India Energy Storage Alliance (IESA), presents its very first edition of India Electric Vehicle (EV) Market Overview. This report covers the present scenario and forecast of EVs and the public charging infrastructure market in the country. There is an in-depth analysis of EV battery value chain by EV segment, detailed state EV policy analysis, and competitive analysis of EVs and EV battery suppliers.
The EV market in India has gained significant momentum after the implementation of the FAME India scheme. The total EV sales in 2018 hit 365,920 units and expected to grow at a CAGR of 36 percent till 2026. The EV battery market in India is estimated to be US$ 520 million in 2018 and forecasted to grow at a CAGR of 30 percent till 2026. The total MWh addition in 2018 hit 4.75 GWh and expected to grow till 28.0 GWh by 2026.
With respect to public charging infrastructure, the market is estimated to be US 520 billion in 2018 and forecasted to grow at a CAGR of 60 percent till 2026. The total charger sales in 2018 was less than a thousand units and expected to grow till 50,000 units by 2026. The base year of the study is 2018, the forecast period is 2019-2026.
In the National EV (NEV) scenario, it is predicted that the market will grow rapidly with support from the government to achieve the targets defined under the FAME-2 scheme and NEMPP2020. Policies such as banning the sales of ICE 2W and 3W in highly polluted cities, scrapping of old vehicles, stringent emission norms, etc. will further drive the EV sales. State governments will also facilitate in accelerating the deployment of EV’s to achieve the targets defined under their EV policies.
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