Press Release
Press Release
The electric passenger cars industry in India is being driven by the thriving automotive industry, owing to the rapid urbanisation, increasing affordability of cars among the middle-class population, and inflating disposable incomes. In addition to this, the growing efforts by the government to bolster the entry of major electric vehicle manufacturing brands such as Tesla, Inc. in India are likely to be another key factor driving the growth of the market. Moreover, the rising concerns pertaining to air pollution, coupled with the stringent government regulations aimed at controlling the carbon emissions in the country are anticipated to propel the demand for electric vehicles in the forecast period.
The growing research and development activities by the leading market players for the development of advanced automotive features, and the rapid technological advancements are likely to provide impetus to the market growth in the forecast period. For instance, in December 2021, BMW (OTCMKTS: BMWYY) announced the launch of BMW iX in India, the first BMW electric all-wheel drive vehicle (SAV – Sports Activity Vehicle) that offers the benefits of zero emissions, improved agility, and a comfortable and spacious driving experience to its customers. In another case, in December 2021, Hyundai Motor Co. announced that the company will be investing USD 530 million to bring electric vehicles to India, launching six affordable and premium electric car models in the country by 2028.
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The major players in the India electric passenger cars 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 comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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