India electric commercial vehicle market Size,Share, Growth 2017 2024 - Techsci Research

1. Published: November 2019 Market Intelligence . Consulting 2017 - 2024 INDIA ELECTRIC COMMERCIAL VEHICLE MARKET Forecast & Opportunities

2. Table of Contents © TechSci Research

3. Table of Contents © TechSci Research

4. Table of Contents © TechSci Research

5. Product Overview Electric Commercial Vehicle: An electric commercial vehicle, also referred as an electric vehicle (EV) is an electrical vehicle that is registered and used for commercial purposes. This report covers three types of electric commercial vehicles, which are electric trucks, electric buses and electric pickup trucks. This report further segments the market based on the electric propulsion type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plugin Hybrid Electric Vehicle (PHEV) and Fuel Cell Electric Vehicle (FCEV)). BEV: In this type of propulsion, the electric commercial vehicle uses battery as the only source of propulsion for driving the vehicle, where the battery of the vehicle can be charged through electric charger provided by the automaker. HEV: In this type of propulsion, the electric commercial vehicle uses battery and internal combustion engine as a source of energy to drive the vehicle, in which battery gets recharged automatically through generative breaking technology. PHEV: In this type of propulsion, the electric commercial vehicle uses battery and internal combustion engine as a source of energy to drive the vehicle, in which battery can be recharged through electric vehicle charger provided by the automaker. • FCEV: In this type of propulsion, the electric commercial vehicle uses fuel cell as the only source of propulsion for driving the vehicle, in which the fuel cell can be refilled with compressed hydrogen gas. Where fuel cell of the electric commercial vehicle will act as a battery for propelling the vehicle. © TechSci Research

6. Product Overview Electric Truck: Electric truck is a type of truck which uses battery as main or one of the source of propulsion system and is used for various commercial purposes like logistics, construction, mining, etc., In this segment, this report covers the electric trucks with load carrying capacity more than 2.5 tonnage (medium and heavy commercial electric trucks). • Electric Pickup Truck: Electric pickup truck is a type of truck which uses battery as main or one of the source of propulsion system and is used for various commercial purposes like logistics, construction, etc., In this segment, this report covers the electric trucks with load carrying capacity less than 2.5 tonnage (light commercial electric trucks). For example: CROYANCE Automotive Electro 1.T and the upcoming Tata Ace Electric. Electric Bus: Electric bus is a type of electric commercial vehicle which incorporates electric battery as main or one of the source of propulsion and is mainly used for public transport purpose. In this segment, the report covers small, medium and heavy electric buses. © TechSci Research

7. Research Methodology Market Profiling Data Analysis Data Collection Data Validation Developing List of Respondents Formulating Questionnaire TechSci Research conducted interviews with industry experts and industry players for data collection and verification. The data was scrutinized using MS-Excel and statistical tools such as time series analysis etc. to obtain qualitative and quantitative insights about India electric commercial vehicle market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. In-depth secondary research was conducted to determine top players in India electric commercial vehicle market, overall market size and segmental market size. In In order to conduct industry experts’ interviews, TechSci formulated a detailed questionnaire. List of industry players, distributors, and industry specialists was developed. Primary Research Desk Research Company Analysis Data Filter & Analysis Business Solution Actionable Insights Research & Intelligence Data Collection • Recent Developments • Market Changing Aspects/Dynamics • Government Policies • Final Conclusion • Market Participants • Key Strengths • Electric Bus Portfolio • Identifying Key Opinion Leaders • Questionnaire Design • In-depth Interviews Primary Research Secondary Research Paid Sources • TechSci Internal Database • LinkedIn • Company Website • Company Annual Reports • White Paper Study • Financial Reports • Investor Presentations • Regulatory Body • Associations, etc. • Factiva • Hoovers © TechSci Research

