Billion Dollar National EV Market: Manufacturers Gearing Up to Dominate It

The market of electric vehicles is at its peak after the government’s initiative to adopt the green policy. By the end of 2030, EV vehicles will be used for public transportation. The Indian EV market has already touched the billion-dollar mark and is expected to register a compound annual growth rate (CAGR) of 24% in the next few years. The biggest car manufacturing companies already speed up the production of electric vehicles. There is no doubt that there are immense opportunities in this billion-dollar industry for manufacturers. This blog will discuss how manufacturers prepared themselves for the national EV market.

Electric Vehicle Market In India

The EV market in India is divided into three segments based on the rising demands. Since most of the population plans to adopt the total EV culture in India, there is no dip in demand for the electric vehicle. Basically, the electric vehicle market is mainly divided into the following segments:

Battery Electric Vehicle(BEV)

There is a rising demand for the BEV vehicle in the Indian market. It covers almost all vehicles, including autos, cars, rikshaw, scooters, etc. The reason behind the surge in their demand is the initiative run by the government subsidiaries to adopt BEV for public and personal transportation.

Hybrid Electric Vehicle(HEV)

These are the electric vehicles that use the energy stored in a battery. The demand for this segment of EV vehicles is also on the surge in the Indian market. Various manufacturers provide HEV at an affordable price. The government also provides incentives, rebates, and financial aid to the buyers, which is the major cause of its popularity. Its demand has risen from 8% to 12% in the last three years.

Plug-in Hybrid Electric Vehicle(PHEV)

These EV vehicles are based on the concept of the standard hybrid principle. It allows the battery to store enough power later to feed the motor engine. This EV segment’s sales continue to rise because it ultimately decreases gas consumption by 60 per cent. With the rising demand for PHEV vehicles, new manufacturers keep rolling out new models from time to time.

How Manufacturers Prepare Themselves for the EV Market?

Since the EV market continues to grow in India, various big manufacturers have analysed it and started preparing to dominate. Automobile companies like Tata Technologies subsidiary of Tata Motors, Mahindra, and Audi already optimise the new models of EV vehicles as per the latest technologies. If we see the top players who would likely dominate India’s billion-dollar EV market, there are various brands like Audi AG, MG Hector, and Hyundai. There are margin and profit opportunities as manufacturers receive constant support from the government.

According to the Motor Intelligence Report, The Indian EV market is expected to reach $47 Billion by 2026. It also states that the EV industry is expected to get a sizable investment in the coming years. That means there are enormous opportunities for investors to earn money by buying unlisted shares.

Pre-Planned For EV Revolution

Various EV manufacturers realise the potential and plan to prepare for the upcoming EV revolution since the government runs various schemes to spread awareness and ask large populations to adopt electric vehicles. According to Reuters’ data, Tata Motors is planning to invest around $2 Billion in their upcoming EV projects and is also in talks with other private firms to raise the funding. Besides this, global car manufacturers like Toyota and Volkswagen also spend billions of dollars on becoming ace manufacturers in the EV industry.

Boost For Different Segments

The EV sales are expected to grow by 30% by the end of 2028, giving various manufacturers hope. Various manufacturers work on bringing EV vehicles to different segments to attain a stable position. The 2W and 3W segments are the two hottest segments on which every manufacturer will focus primarily. As a result, there will be more investment opportunities and various automobiles planning to bring new EV shares.

Finding OEM Investment

There is no doubt that the National EV market continues to grow and brings new opportunities for EV and original equipment manufacturers (EV). Since big companies focus on hiring OEMs (Original Equipment Manufacturers) to bring sustainability and reduce costs, they focus on reducing China’s dependency on making EV batteries and other parts. To fulfil this demand, these manufacturers need a big investment. There will be various options for small investors to buy unlisted shares. It also includes expanding the dealership network and coordinating with local government bodies to increase the charging points in various regions.

The rapidly increasing Indian EV market has enormous investment opportunities. Various companies have already listed IPO, and some national electric vehicle manufacturers plan to make their unlisted shares available to the public. If you are seeking the right place to buy unlisted shares of EV companies, Stockify is what you need right now. We provide our investors with access to the unlisted shares of various companies. Our expert team analyses the market risk and maximises the investors’ return. To kickstart your investing journey, connect with us now!




Shankar is a tech blogger who occasionally enjoys penning historical fiction. With over a thousand articles written on tech, business, finance, marketing, mobile, social media, cloud storage, software, and general topics, he has been creating material for the past eight years.