How is Rapidly Degrading Air Quality of Country Driving Indian Electric Car Market?

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.

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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.

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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Maharashtra leads the Indian electric car market

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%.

India Electric Car Market Competitive Landscape

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.

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.

India Electric Car Market Segmentation

By Technology

BEV
PHEV
HEV
By Product

Hatchback
Sedan
SUV
Others
By Battery

Lithium-Iron-Phosphate (LFP)
Lithium-Nickel-Cobalt-Aluminum Oxide (Li-NMC)
Others
By Battery Capacity

> 201 Ah
< 201 Ah
By End User

Shared Mobility Providers
Government Organizations
Personal Users
Others
By State

Maharashtra
Gujarat
Delhi
Karnataka
Tamil Nadu
Rest of India

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.