Electric Passenger Car Market to Grow with a CAGR of 8.09% in India through to 2029
The major drivers for the India Electric
Passenger Car Market are growing environmental consciousness and government
incentives promoting electric vehicles, including subsidies and tax benefits,
which make electric cars more appealing and affordable for consumers.
According to TechSci Research report, “India Electric
Passenger Car Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2029”, the India Electric Passenger Car Market stood
at USD 9.6 Billion in 2023 and is anticipated to grow with a CAGR of 8.09% in
the forecast period, 2024-2029. The India Electric Passenger Car Market is
experiencing significant growth driven by several key factors. Firstly, the
escalating environmental concerns and the need for sustainable transportation
have led to a heightened awareness about the numerous benefits of electric
vehicles, resulting in an increased demand for them. Additionally, the
government's proactive initiatives, such as attractive subsidies on electric
vehicles and the establishment of a robust charging infrastructure, have played
a significant role in promoting the widespread adoption of electric cars.
Furthermore, the market is fueled by the substantial
reduction in the total cost of ownership associated with electric cars.
Compared to traditional fuel-driven cars, electric vehicles have considerably
lower maintenance and operating costs, making them not only environmentally
friendly but also more economically viable in the long run. This cost advantage
is attracting a growing number of consumers towards electric passenger cars, as
they realize the financial benefits and sustainability aspects associated with
them.
Moreover, the continuous improvement in battery
technologies and their increasing affordability are making electric cars an
even more feasible option for consumers. With advancements in battery
technology, electric vehicles can now offer better range, performance, and
charging capabilities, which further boosts customer acceptance and confidence
in the electric car market.
Furthermore, the market is witnessing a surge in the
number of electric car models being launched by various manufacturers. This
wider range of options caters to different customer preferences, requirements,
and budgets, further driving the growth of the electric passenger car market in
India. Whether it is compact electric cars for urban commuting or larger
electric SUVs for family trips, consumers now have a plethora of choices to
suit their individual needs.
In conclusion, the India Electric Passenger Car Market
is experiencing robust growth due to various factors such as increasing
environmental concerns, favorable government initiatives, significant cost
advantages, continuous advancements in battery technology, and a wider range of
electric car models available in the market. As the awareness and acceptance of
electric vehicles continue to grow, the future of the electric passenger car
market in India looks promising and transformative.
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Electric Passenger Car Market”
The India Electric Passenger Car Market is undergoing
a significant transformation as it adapts to the rising demand for electric
mobility in the country. Several key aspects define this market, with economic
and environmental drivers playing a pivotal role. The increasing cost of fossil
fuels and growing concerns about environmental pollution and climate change
have pushed consumers to explore cleaner and more sustainable transportation
options. Electric passenger cars have emerged as a practical solution, offering
the advantage of reducing greenhouse gas emissions and lessening dependence on
traditional fossil fuels.
Government initiatives and incentives are fundamental
drivers of the market. The Indian government has been actively promoting
electric mobility to combat air pollution and carbon emissions. It has
introduced a range of incentives, including subsidies, tax benefits, and
research grants, aimed at encouraging both manufacturers and consumers to adopt
electric passenger cars. Additionally, the government is investing in charging
infrastructure expansion and research and development to support the growth of
the electric vehicle (EV) sector, making it more accessible to the masses.
Advancements in battery technology have marked a
transformative development in the electric passenger car market. Lithium-ion
batteries, with improvements in energy density and charging efficiency, have
significantly extended the driving range of electric cars and reduced charging
times. This technological evolution is making electric passenger cars
increasingly practical for everyday use, addressing one of the primary concerns
of consumers regarding electric vehicle adoption.
A comprehensive and accessible charging infrastructure
network is another critical aspect of the market. The expansion of charging
infrastructure is essential to alleviate "range anxiety" among
consumers and make electric cars more convenient and viable for daily use.
Governments and private entities are actively investing in the development of
charging stations, aiming to establish a network that covers urban and remote
areas, contributing to the market's growth and consumer confidence.
Furthermore, the India Electric Passenger Car Market
is characterized by a growing emphasis on sustainability. As environmental
consciousness rises, automakers are shifting towards using sustainable
materials in the manufacturing of electric passenger cars. This aligns with
global sustainability goals and reflects the commitment to reducing the
automotive industry's environmental impact. Sustainable design and production
practices are increasingly becoming a priority for both manufacturers and
consumers.
In conclusion, the India Electric Passenger Car Market
is undergoing a notable transition driven by economic and environmental
factors, government initiatives, advancements in battery technology, the
expansion of charging infrastructure, and a strong commitment to
sustainability. As the market continues to evolve, electric passenger cars are
becoming an increasingly attractive and practical choice for Indian consumers,
offering a cleaner and more sustainable mode of transportation.
Major companies operating in India Electric
Passenger Car Market are:
- Audi AG
- BMW India Pvt Ltd
- Hyundai Motor India
- Jaguar Land Rover Limited
- Mahindra & Mahindra Ltd
- Mercedes-Benz AG
- MG Motor India Pvt. Ltd.
- Olectra Greentech Limited
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“The major drivers for the India Electric Passenger
Car Market include the escalating environmental concerns, leading to an
increased awareness about electric vehicles and their benefits. Government
initiatives, such as subsidies on electric vehicles and establishment of
charging infrastructure, have also played a significant role. The reduction in
the total cost of ownership due to lower maintenance and operating costs of
electric cars in comparison to fuel-driven cars is another factor fuelling the
market. Moreover, with battery technologies improving and becoming more
affordable, and an increasing number of models being launched by manufacturers,
customer acceptance of electric passenger cars is growing.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Electric Passenger Car Market – India
Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029, Segmented By Vehicle Type (Hatchback,
Sedan, and SUV & MUV), By Drivetrain Technology (PHEV and BEV), By Battery
Capacity (<201 Ah and >201 Ah), By Country,
Competition”, has evaluated the future growth potential of India Electric Passenger
Car Market and provides statistics & information on market size, 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 India Electric Passenger
Car Market.
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