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India Electric Car Demand in Indian Market – Research Report

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Puneet Shah
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As per a study conducted by P&S Intelligence, the Indian electric car market generated a revenue of $71.1 million in 2017 and is expected to reach a value of $707.4 million in 2025, advancing at a 34.5% CAGR during the forecast period (2018–2025). The three types of electric vehicles are plug-in hybrid vehicles (PHEV), battery electric vehicles (BEV), and hybrid electric vehicles (HEV). Among these, the largest demand in 2017 was created for BEVs and the situation is going to be the same in the coming years as well. The reason for this is the higher subsidies provided by the government on the purchase of these vehicles as compared to PHEVs and HEVs.

Government schemes and subsidies are significantly contributing to the growth of the Indian electric car market. Various policies related to electric vehicles have been announced by the public authorities of India in the past few years. Take for instance, the FAME scheme, which was introduced in 2015 for encouraging the adoption of clean fuel technology cars. Another target of this scheme was to reduce the upfront purchase value of electric and hybrid vehicles. Furthermore, NITI Aayog launched a scheme for building electric vehicle charging infrastructure in Gurgaon-Indira Gandhi International Airport-South Delhi-Noida corridor in 2017.

With the increasing adoption of electric vehicles, manufacturers are focusing on overcoming the problem of range associated with these vehicles. While technological advancements have dealt with this problem to some extent, the range anxiety during inter-city travel still exists among people, which is why the original equipment manufacturers need to offer electric cars with enhanced range. In India, currently two companies are the leading manufacturers of electric cars; TATA Motors Limited and Mahindra & Mahindra Ltd., both of which are engaged in launching electric cars which are more efficient.

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

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