Introduction
The India electric car market has seen remarkable growth in recent years, and it is poised for further expansion. This report, titled “India Electric Car Market By Vehicle (SUV & MPV, Sedan, Hatchback), By Drivetrain (FWD, RWD, AWD), By Battery Capacity (Below 25 KWH, 25KWH-40KWH, Above 40KWH), By Company, By Region, Forecast & Opportunities, FY2027,” delves into the market dynamics, factors driving growth, challenges, and future projections.
Market Overview
According to the comprehensive analysis by TechSci Research, the India electric car market generated a revenue of USD 10,107.18 million in FY2021. It is anticipated to reach a valuation of USD 78,190.10 million by 2027, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 41.02% during the forecast period. This promising growth is attributed to several key factors.
Factors Driving Growth
- Government Initiatives and Policies
Favorable government policies and financial incentives, including subsidies, income tax rebates, and non-financial benefits, are pivotal drivers for the electric car market’s robust growth. The Indian government’s emphasis on sustainable and green transportation options has incentivized consumers to consider electric vehicles as a viable alternative.
- Vehicle Manufacturers’ Contribution
Leading vehicle manufacturing companies have introduced new electric car models to expand their product portfolios. This product diversification is significantly boosting the demand for electric cars, promising sustained market growth over the next five years.
- Make in India Initiative
The “Make in India” initiative, launched by the Indian government, is aimed at fostering domestic manufacturing of electric cars. This initiative is expected to bolster production and the charging infrastructure, creating new avenues for market growth.
- Environmentally-Friendly Initiatives
The implementation of Bharat Stage VI (BS VI) emission norms by regulatory authorities is aimed at reducing carbon emissions. This regulation is propelling the demand for electric cars, as they are eco-friendly alternatives to traditional internal combustion engine vehicles.
- Investments in Technological Advancements
Significant investments by electric automobile manufacturers to diversify their offerings and enhance existing electric car infrastructure are poised to be major growth drivers during the forecast period.
Browse 24 Figures spread through 70 Pages and an in-depth TOC on “India Electric Car Market”.
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Impact of COVID-19
The COVID-19 pandemic imposed nationwide lockdowns and disrupted manufacturing units. The shortage of skilled labor due to the migration of workers to their native homes was a significant challenge. However, as lockdowns are lifted and the situation normalizes, the electric car market is expected to regain momentum.
Challenges and Limitations
Despite the promising growth prospects, the electric car market in India faces some challenges. A significant hurdle is the lack of sufficient electric car charging infrastructure, which may hamper market growth during the forecast period.
Domestic Manufacturing
Domestic manufacturers are increasingly focusing on producing electric cars, aligning with the shift towards electric vehicles due to environmental concerns and cost-effectiveness. Government support and incentives play a pivotal role in promoting domestic manufacturing and positively impacting production and sales in the electric car market.
Market Segmentation
The India electric car market is segmented based on the following criteria:
- Vehicle Type: SUV & MPV, Sedan, Hatchback
- Drivetrain: FWD, RWD, AWD
- Battery Capacity: Below 25 KWH, 25KWH-40KWH, Above 40KWH
Notably, electric cars with a battery capacity above 40KWH accounted for the major market share in FY2021. This was mainly due to higher subsidies offered by the government compared to their counterparts, along with the availability of various models and declining battery costs, making electric cars in this segment highly attractive to consumers.
Leading Players
The key players in the India electric car market include:
- Tata Motors Limited
- MG Motors India
- Hyundai Motor Company
- Mahindra Electric Mobility Limited
- Toyota Kirloskar Motor (Toyota)
- Honda Cars India Limited (Honda Cars)
- Renault India Private Limited
- Tesla Inc.
These companies are actively engaged in research and development to offer technologically advanced electric car options, meeting the evolving demands of consumers.
Who Will Benefit from This Report?
This comprehensive report from TechSci Research is valuable for a wide range of stakeholders:
- Automobile Manufacturers: Insights into market trends, consumer preferences, and technological advancements will help manufacturers make informed decisions regarding their electric car offerings.
- Investors: This report provides valuable data for investors looking to enter the Indian electric car market. It offers insights into potential growth areas and the competitive landscape.
- Government and Policymakers: Understanding the market dynamics can assist government officials and policymakers in crafting effective regulations and incentives to promote the growth of the electric car market.
- Environmental Advocates: Those concerned about reducing carbon emissions and promoting eco-friendly transportation will find this report essential for tracking the progress of electric vehicles in India.
The India electric car market is poised for significant growth, driven by government support, environmental concerns, domestic manufacturing, and technological advancements. While challenges exist, the market’s potential for expansion remains substantial. This report provides essential insights into the market’s past, present, and future, facilitating informed decision-making for various stakeholders.
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