According to a market report, published by Sheer Analytics and Insights, The Indian electric vehicles market was valued at $0.39 billion in 2021 and it is expected to reach $120.3 billion at a CAGR of 73.0% between 2022 and 2032. The demand for electric vehicles is increasing in India. Registration for electric vehicles has increased over the past few years. People, who want to buy cars, have become more interested in purchasing electric vehicles than before. This growing demand has been fueling market growth. Sales of electric cars including fully electric and plug-in hybrids doubled in the last couple of years. However, in the case of electric vehicles, charging infrastructure refers to the network of electric vehicle charging stations and battery swap stations that are required to refuel EVs reliably while on the road. Moreover, electric passenger car is also growing with a significant share. This type of car has been gaining the attention of people across the country as it reduces the pollution and emissions of natural resources. Therefore, these major factors are expected to drive the growth of the Indian electric vehicle market in the upcoming years.
There are several benefits of electric vehicles which are drawing the attention of Indian customers who are interested to purchase EV cars. For example, this type of car required no fuel, so customers could save money. It is environmentally friendly as these cars do not emit pollution. It needs lower maintenance due to an efficient electric motor, and it performs better than traditional fuel gas vehicles. However, this type of car is sometimes very expensive, so most people from under-developing areas are unable to purchase electric vehicles for their families.
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Indian key players do not have a lot of electric vehicle models. However, these key players are focusing on making innovative electric cars for their customers, who can afford them. Thus, several companies are using mergers and acquisitions and they are trying to collaborate with other companies to create new electric vehicles. New business strategies would benefit the market in the upcoming years. These new strategies would expand the market growth across several parts of the country. People with low incomes cannot afford electric vehicles as these are expensive. Thus, few companies are focusing on producing electric vehicles such as motorbikes, scooter which might run on electricity. This would benefit the people who live in rural areas.
In India, around 25 upcoming electric cars including Model 3, XUV400 EV, IONIQ 5, Mustang Mach E, and EQS will be launched in the future. Moreover, popular electric cars such as Tata Altroz EV, Tata Avinya, and Mean Metal Azani are expected to be launched in the upcoming years. Volvo is expected to launch a new electric car model in India with impressive features such as LED headlamps, a 12- inch digital instrument cluster, a 9-inch touchscreen infotainment system, and others. Furthermore, Tata Motors has officially announced to launch of two new electric vehicles based on the existing ICE cars before the end of 2023. In addition, this company will also launch the Altroz electric before the end of 2022. This company is also expected to launch the Punch-based micro EV in the country in 2023. Therefore, these new launches are expected to drive the growth of the Indian electric vehicles market over the forecast period from 2022 to 2032.
According to the study, key players dominating the Indian electric vehicles market are Ather Energy (India), Ampere Vehicles (India), BMW AG (Germany), Bajaj Group (India), DiDi Global (China), Denso (Japan), Goldstone Infratech Ltd (India), Hinduja Group (U.K), Hero Electric (India), Hyundai Motor Group (South Korea), JBM Auto Ltd (India), Mercedez-Benz Group (Germany), Mahindra Group (India), Ola Cabs (India), Porsche SE (Germany), Suzuki (Japan), SAIC Motor (China), Toyota (Japan), among others.
The Indian Electric Vehicles Market Has Been Segmented Into:
The Indian Electric Vehicles Market – by Product Type:
- Battery Electric Vehicles
- Plug-In Hybrid Vehicles
The Indian Electric Vehicles Market – by Vehicle Type:
- Passenger Cars
- Commercial Cars
The Indian Electric Vehicles Market – by Regions:
- Uttar Pradesh
- Mumbai
- Tamil Nadu
- Delhi
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/india-electric-vehicles-market-21
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