India Electric Car Market to Witness Steady Growth, Valued at USD 78,190.10 Million by 2026
According to the TechSci Research 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,” the India electric car market generated a revenue of USD 10,107.18 million in FY2021 and is projected to reach USD 78,190.10 million by 2027, growing at an impressive CAGR of 41.02% during the forecast period. The market is expected to witness steady growth for the next five years, driven by favorable government policies and financial aids, along with the introduction of new electric car models by vehicle manufacturers to expand their product portfolios.
Government Initiatives and BS VI Norms Drive Market Growth
Favorable government policies and financial aids, including subsidies, income tax rebates, and non-financial benefits, are the major drivers for the growth of the electric car market in India. The government’s “Make in India” initiative aimed at boosting the production of electric cars and charging infrastructure is creating new opportunities for market growth. Furthermore, the implementation of BS VI norms by leading authorities to reduce carbon emissions is fueling the demand for electric cars in India.
COVID-19 Impact and Recovery
The COVID-19 pandemic led to a nationwide lockdown and the temporary shutdown of manufacturing units, resulting in a shortage of skilled labor for electric car production. However, as the lockdown measures are lifted and normalcy is restored, the electric car market is expected to regain momentum. The lack of sufficient charging stations may pose a challenge to market growth during the forecast period. Nevertheless, the growth of domestic manufacturing, supported by the government, is expected to drive the electric car market in India. Domestic manufacturers are increasingly focusing on producing electric cars in response to customer demand for environmentally friendly and cost-effective vehicles.
Browse 24 Figures spread through 70 Pages and an in-depth TOC on “India Electric Car Market”.
Segmentation and Leading Players
The India electric car market is segmented based on vehicle type, drivetrain, battery capacity, regional distribution, and company. The market is further divided based on battery capacity into below 25 KWH, 25KWH-40KWH, and above 40KWH segments. The above 40KWH segment accounted for the major market share in FY2021, driven by higher government subsidies compared to its counterparts. The availability of different models, declining battery costs, and minimal upfront costs are important factors contributing to the growth of the electric car market in India.
Leading players in the India electric car market include Tata Motors Limited, MG Motors India, Hyundai Motor Company, Mahindra Electric Mobility Limited, Toyota Kirloskar Motor, Honda Cars India Limited, Renault India Private Limited, Tesla Inc., and others. These manufacturers are focusing on research and development to offer technologically advanced electric car models that meet evolving customer demands for better efficiency and durability.
According to Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm, “The electric car market is still at a nascent stage and holds tremendous untapped potential for growth. Supportive government policies allowing 100% foreign investments and financial aids are encouraging major companies to set up electric car production units. The expansion of charging infrastructure and domestic battery manufacturing are driving high market growth throughout the forecast period.”
In conclusion, the India electric car market is poised for significant growth, driven by government initiatives, technological advancements, and increasing consumer demand for environmentally friendly and cost-effective vehicles.
“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” has evaluated the future growth potential of India electric car market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India electric car market.
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