What’s driving the India Electric Car Market growth? Key Players are Toyota Kirloskar Motor, Mahindra Electric Mobility Limited, BMW Group, Volvo Cars, Hyundai Motor Company, Tata Motors

The Indian electric car market is projected to reach $707.4 million by 2025, according to P&S Intelligence.

The market is predominantly driven by the government schemes, growing environmental concerns, and falling battery prices. Several incentives, such as tax rebates, grants, and subsidies, have been launched by the central and state governments in order to increase electric car adoption in the country.

Insights on market segments

Based on the technology, the Indian electric car market has been categorized into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). Of the three, the BEV category dominated the market during the historical years and is expected to continue doing so in the coming years. Much of this can be attributed to the highest subsidies offered by the Indian government on the purchase of BEVs as compared to PHEVs and HEVs and availability of a number of low cost BEV models in the market.

Based on the battery capacity, the Indian electric car market has been categorized into more than 201 Ah and less than 201 Ah. Electric cars with battery capacity of more than 201 Ah held larger share in the market, contributing majorly to the overall sales volume in 2017, owing to consumers’ preference for electric cars with longer range.

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Government schemes and subsidies are playing a major role in the growth of the Indian electric car market. The urban population has increased rapidly over the past decade, resulting in rise in pollution levels. To curb this issue, the Indian government is encouraging and supporting the adoption of electric cars through its several financial schemes and incentives. Several policies related to electric vehicle (EV) have been announced by the public authorities of India over the past few years indicating substantial action and ambition for the adoption of EVs in the country.

Maharashtra had the highest electric car sales volume in 2017, accounting for a market share of 28.9% in the Indian electric car market. The state is expected to continue being the leading market in the country for electric cars during the forecast period, owing to the state government’s Electric Vehicle Policy 2018 to help the EV market grow by supporting EV manufacturing, developing charging infrastructure, and offering subsidies to costumers on the purchase of these vehicles. The state government announced subsidies for electric cars, amounting up to $1,550 (INR 100,000) per vehicle. However, Tamil Nadu electric car market is expected to outperform all other states in terms of growth, witnessing a CAGR of 51.5%.

The Indian electric car market is highly consolidated and is dominated by Mahindra Electric Mobility Ltd. Currently, the company is the only BEV manufacturer in the country. It had ventured into the electric car industry much earlier than other Indian automotive players through the acquisition of Reva Electric Car Company in 2010. However, Tata Motors Ltd. is expected to gain a significant market share in the Indian electric car industry during the forecast period, as it has announced to launch two electric car models, Tigor Electric and Tiago Electric, by the end of 2019.

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Some of the other major players operating in the Indian electric car market are Hyundai Motor Company, Volvo Car Corporation, Toyota Kirloskar Motor Pvt. Ltd., and Honda Motor Co. Ltd.

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This release was published on openPR.