaration....................................................................................................................20

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1. INDUSTRY PROFILE

1.1. Market Overview

The EV market in India is a fast-growing and promising sector that offers various benefits over
conventional vehicles, such as lower costs, reduced emissions, improved air quality, and
enhanced energy security (Kumar et al., 2020). The market is expected to grow at a CAGR of
28.93% from 2021 to 2027, reaching a value of USD 30,414.83 million by the end of the forecast
period (Mordor Intelligence, 2021). The market can be segmented by vehicle type, battery type,
technology type, and region.

The electric two-wheelers segment is the largest and most dominant segment in the market,
accounting for more than 80% of the total sales volume in 2021 (Mordor Intelligence, 2021).
This segment is driven by the high adoption rate of electric scooters and motorcycles among
urban commuters, especially in Tier-II and Tier-III cities and supported by various government
policies and incentives (Kumar et al., 2020).

The electric passenger cars segment is the second-largest segment in the market, with a
significant growth rate expected in the coming years. This segment is boosted by the increasing
consumer awareness and preference for eco-friendly mobility solutions, and the launch of new
models of electric cars with improved features and performance by various automakers (Mordor
Intelligence, 2021).

The electric three-wheelers segment is the third-largest segment in the market, with a steady
growth rate anticipated during the forecast period. This segment is influenced by the low cost of
ownership and operation, easy availability of financing options, and favorable regulatory
environment for electric rickshaws and auto-rickshaws (Kumar et al., 2020).

The electric commercial vehicles segment is the smallest segment in the market, but is projected
to register a high growth rate in the near future. This segment is driven by the rising demand for
clean transportation solutions from various sectors such as e-commerce, education, healthcare,
tourism, and hospitality, and the adoption of electric trucks and buses by more logistics and
delivery companies (Mordor Intelligence, 2021).

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 The EV market in India also faces some challenges that may hamper its growth potential. These
include the lack of adequate charging infrastructure, high initial cost of acquisition, limited range
and performance of EVs compared to conventional vehicles, consumer perception and behavior
barriers, and technical issues such as battery degradation and safety (Kumar et al., 2020).

1.2. Driving Factors

Several driving factors contribute to the rapid growth of the Indian EV market:
1. Stricter Emission Regulations: The demand for fuel-efficient and low-emission vehicles is on the
rise due to increasingly stringent laws and regulations on vehicle emissions.
2. Declining Battery Prices: The decreasing cost of batteries has made electric vehicles more accessible
to a wider range of consumers, contributing to market expansion.
3. Rising Fuel Costs: Escalating fuel prices have motivated consumers to explore alternative options,
including electric vehicles, which offer potential long-term cost savings.

1.3. Government Initiatives

The Indian government's initiatives have been instrumental in propelling the growth of the EV market:
• Electrification Missions: The government's push towards electrification, including the ambitious
electrification missions, has been pivotal in shaping the market's trajectory.
• Public Charging Infrastructure: The Ministry of Power, along with the Bureau of Energy Efficiency, is
driving the establishment of a robust public charging infrastructure to support EV adoption.
• FAME-II Program: The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-
II) program provides financial support for the development of public EV charging infrastructure.

1.4. Segment-wise Market Breakdown

The Indian EV market is divided into various segments, each with distinct growth patterns:
• Electric Two-wheelers: Electric scooters and motorbikes dominate this category, contributing
significantly to the overall sales volume and revenue of the EV industry.
• Electric Three-wheelers: Electric three-wheelers have witnessed increased adoption, particularly in
states like Delhi, Bihar, West Bengal, Uttar Pradesh, and Odisha. These vehicles offer potential cost
savings of 70% to 80% compared to their gas-powered counterparts. (Emerging Markets Research,
Data and News | EMIS, n.d.-c)

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• Electric Four-wheelers: The electric four-wheeler segment encompasses diverse types, including
passenger vehicles, commercial vehicles, and light patrol vehicles. Government policies supporting EV
infrastructure development are expected to drive growth in personal electric car demand.
• Electric Light Goods Vehicles (LGV): This category includes commercial vehicles like vans and pick-
up trucks with a total gross weight not exceeding 3,500 kg. Despite a decline in annual unit sales,
LGVs remain a significant part of the EV landscape. (Emerging Markets Research, Data and News |
EMIS, n.d.-c)

2. Player Profiles in the Indian Electric Vehicle Market

2.1 Leading Market Players

Provides a diverse selection of electric automobiles and commercial vehicles,
Tata Motors with a steadfast dedication to promoting sustainable mobility.

