India Electric Car Market Report, Current Scenario, Growth Prospects, Forecast 2023-2028

The latest report published by IMARC Group, titled "India Electric Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on India electric car market. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India electric car market is projected to exhibit a growth rate (CAGR) of 65% during 2023-2028.

An electric car is a type of automobile that operates on electric energy supplied by onboard batteries rather than an internal combustion engine fueled by gasoline or diesel. It is categorized into Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). These cars have gained prominence for their efficiency and environmental benefits. BEVs are fully electric and require charging stations, whereas PHEVs can alternate between electric and conventional fuel systems. Key advantages include lower operating costs, reduced greenhouse gas emissions, and diminished dependence on fossil fuels. Electric cars feature innovations, such as regenerative braking systems, which recover and store energy that would otherwise be lost, thereby improving energy efficiency.

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Market Trends:

In India, the electric car market is witnessing substantial growth, driven by government initiatives to accelerate electric vehicle adoption by offering incentives and creating the necessary infrastructure. Along with this, increasing fuel prices and growing environmental concerns encourage consumers to seek alternatives to traditional fuel-based cars. In addition, advancements in battery technology are leading to greater driving ranges, thereby mitigating range anxiety and enhancing consumer confidence in electric cars. Moreover, the advent of affordable electric models tailored for the Indian market is broadening the customer base. Apart from this, the commitment of leading automakers to invest in electric vehicle development and infrastructure in India signifies long-term market potential. Furthermore, the public and private sectors are collaborating to establish charging networks, creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and changing consumer preferences.

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India Electric Car Market Segmentation:

Our report has categorized the market based on type, vehicle class, vehicle drive type, and region.

Type Insights:
• Battery Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

Vehicle Class Insights:
• Mid-Priced
• Luxury

Vehicle Drive Type Insights:
• Front Wheel Drive
• Rear Wheel Drive
• All-Wheel Drive

Regional Insights:
• South India
• North India
• West and Central India
• East India

Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.