In a world committed to reducing carbon emissions and embracing environmental sustainability, the shift towards sustainable transportation is reshaping the future of the automotive industry. Robas Research, at the forefront of electric vehicle (EV) market research, unties the complexities of this evolving market, exploring consumer preferences, technological advancements, market trends, and regulatory landscapes. Let’s dig into the remarkable journey of the EV industry, focusing on the global scenario and honing in on the vibrant landscape of electric vehicles in India.

Understanding Electric Vehicles

Electric vehicles (EVs) are self-powered alternatives to traditional gasoline-fueled vehicles. They operate on energy stored in rechargeable batteries, utilizing electric motors for propulsion. This revolutionary shift in transportation aligns with global efforts to reduce carbon emissions and embrace eco-friendly mobility solutions.

Current Global and Indian EV Market Trends

Robas Research leverages insightful data to navigate the global and Indian EV landscape, providing a snapshot of the current trends and projections.

Global EV Market

According to Statista, the global EV market is poised to reach a staggering US$561.3 billion by 2023, with a steady annual growth rate of 10.07%. The projected market volume is estimated to reach US$906.7 billion by 2028, accompanied by an anticipated 17.07 million unit sales of electric vehicles. China leads the market, generating an estimated US$292.1 billion in revenue in 2023.

Indian EV Scenario (FY2023)

Drawing insights from JMK Research, India witnessed a surge in cumulative EV sales, reaching 23,37,761 units by the end of FY2023. Electric two-wheelers dominated the market, contributing to over 60% of total EV sales, followed by passenger electric three-wheelers with a ~29% market share. State-wise, Uttar Pradesh, Maharashtra, Karnataka, Rajasthan, and Gujarat emerged as top EV-selling states in FY2023.

Electric Vehicle Market Research

Robas Research defines electric vehicle market research as a comprehensive analysis encompassing consumer behaviors, technological advancements, regulatory policies, and broader implications on the automotive industry and the environment. This research focuses on understanding consumer preferences, expectations, and concerns, analyzing technological developments, and evaluating the regulatory framework governing the EV industry.

Also, check out the recent market research case study of 2-wheeler (delivering foods and others) Electric Vehicle in India here.

Why is Electric Vehicle Market Research An Absolute Necessity Today?

Addressing climate change urgency, reducing global carbon emissions, and understanding evolving consumer attitudes towards EVs are key drivers for conducting electric vehicle market research. Governments worldwide incentivize EV adoption, making research vital for assessing policy impacts, navigating regulatory challenges, and gaining critical insights into market trends and competitor strategies.

Figure: Annual carbon dioxide (CO₂) emissions worldwide from 1940 to 2023(in billion metric tons)

Benefits of Electric Vehicle Market Research

Robas Research outlines the extensive benefits of conducting electric vehicle market research, emphasizing

• its impact on product development, market positioning, policy guidance, investment planning, consumer awareness, and supply chain optimization.

Also, the research acts as a strategic tool, offering insights into a rapidly transforming industry.

Driving Factors of the Electric Vehicle Market Research

Multiple factors drive the demand for EVs globally, including governmental investments, strict emissions regulations, increased availability of EV models, successful EV public outreach, and growing investments by companies entering the EV market. This comprehensive research is essential for companies competing in the evolving EV market.

When to Conduct Electric Vehicle Market Research

Robas Research identifies key scenarios when conducting electric vehicle market research is particularly beneficial, including before launching new EV models, during strategic business planning, when exploring market expansion, in response to technological advancements, during competitive movements, and when seeking investments.

How to Conduct Electric Vehicle Market Research

The systematic approach to conducting electric vehicle market research involves defining research objectives, designing the research methodology, analyzing market trends and consumer behavior, studying technological developments, evaluating the competitive landscape, assessing the regulatory environment, synthesizing findings, and regularly updating research to keep pace with the dynamic market.

Major Players in the Electric Vehicle Market

Robas Research highlights major players shaping the electric vehicle market, including Tesla, Nissan, BYD, Volkswagen, BMW, General Motors (GM), and Ford Motor Company. Each contributes uniquely to the market’s growth, with Tesla leading as a pioneer and innovator.

