In India, the sale of electric vehicles is in a high-pace. Even though the market for electric cars in India is still in a nascent stage, it is anticipated to grow rapidly given that companies are planning to set-up charging stations in closer proximity.
Moreover, it is noted that one thing that are people having second thoughts about electric vehicles is, what if the battery drains-up in the middle of nowhere? That’s the worst thing that could happen during a commute. You don’t want to be stranded in the middle of the road where there are no charging stations available.
On the other hand, this opens the gates for the other segments in the market of EV, Charging stations. Yes, when there are more charging stations on the highway, the market widens-up, and the market of electric vehicles in India could target a new customer group.
Similarly, it also allows the renewable energy sector to open up to the new market and new customer segment. This also could impact the sales of batteries. And it is evident that it would go up if there is a potential for electric vehicles.
India is a potential market for electric vehicles. With high-population and as a developing country, the market has a wide customer group and segment. In addition, with high purchase power, India could be a potential market for EV. In fact, the fuel price has also crossed the all-time high mark and the switch to electric vehicles is inevitable.
Even though the price of electric motorcycles are a bit high, people are still eyeing on electric motorcycles and buying considerably cheap electric motorcycle which has less power and that does not go beyond 40KMPH.
The existing market players are trying to enter into the market as people are switching to electric vehicles.
In addition, there is also a possibility for Market entry since the country is at the very nascent stage of the e-vehicle market in India.
It is to be noted that, the Indian market has potential customers in both Commercial vehicles and Passenger vehicles, and the share distribution of these two customer segments are almost equal.
Besides, in cities like Bengaluru, Chennai, Hyderabad, Mumbai, and Delhi where the daily commuters are more comparatively, the usage of two-wheelers and three-wheelers like rickshaw is more.
Electric Car Manufacturers
On the other hand, the market for electric cars in India is also high considering the fact that the major car manufacturers like Tata, Hyundai, MG have already launched their electric cars in India and have witnessed a steady growth in the sales of those vehicles year-after-year.
In addition, Premium car manufacturers like Mercedes Benz have already launched their car in India and Jaguar is about to launch a fully electric car in India. This indicates the market potential for electric vehicles in India.