8. Research Methodology Baseline Methodology: • For the study, TechSci Research has gathered information through primary research surveys with multiple respondents including electric commercial vehicle manufacturers and industry experts in India, followed by external validation of the information collected by interviewing electric commercial vehicle dealers/distributors. We also gathered insights through exhaustive search of credible paid databases and our internal database. Our team of analysts has then prudently evaluated all the collected information and presented the same in chronological order to depict a meaningful and clear picture of India electric commercial vehicle market in India. While compiling the data, we have also cross-checked all the collected information from multiple sources and data warehouses to present the most accurate and precise information of the concerned industry. The India electric commercial vehicle market size has been calculated based on consumption in different electric commercial vehicle (Trucks, Buses and Pickup Trucks) in India as well as various other factors. The same information has then been verified through primary research surveys with suppliers to arrive at logical figures. Market Size Calculation Technique: Primary Research For the preparation of India electric commercial vehiclemarket report, bottom up model has been used, which has been later cross validated by using top down approach. TechSci interviewed senior managers and regional managers of the prominent electric bus, electric trucks, electric pickup truck manufacturing companies using Delphi technique for calculating the size of India electric commercial vehiclemarket. Respondents were also asked about the current and future growth rates, market share by electric propulsion type, by vehicle range, etc. All the information gathered was carefully analyzed. Data points which exhibited high deviations from the majority estimates were eliminated as outliers and the remaining refined data points were put together to arrive at the volume data. Secondary Research: We have also put through an exhaustive search of credible paid databases, such as Factiva, Hoovers, etc., in addition to our internal database. Further analysis of credible publications, white papers, companies’ annual reports, investor presentations, news articles, etc., was done to cross validate the end findings derived from primary research. © TechSci Research

9. Research Methodology Forecasting Technique: The team has done forecasting based on econometric and judgemental analysis in addition to statistical techniques, such as averaging, and geometric mean. During primary interviews, questions regarding historical trends of India electric commercial vehicle market during the last two years were put forward. Respondents were asked about the current and future growth rates, market share by vehicle type. In order to forecast India electric commercial vehicle market, following forecast techniques have been used: • Time Series Analysis • Econometric and Judgmental Analysis • Moving Average Note: The report years are based on calendar year. For example: 2018 means January 1, 2018 to 31 December 2018 © TechSci Research

10. INDUSTRY BRIEF According to TechSci Research report, “India Electric Commercial Vehicle Market By Propulsion Type, By Vehicle Type, By Range, By Component, By Geography, Competition, Forecast & Opportunities, 2024”, the country’s electric commercial vehicle market is expected to register a CAGR of over 70% during 2019-2024, owing to increasing government initiatives for promotion of electric and hybrid vehicles. Moreover, latest government schemes such as FAME-II have been adopted by the government, where funds of around USD1.35 billion have been allocated for demand incentives, establishment of network of electric vehicle charging stations and administration of scheme including publicity, IEC (Information, Education & Communication) activities, etc. India electric commercial vehicle market can be segmented based on vehicle type, propulsion type, range, component and region. Battery Electric Vehicle (BEV) segment is the dominant segment in India electric commercial vehicle market, owing to the government subsidies for manufacturers of BEVs. In terms of vehicle type, the market can be segmented into electric bus, electric pickup truck and electric truck. The electric bus segment is anticipated to account for the largest volume share in 2019 as these are being adopted by various state transport bodies in India. Another reason for dominance of electric bus segment is the lack of automotive players in the electric truck and electric pickup segments. Tata Motors, Olectra Greentech, Mahindra Electric, Volvo Eicher Commercial Vehicles and JBM Auto are the leading players operating in India electric commercial vehicle market. Increasing demand for better range is pushing the automotive vehicle manufacturers to focus on R&D to improve the range of their vehicle per charge and expand EV infrastructure. “The growth of electric commercial vehicle market in India is backed by government’s initiative to promote and boost the electric mobility segment, rising concerns over environmental pollution and operating cost benefit associated with the electric commercial vehicles.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

11. SAMPLE DATA - SNAPSHOT India Electric Commercial Vehicle Market Size, By Volume, 2019E & 2024F (Units) • India Electric Commercial Vehicle Market Share, By Propulsion Type, By Volume, 2018 xx Units 2024F xx% CAGR xx Units 2019E • India Electric Truck Market Share, By Range, By Volume, 2020F-2024F • India Electric Commercial Vehicle Market Attractiveness Index, By Vehicle Type, By Volume, 2020F-2024F

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