The new report by Expert Market Research titled, ‘India Electric Passenger Cars Market Report and Forecast 2022-2027’, gives an in-depth analysis of the India electric passenger cars market, assessing the market based on its segments like propulsion types, charging types, classes, ranges, and vehicle types. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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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%
- Forecast Market Size (2027): USD 2,668 million
The electric passenger cars industry in India is being driven by the improvements in the country’s automotive ecosystem, growing adoption of electric vehicles, rapid urbanisation, and the growing focus on curbing the pollution levels. The increasing demand for luxury electric vehicles, coupled with the growing middle-class population in the region is likely to propel the market growth in the forecast period. Furthermore, the growing demand for battery electric vehicles (BEV), owing to their low maintenance cost, reduced noise, reduced pollution, and enhanced safety, is likely to augment the market growth. The market in the region is further projected to be aided by the growing efforts by the automotive manufacturers and the government in promoting clean driving solutions in the forecast period.
Industry Definition and Major Segments
Electric passenger cars refer to type of cars that run on electricity and use electric components for propulsion. They require no fuel and can be charged via electric vehicle (EV) charger at home, charging station, or on the go. Electric passenger cars can be hatchback, sedan, or SUV, among others.
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The electric passenger car industry, based on propulsion type, can be segmented into:
- Battery Electric Vehicles (BEV)
- Plug-In Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
Based on charging type, the market has been bifurcated into:
- Fast Charging
- Normal Charging
The market can be bifurcated on the basis of class into:
- Economic
- Luxury
On the basis of range, the market has been divided into:
- Less Than 150 km
- More than 150 km
The significant vehicle types considered in the market report are as follows:
- Hatchback
- Sedan
- SUV and MPV
Market Trends
The rising investment by the major automotive manufacturers in India to accelerate the penetration of electric vehicles in the country is likely to bolster the market growth. For instance, in 2021, Hyundai Motor Co announced its plan to invest USD 530 million in India to bolster the production of electric vehicles by launching six EVs in the country by 2028. Meanwhile, the emergence of clean driving is likely to be another key trend propelling the demand for electric passenger vehicles in the country. This can be attributed to the rising pollution levels, owing to the increasing emissions of greenhouse gases in the country. Furthermore, the advancements aimed towards upgrading the features of electric vehicles are likely to be a major factor contributing to the market growth in the coming years.
Key Market Players
The major players in 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., and BMW India, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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