India Electric Vehicle Powertrain Market has valued US$ XX Bn and expected to reach US$ XX Bn in 2026, at CAGR of 26% during forecast period.
Strict regulations on emission and fuel efficiency, government schemes towards implementation of electric vehicles coupled with the need for pollution free environment are few of the factors contributing to the growth of electric vehicle powertrain systems market in India. The growth of the electric vehicle market is also critical for energy transition in the country, reducing the belief on oil imports and rising demand for renewable power. Additionally, technology improvement, cost reduction and local manufacturing of lithium-ion batteries are expected to catalyse the growth of the Electric Vehicle market in India.
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Battery EV powertrain systems captured a majority of the market share in terms of revenues, owing to the subsidies and tax reductions offered by the government to EV users and manufacturers. Although, charging infrastructure challenges are still present, however, the government’s target of 6 million EVs on roads backed by its firm actions is likely to overcome these challenges during the forecast period.
High cost and lack of charging infrastructure are posing challenges towards the expansion of the market in the country. Mostly, the lithium-ion batteries make EVs highly expensive; however, with local manufacturing of batteries, a significant decline in prices are expected over the coming years.
Among several EV powertrain components, lithium-ion battery segment captured majority of the market share. Additionally, passenger car powertrain segment bagged the highest share among different vehicle types including commercial vehicles as well as two and three wheelers.
Suzuki Motor Corp., the parent of India’s largest carmaker, aims to produce as many as 35,000 electric cars annually in India starting 2020-21 when it rolls out the first of these cars in the country.
Suzuki will venture into the electric vehicle market quite late compared to some of its competitors. So that company wanted to make sure the mission into electric should be supportable and gradually gain volume. Battery plant was critical and now the management has internally decided on 30,000-35,000 units per annum from FY21.
While challenges such as Mahindra and Mahindra Ltd and Tata Motors Ltd are already manufacturing electric vehicles by sourcing half of the components from overseas vendors, Suzuki plans to set up the full ecosystem, starting with a lithium-ion battery plant, before unit Maruti begins selling the vehicles in India.
Suzuki will source technology from Toyota Motor Corp. and Denso Corp. for the development of a compact and ultra-high-efficiency powertrain for India and other global markets. Suzuki also has a tripartite joint venture with Denso and Toshiba to set up a lithium-ion battery factory in Gujarat.
India’s growing green initiative is likely to pose a great opportunity for both BEVs and Hybrid Electric Vehicles (HEVs) over the coming years. Further, Government’s aim of 100% electrification by 2030 would provide immense growth to BEVs.
Key players operated in the market includes AVTEC Ltd., Hyundai Motor India Limited, Mahindra Reva Electric Vehicles Ltd., Maruti Suzuki India Limited, Tata Motors Limited
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Scope of India electric vehicle powertrain market:
India electric vehicle powertrain market by Technology:
• Battery Electric Vehicle Powertrain
• Hybrid Electric Vehicle Powertrain
India electric vehicle powertrain market by Component:
• Transmission
• Battery
• Motor/Generator
• Engine
• Controller
India electric vehicle powertrain market by Vehicle Type:
• Passenger Cars
• Two-Wheelers
• Commercial Vehicles
• Three-Wheelers
Key players operated in India Electric Vehicle Powertrain Market:
• AVTEC Ltd.
• Hyundai Motor India Limited
• Mahindra Reva Electric Vehicles Ltd.
• Maruti Suzuki India Limited
• TATA Motors Limited
MAJOR TOC OF THE REPORT
1. Preface
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: India Electric Vehicle Powertrain Market
4. Market Overview
4.1. Introduction
4.2. Key Market Indicators/definitions
4.3. Current Market & Future Potential/Emerging Propulsions
4.4. Market Dynamics
4.4.1. Drivers
4.4.2. Restraints
4.4.3. Opportunities
4.5. India Electric Vehicle Powertrain Market Analysis and Forecasts, 2017-2026
4.5.1. India Electric Vehicle Powertrain Market Size (Volume)
4.5.2. India Electric Vehicle Powertrain Market Revenue ($US Bn)
4.6. Porters Five Forces Analysis
4.7. Market Outlook
4.7.1. Key Insights 1
4.7.2. Key Insights 2
4.8. Regulatory Landscape
4.9. Value Chain Analysis
4.10. Ecosystem Mapping For India Electric Vehicle Powertrain Market
4.11. Technological road Map
4.12. List of Key Manufacturers
5. Import/Export Trade Analysis*
*Either at specific product level or nearest HS code specific
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