The automotive industry is under immense pressure to reduce carbon footprints, as the excessive usage of fossil fuels for powering up vehicles has had a negative effect on the environment. Air pollution levels all across the globe, including India are surging and the situation doesn’t seem to get better. India is one of the bottom five nations in the environmental health category. The country ranked 178 out of 180 in terms of air quality as per the Environmental Pollution Index.
Owing to these factors, the need for coming up with solutions that help in curbing air pollution levels is surging in India. This, in turn, is resulting in the growth of the Indian electric car market. The emissions generated from conventional ICE vehicles has led to global warming and the depletion of the ozone layer. The use of electric cars however, instead of ICE cars, can significantly aid in reducing air pollution and at the very best won’t result in as much pollution as ICE vehicles.
The Indian electric car market is expected to generate a revenue of $707.4 million by 2025, increasing from $71.1 million in 2017, and is expected to advance at a 34.5% CAGR during the forecast period (2018–2025). When technology is considered, the market is divided into hybrid electric vehicles, plug-in hybrid electric vehicle, and battery electric vehicle (BEV), among which, the BEV division held the major share of the market in 2017.
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Hence, the demand for electric cars in India is increasing due to the surging air pollution levels and declining battery prices.
The research offers the size of the Indian electric car market for the period 2013–2025.
INDIA ELECTRIC CAR MARKET
- By Technology – Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)
- By Product – Hatchback, Sedan, Sport Utility Vehicle (SUV), and Others
- By Battery – Lithium-Iron-Phosphate (LFP), Lithium–Nickel–Manganese Cobalt Oxide (Li–NMC), and Others
- By Battery Capacity – >201 Ah and <201 Ah
- By End-User – Shared Mobility Providers, Government Organizations, Personal Users, Others
- By State – Maharashtra, Gujarat, Delhi, Karnataka, Tamil Nadu, and Rest of India
This study covers
- Historical and the present size of the india electric car market
- Future potential of the market through its forecast for the period 2013– 2025
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential