The India electric car market is anticipated to grow at an exponential CAGR during the forecast period (2019-2025). In India, cohesive government policies, and the presence of a huge customer base are the prominent factors that are promoting demand for clean and green energy cars. For instance, as a part of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme an amount of up to $2,000 will be offered as a subsidiary on an electric car. Despite easy access to government subsidies for the purchase of electric cars, India’s electric car is still at its nascent stage.
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Looking towards the growth opportunity in India, Tesla in talks with India’s Union minister for road transport and highways confirmed on December 2020 that the company would be arriving in India in early 2021. The company announced to make an entry in the Indian electric car industry by the introduction of its Model 3 sedan and it will be done through the completely built unit (CBU) route. In January 2021, the company registered its office in Bengaluru, India as Tesla India Motors and Energy Private Ltd., and appointed three directors of the incorporated entity. Tesla cars prices are way higher as compared to the average cost of cars (even the electric) in India. Hence, to fulfill its plan to roll-out electric cars globally; there are high chances that the company will collaborate with a domestic car manufacturer to offer affordable cars for the Indians.
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Market Coverage
- Market number available for – 2018-2025
- Base year- 2019
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Propulsion Technology, By Battery Type
- Competitive Landscape- Hyundai Motor Co., Mahindra & Mahindra Ltd., MG Motor India, Tata Motors Ltd.
Key questions addressed by the report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
India Electric Car Market Report Segment
By Vehicle Type
- Sedan
- Hatchback
- SUV
By Propulsion Technology
- Battery Electric Car
- Plug-in Hybrid Electric Car
By Battery Type
- NiMH
- Li-ion
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
