India electric car market is projected to show an exponential growth rate during the forecast period. The Indian electric car market is at the nascent stage and the unit sold in the market are very low. Government support under the FAME scheme, development of the charging stations, and the introduction of the new electric car model are some of the major factors motivating the market growth in the country. In February 2019, the government of India allocated $1.4 billion for the promotion of the electric vehicle industry under FAME Phase II (Faster Adoption and Manufacturing of Electric Vehicles) project for a period of 2019 to 2022. Moreover, in Indian Auto Expo 2020, more than 20 electric car models were introduced by the global automakers including Renault, Kia, Hyundai and MG Hector which will be soon introduced in the country. India is a price-sensitive market and the high price of electric cars as compared to fossil fuel cars is one of the major restraints to the market.
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The market is analyzed on the basis of vehicle type, propulsion technology, and battery type. Based on vehicle type, the market is further segmented into hatchback, sedan, and SUV. The sedan is expected to have a major market share during the forecast period in the country. By propulsion technology, the market is sub-segmented into battery-electric cars and plug-in hybrid electric cars. Most of the cars getting introduced in the country are battery-electric cars due to which it will have a major market share during the forecast period. By battery type, the market is further sub-segmented into NiMH battery-electric cars, Li-Ion battery-electric cars, and other battery-electric cars. Li-ion battery-electric cars market is expected to cover a major share during the forecast period.
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Some of the major automakers working in the country include BYD Auto Co., Ltd., Great Wall Motors Co. Ltd., Hyundai Motor Co., Kia Motors Corp., Mahindra & Mahindra Ltd., Maruti Suzuki India Ltd., MG Motor India, Renault Group, Tata Motors Ltd and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
India Electric Car Market Segmentation
By Vehicle Type
By Propulsion Technology
• Battery Electric Car
• Plug-in Hybrid Electric Car
By Battery Type
• BYD Auto Co., Ltd.
• Great Wall Motors Co. Ltd.
• Hyundai Motor Co.
• Kia Motors Corp.
• Mahindra & Mahindra Ltd.
• Maruti Suzuki India Ltd.
• MG Motor India
• Renault Group
• Tata Motors Ltd.
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