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India Electric Passenger Cars Market to Grow at a CAGR of 60.60% During 2022-2027, Aided by the Growing Consumer Demand for Passenger Vehicles and Sustainable Transportation Solutions

According to a new report by EMR titled, ‘India Electric Passenger Cars Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 135 million in 2021. The market is further expected to grow at a CAGR of 60.60% between 2022 and 2027 to reach USD 2,668 million by 2027.

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.

Market Breakup by Propulsion Type, Charging Type, Class, Range, and Vehicle Type:

  • The market is segmented, based on propulsion type, into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV).
  • On the basis of charging type, the market can be bifurcated into fast charging and normal charging.
  • Based on class, the market can be bifurcated into economic and luxury.
  • On the basis of range, the market can be segregated into less than 150 km and more than 150 km.
  • The significant vehicle types in the market include hatchback, sedan, and SUV and MPV.

Key Findings of the Report:

  • The electric passenger cars industry in India is being driven by the growing population and their subsequent demand for passenger vehicles.
  • The stringent government regulations and the growing awareness among the population towards the rising air pollution are likely to propel the demand for electric passenger cars in the forecast period.
  • The market is estimated to be bolstered by the rising investments by the leading market players in the research and development of efficient electric vehicles.
  • The growing popularity of luxury electric vehicles among the working population, fuelled by the rising disposable incomes and improved living standards is anticipated to support the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the India market for electric passenger cars for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the propulsion types, charging types, classes, ranges, and vehicle types of passenger cars.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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