Mahindra and Significant progress achieved in the development of electric automobiles &
Mahindra commercial vehicles, with an emphasis on enhancing their sustainability.

Electric three-wheelers are offered as a means of last-mile connection and urban

Atul Auto transportation and have gained popularity in many regions.

Ventured into electric scooters and other EV options, adding diversity to the
Bajaj Auto market.

Hero Electric Prominent in the electric two-wheeler segment with a variety of electric scooters.

Key player in the electric bus segment, supplying electric buses for cleaner public
Olectra transportation.

Stands out in the electric scooter segment with technologically advanced and
Ather Energy performance-driven products.
*Adapted from Electric Vehicles Market in India | IBEF, 2022

2.2 Local Component Integration and Government Subsidies

• Efforts are being made by major market players to integrate local components into their electric
vehicles. This strategy is driven by the aim to avail government subsidies and lower ownership costs

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 for consumers. By reducing dependency on imports and sourcing components locally, these companies
are positioning themselves for sustained growth in the market.

2.3 Challenges and Opportunities

While the electric vehicle market in India presents immense opportunities, it also faces challenges that
need to be addressed for sustained growth:
• High Upfront Costs: The initial costs of electric vehicles are usually higher than the vehicles with
internal combustion engine, deterring potential buyers. Incentives and subsidies are crucial to bridge
this gap.
• Battery Life: Battery life and performance are critical factors for the adoption of electric vehicles.
Advancements in battery technology are essential to ensure longer ranges and efficient performance.
• Charging Infrastructure: A robust charging infrastructure is crucial for EV adoption. Government
initiatives and private sector investments are necessary to build a widespread and convenient charging
network.
• Emerging Business Opportunities: The transition to electric mobility has created various business
opportunities, such as EV franchising, battery infrastructure, charging solutions, and more. These
opportunities have the potential to drive economic growth and job creation.

3. Macroeconomic Profile

3.1. Technology Trends

• 800V Electric Vehicle Platform: -The emergence of the 800V electric vehicle platform holds promise
for the EV industry. This platform utilizes higher voltage levels, enabling faster charging times and
reducing the weight and size of both vehicles and charging infrastructure. The increased efficiency and
convenience of the 800V platform contribute to its appeal and potential for encouraging EV adoption.
(Grimm, 2023)
• Lithium-ion Battery Advancements: -Ongoing developments in lithium-ion battery technology have
significant implications for the EV market. Innovations focus on increasing energy density, enabling
faster charging and discharging rates, extending battery lifetimes, and reducing costs. These
advancements are essential in addressing critical challenges such as range anxiety and overall EV
performance. (Sharing Insights Elevates Their Impact, n.d.)

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• Cell-to-Pack Technology: -Cell-to-pack technology is revolutionizing EV battery pack design. By
eliminating intermediate components, this technology enhances battery efficiency, reduces weight,
simplifies manufacturing processes, and increases reliability. These benefits collectively contribute to
improved EV performance and cost-effectiveness. (Cell-To-Pack (CTP) Technology in Electric
Vehicles, n.d.)
• Maximizing EV Range: -To address concerns regarding EV range, various strategies are being
employed. These include reducing vehicle size and weight, improving aerodynamics, optimizing
powertrain efficiency, and enhancing tire efficiency. By implementing these measures, EV
manufacturers aim to extend vehicle range and improve overall energy efficiency. (The Factors
Affecting Your EV Range — and How You Can Maximize Your Battery, 2023)

