Embark on a journey through the dynamic landscape of India's Electric Car Market, where innovation meets sustainability in automotive transportation. Explore how electric cars are reshaping the driving experience, offering clean, efficient, and high-performance alternatives to traditional vehicles. Uncover the latest trends, innovations, and market dynamics driving the adoption of electric cars across India. From advancements in battery technology to the expansion of charging infrastructure, discover the diverse strategies fueling growth in this market. Gain insights into key players, emerging technologies, and regulatory factors shaping the future of electric mobility in India. Whether you're a car enthusiast, environmental advocate, or industry stakeholder, join the movement towards a greener and smarter automotive future with India's Electric Car Market.
In 2022, the Indian electric car market sales volume reached 37,792 units, and it is projected to reach 376,000 units by 2030, with a development rate of 33.3% during the projection period. The key reasons behind this exponential development are the increasing foreign direct investment (FDI), the building of manufacturing hubs, and the intensifying push to advance the charging infrastructure. Additionally, the electric vehicle sector is gradually attaining traction with the aid of the government and the rise in crude oil costs, as individuals are seeking ways to reduce their monthly bills.
In 2022, the BEV category dominated the Indian electric car market with the largest share, of a projected 88%, and the category is estimated to hold its dominance in the future as well. This is mainly ascribable to the growing fondness of customers for EVs over ICE vehicles and restrictions on vehicular CO2 releases. In addition to this, the advanced grants provided by the government on the buying of BEVs as compared to HEVs and PHEVs, armed with the decreasing battery cost and obtainability of several BEV models, propels the sales expansion.
During the projection period, the sport utility vehicles category is projected to witness the highest CAGR, of approximately 36%, credited to the growth in the per-capita income of the people and the surge in the need for premium cars throughout the nation. Thus, numerous builders are concentrating on introducing SUVs to enlarge their sales and attain an enormous customer base.
In 2022, models with a battery capacity of over 201 Ah had the larger share in the Indian electric car market. Furthermore, this category is projected to hold the higher CAGR during the projection period, credited to the customer's fondness for vehicles with a longer range.
In April 2015, the Faster Adoption and Manufacturing of (Hybrid & Electric Vehicles in India scheme was introduced to endorse the acceptance of hybrid and EVs in the nation. Furthermore, in April 2019, the FAME II Scheme was introduced with a budget of USD 1.3 billion INR 10,000 Crore to help 51,000 electric passenger cars and charging stations.