Market Share of India Electric Vehicle Financing Industry
The Indian electric vehicle financing market is moderately consolidated and is in the growth phase. Competition is expected to intensify over the coming years because of the lucrative opportunities available to various players in the market. The key vendors in the market are focusing on various growth strategies, such as expansion, portfolio upgradation, and mergers and acquisitions, to increase their market share and expand their regional base. For instance,
- In September 2022, Kinetic Green Energy and Power Solutions Limited announced that it had partnered with Tata Capital, the financial services arm of the Tata Group. Through this partnership, customers looking to buy Kinetic Green's electric two-wheelers will get access to digitally-enabled loans at Kinetic Green dealerships across India.
- In September 2022, Quiklyz, the vehicle leasing and subscription business of Mahindra & Mahindra Financial Services Ltd, announced its expansion into the electric mobility leasing space. The company will now offer customized leasing and subscription solutions for electric 3W and 4W to its customers.
- In November 2021, Union Bank of India slashed vehicle loan rates to 6.95% for electric four-wheelers and two-wheelers. The bank is also done away with processing fees for its 'Union Green Mile' loan. While there is no ceiling on four-wheeler loans, electric two-wheeler loans are capped at INR 10 lakh. The interest rates will start from 6.95% and will be linked to Cibil credit score.
India EV Finance Market Leaders
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ICICI Bank
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Shriram Transport Finance Company (STFC)
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State Bank of India
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Karur Vysya Bank
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Poonawalla Fincorp Limited
*Disclaimer: Major Players sorted in no particular order
