India Electric Vehicle Motor Market- Industry Analysis and Forecast (2022-2029)

India Electric Vehicle Motor Market is expected to grow at a CAGR of 7.5% during the forecast period and is expected to reach US$ 232.69 Bn by 2029.



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Increasing awareness towards energy conservation & acceptance of electric vehicles are driving the demand for electric vehicle motors market in India. Indian Electric Vehicle Motor Market is further fueled by rapid urbanization, & stringent regulations towards power consumption. Additionally, initiatives like Make in India would further result in growth in demand for electric vehicle motors in India.
Current Electric vehicles Market overview:
Electric vehicles will be delayed in India. It is not just COVID-19 but the main impact is due of crude oil prices. The electric vehicles can only take flight when crude oil again jumps to $60. As earlier, the industry has benchmarked the $100 price of the battery to mass electric vehicles. At present, crude oil prices are at a record low of below $30 per barrel. However, the theory of low crude oil price versus battery price does not stay relevant for the Indian market as the consumers have to pay 50 % VAT & excise duty over fuel (petrol) levied by the government.

The intensity of impact will be much sharper on electric vehicles. Over 15 % of the dealers might go out of business. The only positive hope is that the people may move from public transport to private transport.

On other hand the cost of Electric cars remains a main deterrent for their surge in a cost-conscious market in India. Electric three-wheelers which have the largest chunk in the electric vehicle market will also be hit owing to the concept of social distancing & the consumers concern for hygiene. Only affordable electric two-wheelers may find few customers going forward.

This Impact could vary by segment wise like for delivery two wheeler, if electric, may pick up owing to higher focus on deliveries with fewer people going out. Buses, especially city buses which have higher EV penetration are mostly bought by STU's, so that market will be purely driven by the government’s propensity to spend in many states of the country. Other factors that might delay the electric vehicle penetration in India could be the pressure on the supply of key components for electric vehicles & skill gaps in labour.

India is committed to its objective of becoming a 100 percent EV market, the timeline may shift ahead by a few years but the commitment is established in the slide of the announcement made in Union budget under Modi 2.0. With an objective to become a global hub for electric vehicle manufacturing, the government has already moved the GST council to lower the GST rate on EVs from 12% to 5%. Also to make EVs reasonable for consumers, government has extended additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase Evs.

The objective of the report is to present a comprehensive analysis of the India Electric Vehicle Motor Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding India Electric Vehicle Motor Market dynamics, structure by analyzing the market segments and project the India Electric Vehicle Motor Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the India Electric Vehicle Motor Market make the report investor’s guide.
India Electric Vehicle Motor Market Scope: Inquire before buying
India Electric Vehicle Motor Market, by Motor Type:
• Alternating Current (AC) Motor
• Direct Current (DC) Motor
India Electric Vehicle Motor Market, by Vehicle Type:
• Passenger Car
• Commercial Vehicle
• Two-wheelers
India Electric Vehicle Motor Market Key Players
• LG Chem Ltd.
• Samsung SDI Co., Ltd.
• SEG Automotive India Private Limited
• Tata Motors Limited
• Mahindra Electric Mobility Limited
• Avtec Limited
• Denso Corporation
• ABB Group
• Exide Industries Ltd.
• Bosch Limited
• Ashok Layland
• Maruti Suzuki
• Electrodrive Powertrain Solutions Pvt Ltd.
• Champlain Cable Corporation
• ROBOMECH

Frequently Asked Questions:

1. Which region has the largest share in India Electric Vehicle Motor Market?
Ans: North India region held the highest share in 2021.

2. What is the growth rate of India Electric Vehicle Motor Market?
Ans: The India Electric Vehicle Motor Market is growing at a CAGR of 7.5% during forecasting period 2022-2029.

3. What is scope of the India Electric Vehicle Motor market report?
Ans: India Electric Vehicle Motor Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in India Electric Vehicle Motor market?
Ans: The important key players in the India Electric Vehicle Motor Market are – LG Chem Ltd., Samsung SDI Co., Ltd., SEG Automotive India Private Limited, Tata Motors Limited, Mahindra Electric Mobility Limited, Avtec Limited, Denso Corporation, ABB Group, Exide Industries Ltd., Bosch Limited, Ashok Layland, Maruti Suzuki, Electrodrive Powertrain Solutions Pvt Ltd., Champlain Cable Corporation, and ROBOMECH.

5. What is the study period of this market?
Ans: The India Electric Vehicle Motor Market is studied from 2021 to 2029.