The India electric vehicle market is projected to grow at a significant CAGR during the forecast period (2019-2025). The market growth is attributed to the increasing interest of start-ups in the domestic market of the EV landscape. For instance, in January 2021, Ozon Motors announced to debut in India. The company will unveil its first product (Alice Urban) in 2021 (month not specified) as a potential game-changer for the domestic EV segment.
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The sole purpose of this new product is to keep the price affordable. Currently, the cheapest electric vehicle available in the country is the Tata Tigor EV, with retail prices ranging from INR 958,000 ($13,127) to INR 990,000 ($13,565). In addition, Tatanexon EV is available with a starting price of INR 13,99,000 ($19,170). Others such as MG ZSEV and Hyundai Kona cost over INR 20,00,000 ($27,405). The high price of these cars has made them inaccessible to many customers who wish to buy EVs. Alice Urban is expected to be offered at a low price, which will motivate customers to switch to electric vehicles.
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India Electric Vehicle Market Report Segment
By Vehicle Type
- Commercial Vehicles
- Passenger Vehicles
- Two-Wheeler
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
By Battery Type
- NiMH
- Li-ion
- Others
Company Profiles
- Ashok Leyland
- Ather Energy Pvt. Ltd.
- Bajaj Auto Ltd.
- Hero Electric
- Hyundai Motor Co.
- Jangid Motors Pvt. Ltd.
- Mahindra & Mahindra Ltd.
- Okinawa Autotech
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