India Electric Passenger Car Market stood at USD 9.6 Billion in 2023 & will grow with a CAGR of 8.09% in 2024-2029.
According to TechSci Research report, “India Electric Passenger Car Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the India Electric Passenger Car Market stood at USD 9.6 Billion in 2023 and is anticipated to grow with a CAGR of 8.09% in the forecast period, 2024-2029. The India Electric Passenger Car Market is experiencing significant growth driven by several key factors. Firstly, the escalating environmental concerns and the need for sustainable transportation have led to a heightened awareness of the numerous benefits of electric vehicles, resulting in an increased demand for them. Additionally, the government’s proactive initiatives, such as attractive subsidies on electric vehicles and the establishment of a robust charging infrastructure, have played a significant role in promoting the widespread adoption of electric cars.
Furthermore, the market is fueled by the substantial reduction in the total cost of ownership associated with electric cars. Compared to traditional fuel-driven cars, electric vehicles have considerably lower maintenance and operating costs, making them not only environmentally friendly but also more economically viable in the long run. This cost advantage is attracting a growing number of consumers towards electric passenger cars, as they realize the financial benefits and sustainability aspects associated with them.
Moreover, the continuous improvement in battery technologies and their increasing affordability are making electric cars an even more feasible option for consumers. With advancements in battery technology, electric vehicles can now offer better range, performance, and charging capabilities, which further boosts customer acceptance and confidence in the electric car market.
Furthermore, the market is witnessing a surge in the number of electric car models being launched by various manufacturers. This wider range of options caters to different customer preferences, requirements, and budgets, further driving the growth of the electric passenger car market in India. Whether it is compact electric cars for urban commuting or larger electric SUVs for family trips, consumers now have a plethora of choices to suit their individual needs.
In conclusion, the India Electric Passenger Car Market is experiencing robust growth due to various factors such as increasing environmental concerns, favorable government initiatives, significant cost advantages, continuous advancements in battery technology, and a wider range of electric car models available in the market. As the awareness and acceptance of electric vehicles continue to grow, the future of the electric passenger car market in India looks promising and transformative.
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The India Electric Passenger Car Market is undergoing a significant transformation as it adapts to the rising demand for electric mobility in the country. Several key aspects define this market, with economic and environmental drivers playing a pivotal role. The increasing cost of fossil fuels and growing concerns about environmental pollution and climate change have pushed consumers to explore cleaner and more sustainable transportation options. Electric passenger cars have emerged as a practical solution, offering the advantage of reducing greenhouse gas emissions and lessening dependence on traditional fossil fuels.
Government initiatives and incentives are fundamental drivers of the market. The Indian government has been actively promoting electric mobility to combat air pollution and carbon emissions. It has introduced a range of incentives, including subsidies, tax benefits, and research grants, aimed at encouraging both manufacturers and consumers to adopt electric passenger cars. Additionally, the government is investing in charging infrastructure expansion and research and development to support the growth of the electric vehicle (EV) sector, making it more accessible to the masses.
Advancements in battery technology have marked a transformative development in the electric passenger car market. Lithium-ion batteries, with improvements in energy density and charging efficiency, have significantly extended the driving range of electric cars and reduced charging times. This technological evolution is making electric passenger cars increasingly practical for everyday use, addressing one of the primary concerns of consumers regarding electric vehicle adoption.
A comprehensive and accessible charging infrastructure network is another critical aspect of the market. The expansion of charging infrastructure is essential to alleviate “range anxiety” among consumers and make electric cars more convenient and viable for daily use. Governments and private entities are actively investing in the development of charging stations, aiming to establish a network that covers urban and remote areas, contributing to the market’s growth and consumer confidence.
Furthermore, the India Electric Passenger Car Market is characterized by a growing emphasis on sustainability. As environmental consciousness rises, automakers are shifting towards using sustainable materials in the manufacturing of electric passenger cars. This aligns with global sustainability goals and reflects the commitment to reducing the automotive industry’s environmental impact. Sustainable design and production practices are increasingly becoming a priority for both manufacturers and consumers.
