The new report by Expert Market Research titled, ‘India Electric Passenger Cars Market Size, Report and Forecast 2022-2027’, gives an in-depth analysis of the Indian electric passenger cars market, assessing the market based on its segments like propulsion type, charging type, class, range and vehicle types.
The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
India Electric Passenger Cars Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 135 million
• Forecast CAGR (2022-2027): 60.6%
• Forecast Market Size (2027): USD 2668 million
In comparison to fuel vehicles, battery electric vehicles are incredibly quiet and do not pollute the environment. Government rules aimed at reducing carbon emissions are expected to be a primary driver of category growth. In addition, BEVs have no gearbox, are easier to drive, and save money on taxes.
In addition, the cost of maintenance for this type is rather minimal. As a result, in the projection period, the middle-class population, which seeks monthly cost savings on vehicles, is likely to produce a considerable demand for battery electric vehicles. Furthermore, battery electric vehicles have fewer moving parts than typical gasoline/diesel vehicles, thus servicing BEVs is easier.
The expansion of the market in India is being fueled by favourable government laws that encourage the adoption of electric vehicles. In the projected term, India’s increased focus on the electrification of its transportation system is expected to benefit the market.
India Electric Passenger Cars Industry Definition and Major Segments
Electric passenger cars are electric vehicles that are designed to transport people. They are propelled by electric motors and are powered by electricity. Furthermore, these vehicles may be charged at home, at an electric vehicle charging station, or even on the go using an EV charger.
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The Indian electric vehicles passenger cars market can be segmented on the basis of propulsion type, charging type, class, range and vehicle types.
Based on propulsion type:
• Battery Electric Vehicles (BEV)
• Plug-In Hybrid Electric Vehicles (PHEV)
• Hybrid Electric Vehicles (HEV)
Based on charging type:
• Fast Charging
• Normal Charging
Based on class:
Based on range:
• Less Than 150 km
• More than 150 km
Based on major vehicle types:
• SUV and MPV
India Electric Passenger Cars Market Trends
The market is expected to be driven by expanding demand for electric vehicles as a result of rising disposable incomes, rising living standards, and growing worries about environmental deterioration due to greenhouse gas emissions. The rising popularity of premium electric passenger vehicles among the country’s elite and business class is expected to boost market growth.
In addition, the increasing penetration of electric vehicle manufacturing brands in India, such as Mercedes-Benz, Jaguar, Audi, BMW, Tata, Mahindra, and Kia Motors, among others, is expected to energize the market throughout the projection period. Furthermore, growing fuel prices in the country are causing a huge shift in the working class toward electric automobiles.
Key Market Players
The major players within the market are:
- Tata Motors Limited
- Mahindra Electric Mobility Limited
- MG Motor India Pvt. Ltd
- Hyundai Motor India
- Kia India Pvt Ltd.
- Maruti Suzuki India Limited
- Audi India Pvt Ltd.
- BMW India
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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