India electric car market was valued at USD10,107.18 million in 2021 and it is projected to grow at a CAGR of 41.02% during the forecast period, to be valued at USD78,190.10 million by 2027. Continuous advancements in technology to upgrade the existing infrastructure and new inventions in automotive industry are fueling the demand for electric car market. Government initiatives to push the improvement of electric charging infrastructure coupled with government’s approval for production linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) battery for an estimated budget of Rs.18,100 crore is expected to accelerate the growth of the market. To promote the Make in India initiative, the National Programme on Advanced Chemistry Cell is expected to attract high foreign and domestic investments. Increase in number of manufacturing hubs for electric cars and rising environmental concerns are aiding the growth in demand for electric cars. Burden of oil imports and rising prices of conventional sources of energy are aiding in changing the preference of consumers to adopt green energy fuels. High demand for automobiles due to rising population and depleting energy sources are creating lucrative opportunities for electric cars market growth. Owing to the production of battery by domestic manufacturers as well as import of batteries from global manufacturers, the demand for electric car market is expected to witness positive growth.
India electric car market is segmented into vehicle type, drivetrain, battery capacity, regional distribution, and company. Based on vehicle type, the market is further segmented into hatchback, sedan and SUV & MPV. Among all, the hatchback segment is expected to witness the fastest growth due to growing affordability of consumers. Also, the presence of battery manufacturing companies is reducing the cost of batteries used in electric cars thereby lowering the cost to buy automobiles.
Backed by huge population, better employment opportunities and high standard of living, demand for electric cars is extremely high in the south region of the country and is the major contributor to the overall demand for electric cars in the country. Moreover, with the rising infrastructural developments and employment opportunities in the region, the demand for electric cars is further anticipated to grow. Furthermore, the region’s market is anticipated to grow over the forecast period as well, owing to the expanding developments in electric cars which would support the electric car market. South region accounted for over 36% volume share in 2017, followed by North region.
The major players operating in the India electric car market are 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. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023-2027
Objective of the Study:
- To analyze the historical growth in the market size of India electric car market from FY2017 to FY2020.
- To estimate and forecast the market size of India electric car market from FY2021 to FY2027 and growth rate until FY2027.
- To classify and forecast India electric car market based on vehicle type, drivetrain, battery capacity, regional distribution, and company.
- To identify the dominant region or segment in the India electric car market.
- To identify drivers and challenges for India electric car market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India electric car market.
- To identify and analyze the profile of leading players operating in India electric car market.
- To identify key sustainable strategies adopted by market players in India electric car market.
Key Target Audience:
- Electric car manufacturing companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to electric car market
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, India electric car market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- India Electric Car Market, By Vehicle Type:
- SUV & MPV
- India Electric Car Market, By Drivetrain:
- Front Wheel Drive (FWD)
- Rear Wheel Drive (RWD)
- All-Wheel Drive (AWD)
- India Electric Car Market, By Battery Capacity:
- Below 25 KWH
- Above 40KWH
- India Electric Car Market, By Region:
Company Profiles: Detailed analysis of the major companies present in India electric car market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.