The latest report published by IMARC Group, titled “India Electric Car Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on electric car market size in India. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India electric car market is projected to exhibit a growth rate (CAGR) of 65% during 2023-2028.
An electric car is a type of vehicle that operates on electric energy instead of conventional fuels like gasoline or diesel. Powered by one or more electric motors, it uses energy stored in rechargeable batteries. Unlike internal combustion engines, electric cars produce zero tailpipe emissions, making them environmentally friendly. They represent an innovative shift in automotive technology, offering a sustainable alternative to traditional vehicles. As governments and consumers worldwide become increasingly concerned about environmental impacts, the adoption of electric vehicles is on the rise. They offer benefits such as reduced fuel costs, lower maintenance requirements, and enhanced energy efficiency.
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The electric car market is witnessing significant growth, driven by shifting consumer preferences. Also, the government’s push for greener transportation solutions through subsidies, tax incentives, and infrastructure development is propelling the demand for electric vehicles (EVs). Additionally, the increasing concern over air pollution in major Indian cities and the country’s commitment to reducing carbon emissions align with the adoption of electric cars. Technological innovations are further enhancing the range, performance, and affordability of EVs, making them more accessible to a broader consumer base. The emergence of domestic manufacturers, partnerships with global players, and the entry of new startups are fostering competition and innovation in the Indian electric car market. Moreover, the growing awareness among consumers about the environmental benefits, coupled with the advent of more efficient charging infrastructure, is influencing the market positively.
India Electric Car Market Segmentation:
Our report has categorized the market based on type, vehicle class, vehicle drive type, and region.
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Vehicle Class Insights:
Vehicle Drive Type Insights:
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
- South India
- North India
- West and Central India
- East India
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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