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The India electric vehicle financing market size is assessed to grow at a CAGR of 15.4% between 2024 and 2032. The major drivers of the market include increasing environmental concerns, the rising focus on reducing carbon emissions, and growing government support to the electric vehicle manufacturers and consumers.
An electric vehicle is a vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source. They are revolutionising the automotive industry since people are switching to battery-based driving vehicles for their low cost and zero-carbon functionality. This is boosting the growth of its financing market also, with RBI having made it a priority sector for lending.
Based on vehicle type, the market is classified into passenger cars, commercial vehicles, two-wheelers, and three-wheelers. On the basis of type, the market can be divided into new vehicles and used vehicles.
The India electric vehicle financing market segmentation, based on source type, includes OEMs, banks, credit unions, and financial institutions. The major regional markets for electric vehicle financing include North Region, East and Central Region, West Region, and South Region.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the India electric vehicle financing market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
As per the India electric vehicle financing market analysis, due to lower income levels, most Indian families use two and three wheelers for personal mobility. Electric vehicles are cheaper than petrol and diesel vehicles and are a smart alternative to crowded public transportation systems. With the adoption of sustainable designs in the automotive industry, two and three-wheeler electric vehicles are becoming very popular in India. They help save fuel costs for auto rickshaw drivers, which increases their daily income and also helps curb pollution by utilising eco-friendly battery systems. They also suit the road infrastructure of the country, thereby providing a convenient and affordable means of transportation for Indians. Over the forecasted period, their demand is expected to remain robust and favour the growth of the electric vehicle financing sector in India.
The central region accounts for a significant India electric vehicle financing market share because of the increasing emphasis on embracing electric mobility to ensure clean transportation by the regional governments. Governments in Uttar Pradesh, Uttarakhand, Chhattisgarh, and Madhya Pradesh have been big beneficiaries of Fast Adoption and Manufacturing of Hybrid and Electric Vehicle scheme (FAME) and aim at supporting the EV industry via tax deductions and subsidies, so that better employment opportunities can be created, pollution can be tackled, and energy can be conserved. This will lead to enhanced environmental surroundings and cost savings which will help them in ensuring a livelihood for all in the region.
ICICI Bank Ltd. was founded in 1994 and is headquartered in Mumbai, India. It provides a huge range of banking services to corporate and retail customers through a variety of delivery channels and through its group companies. Its board members include eminent individuals with a wealth of experience in international business, management consulting, and banking and financial services. It was given the title of India Domestic Trade Finance Bank of the Year by Asia Banking and Finance, a Singapore based finance magazine.
Shriram Group (Shriram Transport Finance Company Limited) was founded in 1979 and is headquartered in Chennai, India. It is a part of the SHRIRAM conglomerate, which operates in the financial services industry and has a niche presence in financing pre-owned trucks and small truck owners. It also operates in non-finance segments like property development, engineering projects, and information technology. It is India’s largest player in commercial vehicle finance and has a network of 488 branches and service centres.
Karur Vysya Bank Ltd, was founded in 1916 in Tamil Nadu, India, to provide financial support to the agriculturists and traders in Karur which is a small textile town in Tamil Nadu. It aims to provide the entire gamut of financial services under one roof to people by using technology. It provides internet banking facility, forex travel cards, debit and credit cards, and fastags, among other products and services. It won the title of Best Technology Bank of the Year from IBA Awards in FY 2022-23.
Other key players in the India electric vehicle financing market include Tata Motors Ltd., Axis Bank Limited, Union Bank of India, Poonawalla Fincorp Limited, IDFC FIRST Bank Ltd., Hero Electric Vehicles Pvt. Ltd., and Revfin Services Private Limited, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Vehicle Type |
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Breakup by Type |
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Breakup by Source Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Electric Vehicle Financing Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Electric Vehicle Financing Historical Market (2018-2023)
8.3 Asia Pacific Electric Vehicle Financing Market Forecast (2024-2032)
8.4 Asia Pacific Electric Vehicle Financing Market Share by Region
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 Others
9 India Electric Vehicle Financing Market Overview
9.1 Key Industry Highlights
9.2 India Electric Vehicle Financing Historical Market (2018-2023)
9.3 India Electric Vehicle Financing Market Forecast (2024-2032)
10 India Electric Vehicle Financing Market by Vehicle Type
10.1 Passenger Cars
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Commercial Vehicles
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Two-Wheelers
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Three-Wheelers
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
11 India Electric Vehicle Financing Market by Type
11.1 New Vehicles
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Used Vehicles
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 India Electric Vehicle Financing Market by Source Type
12.1 OEMs
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Banks
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Credit Unions
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Financial Institutions
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
13 India Electric Vehicle Financing Market by Region
13.1 North Region
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 East and Central Region
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 West Region
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Region
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ICICI Bank Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Shriram Group (Shriram Transport Finance Company Limited)
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Karur Vysya Bank Ltd,
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Tata Motors Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Axis Bank Limited
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Union Bank of India
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Poonawalla Fincorp Limited
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 IDFC FIRST Bank Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Hero Electric Vehicles Pvt. Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Revfin Services Private Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Electric Vehicle Financing Market: Key Industry Highlights, 2018 and 2032
2. India Electric Vehicle Financing Market: Key Industry Highlights, 2018 and 2032
3. India Electric Vehicle Financing Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
4. India Electric Vehicle Financing Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
5. India Electric Vehicle Financing Historical Market: Breakup by Type (USD Million), 2018-2023
6. India Electric Vehicle Financing Market Forecast: Breakup by Type (USD Million), 2024-2032
7. India Electric Vehicle Financing Historical Market: Breakup by Source Type (USD Million), 2018-2023
8. India Electric Vehicle Financing Market Forecast: Breakup by Source Type (USD Million), 2024-2032
9. India Electric Vehicle Financing Historical Market: Breakup by Region (USD Million), 2018-2023
10. India Electric Vehicle Financing Market Forecast: Breakup by Region (USD Million), 2024-2032
11. India Electric Vehicle Financing Market Structure
The market is estimated to grow at a CAGR of 15.4% between 2024 and 2032.
The market is being driven by the increasing environmental concerns, the rising requirement to cut vehicle emissions, and growing government support to the electric vehicle manufacturers and consumers.
The key trends aiding the market expansion include increasing FDI inflows from private players and a desire for more commercial gains by using renewable sources.
The major sources include OEMs, banks, credit unions, and financial institutions.
The different vehicle types include passenger cars, commercial vehicles, two-wheelers, and three-wheelers.
The major regions in the market are North region, Central and East Region, West Region, and South Region.
Both new and old/used vehicles can benefit from these financing options.
The major players in the market are ICICI Bank Ltd., Shriram Group (Shriram Transport Finance Company Limited), Karur Vysya Bank Ltd, Tata Motors Ltd., Axis Bank Limited, Union Bank of India, Poonawalla Fincorp Limited, IDFC FIRST Bank Ltd., Hero Electric Vehicles Pvt. Ltd., and Revfin Services Private Limited, among others.
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