3.2 EV Market in India:

• In 2021, electric vehicle market in India was valued at USD 7,025.56 million, it is expected to witness
a CAGR of 28.93%, and by 2027 it is to reach USD 30,414.83 million. COVID-19 has impacted every
other industry in the global market, including electric vehicles. However, the market for electric
vehicles is expanding significantly as a result of favorable electric vehicle legislation, better
government activities across India, and the rapidly rising adoption rate of mild-hybrid electric vehicles.
(Emerging Markets Research, Data and News | EMIS, n.d.)
• For numerous reasons, nations are interested in e-mobility. Many countries' major cities have enacted
green and sustainable regulations, such as the usage of electric vehicles, in response to the traffic
congestion and pollution. Furthermore, during the medium-term demand prediction, subsidies
provided by government and the phase-out of IC vehicles have been the main growth drivers.
• The government of India has ambitions to upgrade the nation's electrical infrastructure. The Ministry
of Power has assigned the Bureau of Energy Efficiency (BEE) as the national implementation agency
(CNA) to install the public charging infrastructure of EV. The Department of Heavy Industry is the
other entity involved with the implementation of public charges. The FAME-II programme, which
offers financial support for public EV charging infrastructure, is overseen by this. (Emerging Markets
Research, Data and News | EMIS, n.d.)
• The adoption of electric two- and three-wheeled vehicles has grown at the fastest rate. The electric
vehicle market, which includes passenger, two-wheeler, and three-wheeler vehicles, is now being led
by companies like Tata Motors, Mahindra and Mahindra, and Atul Auto.

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 Figure 1: INDIA Electric
Vehicle Market, Value in
USD Million, 2018-2027

Figure 2: Electric
Vehicle Market,
Volume in Thousand
Units, INDIA, 2018-
2027

* Adapted from Modor Intelligence

• Owing to the high upfront costs, low battery life, underdeveloped charging ecosystem, and import-
based infrastructure, the four-wheeler EVs have very low penetration in the market. Major market
players are less dependent on imports and are planning to incorporate local components into the
market to avail government subsidies and bring down the ownership cost. Hence, sales value is not
expected to increase at a steady rate despite lower cost margins in the EV components.

3.3 Category wise EV sales:

• Electric two-wheelers: The most popular categories in this group are scooters and electric motorbikes.
The bulk (97%) of the vehicles sold are electric scooters, with motorbikes and e-bikes making up the
rest. This market category currently contributes the most to the EV industry in terms of sales volume
and revenue. (Emerging Markets Research, Data and News | EMIS, n.d.-c)

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 • Electric three-wheelers: Electric three-wheelers have witnessed increased adoption across multiple
states such as Delhi, Bihar, West Bengal, Uttar Pradesh, and Odisha. In contrast to their gas-powered
counterparts, electric three-wheelers boast the potential to reduce operating costs by 70% - 80%.
Projections indicate that this sector is poised for substantial growth, with an estimated annual unit sales
growth rate of 54.35% during the fiscal year period spanning from FY 2022 to FY 2023. (Emerging
Markets Research, Data and News | EMIS, n.d.-c)
• Electric four-wheelers: The category of electric four-wheelers encompasses various types, including
four-wheeler invalid carriage (4WIC), passenger vehicles (PV) or light motor vehicles (LMV), and
light patrol vehicles (LPV). (Emerging Markets Research, Data and News | EMIS, n.d.-c)
In metropolitan areas, commercial entities like Lithium Urban Technologies, eee-Taxi, and Zoom car,
operating within tier 1 cities, have effectively embraced electric vehicles for their operational needs.
• Electric light goods vehicle (LGV):An electric light goods vehicle (LGV) is characterized as a
commercial motor vehicle with a total gross weight not exceeding 3,500kg. This category
encompasses various commercial vehicles, including vans and pick-up trucks. However, projections
indicate a decrease in the growth rate for this segment, with an estimated decline of 49.62% in terms of
annual unit sales during the fiscal years from FY 2022 to FY 2023. (Emerging Markets Research, Data
and News | EMIS, n.d.-c)

