𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐒𝐜𝐡𝐞𝐦𝐞𝐬 𝐚𝐧𝐝 𝐒𝐮𝐛𝐬𝐢𝐝𝐢𝐞𝐬 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐭𝐡𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐂𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐈𝐧𝐝𝐢𝐚

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The share of electric cars in India remains low when compared to the developed countries. However, the electric car sales have grown significantly over the last few years and would continue to grow strongly over the long term. While rising middle class and government push for a sustainable development are benefiting the sales of electric cars in the country, lack of infrastructure and high cost of electric cars are posing challenges to the sales of these cars in India.

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The Indian government has plans to increase its renewable power capacity from 30% in 2016 to 40% by 2030. Electric cars can become a viable solution to store the intermittent renewable energy in the country. Rising middle class would emulate the western car buying habits ensuring increasing sales of electric cars. Moreover, low car penetration (19 cars per 1,000 people) also ensures significant opportunities for electric car companies in long term.

A typical Indian car customer is highly cost sensitive and high price of electric car could adversely affect the market demand. Even though the running cost of an electric car is low (6kms per 1KWh), it is the high battery cost, which increases the upfront or showroom price of electric car, making owning an electric car expensive for an average Indian customer. High upfront cost of electric cars (compared to conventional cars) could hamper their sales over the forecast period. However, declining prices of lithium ion batteries is a positive sign for the India electric car market.

Maruti Suzuki has plans to start commercial production of electric car in its Gujarat plant by 2019. TATA Motors is expected to showcase electric version of Taigo in Auto Expo 2018. Moreover, its Nano car is also being changed to an electric car. Hyundai motors also has plans to start assembling electric cars in the country by 2019.

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