India Electric Passenger Car Market by Technology, Region, Geography and Demand Forecast, 2013-2023

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The Indian electric passenger car market is poised to grow significantly during the forecast period, much of which can be owed to the incentives offered by government for vehicles with clean fuel technology. The government’s stringent emission norms and regulations have also helped to boost the sales of electric passenger cars in the country.

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On the basis of product, the electric passenger car market is categorized into hatchback, sedan, sports utility vehicle (SUV), and others. The hatchback category is estimated to hold the majority market share and dominate the market during the forecast period. The hatchback cars are compact and usually have lower cost than the sedan, SUV, and multi utility vehicle (MUV), making them the popular choice among the consumers of electric passenger cars.

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The major factors restraining the growth of the electric passenger car market in the country are inadequate charging infrastructure and range of such vehicles. As the name suggests, these vehicles run on electric energy supplied by the batteries installed in these vehicles. To charge these batteries, charging outlets are needed. At present, these charging outlets are scarce, considering the number of electric vehicles on the Indian roads. This leads to the issue of range anxiety among the buyers/consumers.

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Some of the major players in this industry are Mahindra & Mahindra Ltd., Mahindra Electric Mobility Ltd. (formerly known as Mahindra Reva Electric Vehicles Pvt. Ltd.), Tata Motors Ltd., BMW AG, and Toyota Kirloskar Motor Pvt. Ltd.

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