India Electric Passenger Car Market to grow with a CAGR of 43% through FY 2023

Increasing demand for electric passenger car coupled with Government initiatives such as All Electric Vehicle by 2030 and Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) is fuelling the demand for electric passenger car market

According to TechSci Research report, “India Electric Passenger Car Market, By Vehicle Type, By Drivetrain Technology, By Battery Capacity, Competition Forecast & Opportunities, FY2103 - FY2023”, the market for electric passenger car in India is projected to grow at a CAGR of 43% through FY2 023.  Anticipated growth in India electric passenger car market can be attributed to growing inclination of consumers towards electric passenger cars, rising air pollution levels due to GHG emissions coupled with increasing focus of leading automobile OEMs to foray into the electric passenger car segment. Additionally, rising disposable income, rapid urbanization and favorable government initiatives aimed at encouraging production as well as adoption of electric passenger cars in the country is expected to positively influence the market over the next five years.

Mahindra & Mahindra (M&M) is the most recognised Electric passenger car manufacturer in India as more than 90% of the respondents expressed knowledge of brand. M&M grabbed highest satisfaction level among customers in performance, features offered, battery life and pricing of electric passenger car market in India. M&M dominate the India’s electric passenger car market with a 97.86% in FY2017.

Browse 48 market data Figures and Tables spread through 97 Pages and an in-depth TOC on "India Electric Passenger Car Market"

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With a volume share of over 80% in FY2017, hatchback electric passenger cars dominate India electric passenger car market, followed by the sedan electric passenger car segment. The Electric Passenger Car market in India is still at a nascent stage and therefore focussed only in Tier 1 cities like Delhi NCR, Mumbai, Bangalore etc., as the market in these areas is ready for the shift from internal combustion cars to Electrics cars, but these are some of the most populated cities in the world. This explains the dominance of hatchbacks in Electric passenger car market as they can fit into tight spaces and can also be used to manoeuvre the city. Battery capacity of more than 201 Ah is the most preferred battery type for electric vehicles in India. On the basis of drivetrain technology, Battery Electric Vehicle (BEV) dominated the country’s electric passenger car market, on account of less pollution caused by them as compared to plug-in electric vehicles. A large demand for electric passenger cars emanates from the west region, on the back of huge middle and upper-middle class population base in the region.

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Mahindra & Mahindra, Tata Motors, and Toyota Kirloskar Motor Pvt Ltd., are few of the market leaders in India electric passenger car market. Their continued operations in the India electric passenger cars market is anticipated to intensify the market competition in India in the coming years. “Increasing focus of the government towards boosting the use of cleaner vehicles, keeping in view the rising pollution levels, is expected to have a huge positive impact on India electric vehicles market in the coming years. Moreover, rising awareness among people regarding deteriorating quality of air owing to surging GHG emissions, coupled with various major OEMs focussing on getting the best products in the market at lowest possible price points would significantly boost adoption of electric passenger cars during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Passenger Car Market, By Vehicle Type, By Drivetrain Technology, By Battery Capacity, Competition Forecast & Opportunities, FY2103 - FY2023” has analyzed the potential of electric passenger car market across India, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India electric passenger car market. 

 

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