In conclusion, the India Electric Passenger Car Market is undergoing a notable transition driven by economic and environmental factors, government initiatives, advancements in battery technology, the expansion of charging infrastructure, and a strong commitment to sustainability. As the market continues to evolve, electric passenger cars are becoming an increasingly attractive and practical choice for Indian consumers, offering a cleaner and more sustainable mode of transportation.
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“The major drivers for the India Electric Passenger Car Market include the escalating environmental concerns, leading to an increased awareness about electric vehicles and their benefits. Government initiatives, such as subsidies on electric vehicles and the establishment of charging infrastructure, have also played a significant role. The reduction in the total cost of ownership due to lower maintenance and operating costs of electric cars in comparison to fuel-driven cars is another factor fuelling the market. Moreover, with battery technologies improving and becoming more affordable, and an increasing number of models being launched by manufacturers, customer acceptance of electric passenger cars is growing.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Electric Passenger Car Market – India Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029, Segmented By Vehicle Type (Hatchback, Sedan, and SUV & MUV), By Drivetrain Technology (PHEV and BEV), By Battery Capacity (<201 Ah and >201 Ah), By Country, Competition”, has evaluated the future growth potential of India Electric Passenger Car Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Electric Passenger Car Market.
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1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
5.1. Brand Awareness
5.2. Brand Satisfaction
5.3. Factors Affecting Purchase Decision
6.1. Market Size & Forecast
6.1.1. By Volume & Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis (Hatchback, Sedan, and SUV & MUV)
6.2.2. By Drivetrain Technology Market Share Analysis (PHEV and BEV)
6.2.3. By Battery Capacity Market Share Analysis (<201 Ah and >201 Ah)
6.2.4. By Region Market Share Analysis
6.2.4.1. North Market Share Analysis
6.2.4.2. East Market Share Analysis
6.2.4.3. West Market Share Analysis
6.2.4.4. South Market Share Analysis
6.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2023)
6.3. India Electric Passenger Car Market Mapping & Opportunity Assessment
6.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
6.3.2. By Drivetrain Technology Market Mapping & Opportunity Assessment
6.3.3. By Battery Capacity Market Mapping & Opportunity Assessment
6.3.4. By Region Market Mapping & Opportunity Assessment
6.3.5. India Hatchback Electric Passenger Car Market Outlook
6.3.5.1. Market Size & Forecast
6.3.5.1.1. By Volume & Value
6.3.5.2. Market Share & Forecast
6.3.5.2.1. By Drivetrain Technology Market Share Analysis
6.3.5.2.2. By Battery Capacity Market Share Analysis
6.3.6. India Sedan Electric Passenger Car Market Outlook
6.3.6.1. Market Size & Forecast
6.3.6.1.1. By Volume & Value
6.3.6.2. Market Share & Forecast
6.3.6.2.1. By Drivetrain Technology Market Share Analysis
6.3.6.2.2. By Battery Capacity Market Share Analysis
6.3.7. India SUV & MUV Electric Passenger Car Market Outlook
6.3.7.1. Market Size & Forecast
6.3.7.1.1. By Volume & Value
6.3.7.2. Market Share & Forecast
6.3.7.2.1. By Drivetrain Technology Market Share Analysis
6.3.7.2.2. By Battery Capacity Market Share Analysis
7.1. Strength
7.2. Weakness
7.3. Opportunities
7.4. Threats
8.1. Market Drivers
8.2. Market Challenges
10.1. Company Profiles (Up to 10 Major Companies)
10.1.1. Audi AG
10.1.1.1. Company Details
10.1.1.2. Key Product Offered
10.1.1.3. Recent Developments
10.1.1.4. Key Management Personnel
10.1.2. BMW India Pvt Ltd.
10.1.2.1. Company Details
10.1.2.2. Key Product Offered
10.1.2.3. Recent Developments
10.1.2.4. Key Management Personnel
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