Indian Electric Car Market Investments with Top Key Competitors Like Tata Motors Ltd., Hyundai Motor Company, Honda Motor Co. Ltd and more

The air pollution level in India is increasing rapidly: the country is among the bottom five countries in the environmental health category, ranked 178 out of 180 when air quality is taken into consideration, on the Environmental Pollution Index 2018. In 2017, the carbon dioxide emissions in India rose by 4.6%. The ultra-fine particulate matter emitted by vehicles are among the major factors responsible for this degrading quality of air. Hence, in order to decrease the air pollution, the Indian government is focusing on shifting from traditional fuel-based vehicles to electric vehicles. Moreover, the norms that are being implemented by the government are projected to result in the increased adoption of these vehicles.

As per a study conducted by P&S Intelligence, the Indian electric car market generated a revenue of $71.1 million in 2017 and is expected to reach a value of $707.4 million in 2025, advancing at a 34.5% CAGR during the forecast period (2018-2025). The three types of electric vehicles are plug-in hybrid vehicles (PHEV), battery electric vehicles (BEV), and hybrid electric vehicles (HEV). Among these, the largest demand in 2017 was created for BEVs and the situation is going to be the same in the coming years as well. The reason for this is the higher subsidies provided by the government on the purchase of these vehicles as compared to PHEVs and HEVs.

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Government schemes and subsidies are significantly contributing to the growth of the Indian electric car market. Various policies related to electric vehicles have been announced by the public authorities of India in the past few years. Take for instance, the FAME scheme, which was introduced in 2015 for encouraging the adoption of clean fuel technology cars. Another target of this scheme was to reduce the upfront purchase value of electric and hybrid vehicles. Furthermore, NITI Aayog launched a scheme for building electric vehicle charging infrastructure in Gurgaon-Indira Gandhi International Airport-South Delhi-Noida corridor in 2017.

The primary end users of electric cars in India include government organizations, personal users, and shared mobility providers. Private and corporate car fleet owners are some other end users of electric cars. Among these, the largest demand for electric cars in predicted to be created by personal users during the forecast period because of the growing disposable income of the users and rising affordability of electric cars. The two types of lithium-ion batteries that are utilized majorly in electric cars are lithium iron phosphate (LFP) battery and lithium nickel manganese cobalt oxide (Li-NMC) battery.

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With the increasing adoption of electric vehicles, manufacturers are focusing on overcoming the problem of range associated with these vehicles. While technological advancements have dealt with this problem to some extent, the range anxiety during inter-city travel still exists among people, which is why the original equipment manufacturers need to offer electric cars with enhanced range. In India, currently two companies are the leading manufacturers of electric cars; TATA Motors Limited and Mahindra & Mahindra Ltd., both of which are engaged in launching electric cars which are more efficient.

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This release was published on openPR.