India Electric Car Market to Surpass USD78,190.10 million by FY2027
According to TechSci Research report, “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”, India
electric car market generated a revenue of USD10,107.18 million in FY2021 and
it is expected to be valued at USD78,190.10 million in 2027, growing at a CAGR
of 41.02% during the forecast period. India electric car market is expected to witness
steady growth for the next five years. Favorable government policies and
financial aids in terms of subsidies, income tax rebates and other
non-financial benefits are the major drivers for electric car market’s growth.
Introduction of new electric cars by vehicle manufacturing companies to widen
the product portfolio is contributing significantly to high demand of the
market for the next five years. Government initiatives such as Make in India to
boost the production of electric cars and the charging infrastructure is
creating new avenues for the growth of the market. Implementation of BS VI
norms by leading authorities to reduce carbon emissions into the environment is
fueling the demand for electric cars in India. High-end investments by electric
automobile manufacturers to provide electric cars in different segments and
technological evolutions to upgrade the existing electric car infrastructure is
expected to account for major growth of the market in the predicted period.
Due to the COVID-19 pandemic, lockdown was imposed all
over the country. Complete shutdown was observed, and people started practicing
social distancing following the precautionary measures. Imposition of strict regulations
and policies by leading authorities, led to the shutdown of manufacturing units
in the country. Movement of workers from working locations to their native
homes led to shortage of skilled labors for the production of electric cars.
After the lockdown is lifted, the electric cars market is expected to pick up
the pace eventually. However, lack of sufficient electric cars charging
stations may hamper market growth during the forecast period. However, growth
in domestic manufacturing is among the major factors expected to drive the
electric car market in India. Some of the domestic manufacturers are increasing
their focus on manufacturing electric cars as customers are increasingly
shifting to electric vehicles on account of environmental concerns and cost
effectiveness. Growth in domestic manufacturing coupled with government support
would continue to positively impact the production and sales scenario of the
electric car market in India over the course of next five years.
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India
electric car market is segmented into vehicle type, drivetrain, battery capacity, regional distribution, and company. Based
on battery capacity, the market is further divided into below 25 KWH, 25KWH-40KWH,
and above 40KWH. Electric cars in the above 40KWH segment are accounted for the
major market share in FY2021. Higher subsidies offered by the government
compared to its counterparts is the major factor accelerating the growth of this
segment. Availability of different models for battery electric car, declining
battery costs coupled with minimal upfront costs are important factors
bolstering the growth of the electric car market in India.
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., and others are the
leading players operating in the India electric car market. Manufacturers are
increasingly focusing on research and development process to fuel higher growth
in the market. To meet evolving customer demand with respect to better
efficiency and durability, several electric car manufacturers are coming up
with their technologically advanced offerings.
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“Electric
car market is still at a nascent stage and consists of huge untapped potential
for tremendous market growth. Presence of supportive government policies
allowing 100 foreign investments in automatic route is boosting the market.
Major companies are setting-up electric cars production units due to financial
aids and high demand for electric cars. Expansion of charging infrastructure of
electric cars and domestic manufacturing of batteries is leading to high market
growth throughout the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“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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