3.4. State-wise EV Registrations

• The proliferation iof electric automobiles (EVs) in India shows EV market penetration is uneven. The
registration of electric cars (EVs) increased 168% in 2021, reaching 330,000 units. The two-wheeler
and three-wheeler sectors, which made up 48% and 47% of overall registrations, drove the surge.
Around 4% of registrations were passenger automobiles. E-rickshaws and e-karts, which have a
maximum speed of less than 25 km/h, made up 45% of three-wheelers. (Electric Vehicles Market in
India | IBEF, 2022)
• Uttar Pradesh leads the country with 20% of electric vehicle (EV) registrations. Karnataka and Tamil
Nadu registered electric vehicles second and third, respectively, after Uttar Pradesh. Electric two-
wheeler registrations were greatest in Karnataka, Tamil Nadu, Maharashtra, Telangana, and Rajasthan
(67%). Uttar Pradesh, Bihar, Assam, and Delhi accounted for roughly 75% of electric three-wheeler
purchases. The state of Maharashtra sold the most passenger cars, 3,700. (Experience the EV Sales
Portal – Data Portal, 2022)

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• The national and state governments' policymaking roles in building the electric vehicle (EV)
ecosystem are noteworthy. The ecosystem has three primary parts: EV providers, component and
infrastructure suppliers, and customers. Every segment of the electric vehicle (EV) business, with its
own structures and issues, contributes to its overall growth. (EY-Parthenon [EY], 2022)

3.5. Legal and Regulatory Framework

• The Faster Adoption and Manufacturing of Electric Vehicles (FAME) programs, which include FAME
1 and FAME 2, have played a crucial role in encouraging EV adoption in India. These initiatives
concentrate on demand-side incentives with the goal of increasing EV demand through subsidies.
Additionally, a considerable percentage of the budgeted money is used to improve infrastructure.
Electric and hybrid electric cars are covered by FAME 1 and FAME 2. The installation of at least one
charging station in a 3x3 km grid in cities and one charging station every 25 km along roads are
notable undertakings. (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME)
Scheme - Phase I & II – Policies - IEA, n.d.)
• Extended Product Linked Incentives: -To bolster domestic manufacturing, India has implemented
Extended Product Linked Incentives (PLI) for sectors including automobiles and Advanced Chemistry
Cell (ACC) battery manufacturing. This supply side incentive aims to encourage local production and
innovation. (Allotment Made for 50 GWh of Battery Capacity to 4 Successful Bidders for Incentive
Under (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage, n.d.)
• Vehicle Scrappage Policy: -The Vehicle Scrappage Policy in India mandates fitness checks for
vehicles above 15% older and rewards scrapping certificates with discounts on new cars and road tax
rebates. Centers for recycling are being built. (Vehicle Scrappage Policy in India: Objectives, Benefits
& Categories of Scrappage Policy, 2023)

Conclusion And Key Takeaways

India’s electric vehicle (EV) industry is witnessing remarkable growth and transformation,
influenced by various factors such as stringent emission regulations, decreasing battery prices,
and escalating fuel prices. The EV market in India demonstrated resilience despite the COVID-
19 pandemic, with supportive legislative changes and government initiatives facilitating its
growth.

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The market comprises electric two-wheelers, three-wheelers, four-wheelers, and light goods
vehicles, with each segment having its own characteristics and growth potential. Prominent
market players like Tata Motors, Mahindra and Mahindra, Atul Auto, and Bajaj Auto are
actively involved in this industry, with an emphasis on local component integration to reduce
ownership costs and avail government subsidies.

The Indian EV market offers immense opportunities, but also confronts challenges, such as high
initial costs, battery life issues, insufficient charging infrastructure, and consumer perception
hurdles. However, the adoption of technology trends like 800V electric vehicle platforms,
lithium-ion battery improvements, cell-to-pack technology, and software-defined vehicles is
anticipated to overcome some of these challenges.