Current Trends in Electric Vehicle Market Research

The electric vehicle market is evolving rapidly, and Robas Research identifies current trends shaping research, such as

• increased focus on battery technology
• growth in charging infrastructure,
• integration of autonomous and connected features
• analysis of consumer adoption patterns, environmental impact assessments, market diversification, and technological integration with renewable energy sources

Opportunities in Electric Vehicle Market Research

Robas Research uncovers opportunities for businesses in product innovation, expansion into new markets, charging infrastructure development, battery technology and energy storage, partnerships and collaborations, data-driven services, and customer engagement and education. Have projects to discuss? We’re here to help you.

Challenges of the Electric Vehicle Market

Despite opportunities, challenges exist, including the lack of charging infrastructure, high manufacturing costs, environmental concerns, slow charging processes, limited range, rapidly evolving technology, consumer perceptions, regulatory fluctuations, global market variations, competition, supply chain complexities, and data privacy and security concerns.

Regional Competitiveness Analysis

Asia-Pacific leads in EV market growth, especially in China, which dominates the global market. North America shows significant growth, driven by government initiatives and the rapid increase in EVs, particularly in the United States. Europe is projected to become a leading market for EVs, with Germany and France playing key roles. However, the rest of the world lags in EV adoption.

Future Outlook of Electric Vehicle Market Research

The future outlook anticipates advancements in battery technology, expanded charging infrastructure, integration of autonomous and connected features, a shift to sustainable and circular economy models, increased government policies and incentives, growing consumer acceptance and demand, market diversification, innovations in business models, and ongoing research to stay abreast of evolving trends.

About Robas Research

Robas Research, a leader in Quantitative, Qualitative, and Strategy Research, offers data, tools, strategies, reports, and insights for decision-making. Specializing in interviews, surveys, focus groups, and various market research methods, Robas Research is your go-to partner for the next market research project.

Contact Robas Research for Your Immediate Market Research Projects.

Robas Research’s comprehensive analysis illuminates the electric vehicle industry’s intricate landscape, offering valuable insights into global and Indian market trends, the critical role of market research, benefits, driving factors, methodologies, major players, current trends, opportunities, challenges, regional competitiveness, and the future outlook. This research positions businesses to navigate the dynamic EV market, fostering innovation, strategic decision-making, and sustainable growth.

Frequently Asked Questions (FAQs) on Electric Vehicle Industry in India:

What is the current state of the Electric Vehicle (EV) market in India?

As of FY2023, India has witnessed a remarkable surge in the cumulative sales of electric vehicles, reaching 23,37,761 units. Electric two-wheelers dominate the market, contributing to over 60% of total EV sales, followed by passenger electric three-wheelers with a ~29% market share.

How are different states contributing to the growth of the EV market in India?

Uttar Pradesh, Maharashtra, Karnataka, Rajasthan, and Gujarat emerged as the top EV-selling states in FY2023. These states collectively account for a significant portion of the market share, showcasing the widespread adoption of electric vehicles across diverse regions.

Why is Electric Vehicle Market Research considered crucial in today’s automotive landscape?

Electric Vehicle Market Research is critical due to the urgency of addressing climate change, the need to reduce carbon emissions in transportation, understanding changing consumer attitudes, and navigating the complex regulatory landscape. It provides valuable insights for manufacturers, policymakers, and businesses to align their strategies with market dynamics.

What are the driving factors behind the global surge in Electric Vehicle adoption?

Key factors driving the global adoption of electric vehicles include governmental investments, stringent emissions regulations, a diverse range of available EV models, successful public outreach programs, and increased investments by businesses entering the EV market. These factors collectively contribute to the growth and acceptance of electric mobility worldwide.

How does Electric Vehicle Market Research help businesses in the industry?

Electric Vehicle Market Research offers extensive benefits, guiding businesses in product development, market positioning, policy formulation, investment planning, consumer awareness initiatives, and supply chain optimization. It serves as a strategic tool for businesses to navigate the rapidly evolving EV market and stay ahead of industry trends.