EV registrations across India vary by state, with Uttar Pradesh having the highest number of EV
registrations. Government policies, such as the FAME program and state-level incentives, have a
crucial role in shaping the EV ecosystem. Moreover, the Vehicle Scrappage Policy and other
subsidies are further encouraging EV adoption.

Takeaways

• High Growth Potential: The Indian EV market is set for high growth, with an estimated
CAGR of 28.93% from 2021 to 2027, reaching USD 30,414.83 million by the end of this
period.
• Segment Variety: The market is varied, with electric two-wheelers leading sales,
followed by electric passenger cars, three-wheelers, and light goods vehicles. Each
segment has different growth drivers and patterns.
• Prominent Market Players: Key players like Tata Motors, Mahindra and Mahindra, and
Atul Auto are actively participating and integrating local components to cut costs.
• Challenges and Opportunities: Challenges include high initial costs and charging
infrastructure gaps, but opportunities exist in emerging business sectors like EV
franchising and charging solutions.
• Government Support: Government initiatives such as FAME, state policies, and the
Vehicle Scrappage Policy are vital in shaping the Indian EV market’s direction.

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 • Technology Trends: Improvements in battery technology, software-defined vehicles, and
800V platforms are addressing key challenges and enhancing EV performance.
• State-wise Variability: EV registrations differ by state, with Uttar Pradesh leading the
way, emphasizing the importance of regional policies and support.

The Indian electric vehicle industry is at a thrilling stage, with enormous growth potential and
government support. Tackling challenges while leveraging technological advancements and
market opportunities will be essential to achieving the full potential of this emerging sector.

Appendix
1 Adapted from: Electric

Vehicles market in

India | IBEF. (2022).

India Brand Equity

Foundation.https://ww

w.ibef.org/blogs/electri

c-vehicles-market-in-

india

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2 Emerging markets

research, data and

news | EMIS. (n.d.).

https://www.emis.com/

php/search/docpdf-

chapters?dcid=7626297

23&keyword=sales%2

0trends%20in%20the%

20Indian%20electric%

20vehicle%20market.

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Electric two-wheelers: Sales split (FY 2022 – FY 2023)

Electric three-wheelers: Sales split (FY 2022 – FY 2023)

Electric four-wheelers: Sales split (FY 2022 – FY 2023)

Electric light goods vehicle (LGV): Sales split (FY 2022 – FY

2023)

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3 India Electric Vehicle

Market Size, Share &

Trends Analysis Report

By Product (BEV,

PHEV), By Vehicle

Type (Passenger Cars,

Commercial Vehicles),

And Segment

Forecasts, 2021 - 2030.

(n.d.).

https://www.grandview

research.com/industry-

analysis/india-electric-

vehicle-market-report

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 4 Netscribes: ELECTRIC

VEHICLES MARKET

IN INDIA 2023 –

WHAT'S NEW?

5 Experience the EV

sales portal – data

Portal. (n.d.).

https://data.evreporter.c

om/ev-sales-data-

demo-2w/

6 Electric Vehicles

market in India | IBEF.

(n.d.). India Brand

Equity Foundation.

https://www.ibef.org/bl

ogs/electric-vehicles-

market-in-india

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Declaration
We, the members of group number 3 from section F, hereby declare that we have not used
ChatGPT or any other chatbot or artificial intelligence tool to generate or assist in the writing
of our report. We have written the report entirely by ourselves, using only the sources and
references that we have cited properly. We have also checked our report for plagiarism and
ensured that it is original and does not contain any copied or paraphrased content from other
sources.
We understand that using ChatGPT or any other chatbot or artificial intelligence tool to write
or assist in writing a report is a serious academic offense and violates the code of conduct and
ethics of our institution. We also understand that if we are found to have used ChatGPT or any
other chatbot or artificial intelligence tool in our report, we will face severe consequences,
such as failing the course, suspension, or expulsion.
We affirm that the information given in this declaration is true and correct to the best of our
knowledge and belief.
Date: 03/09/2023

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