As with the increasing awareness of environmental safety, people are widely switching over to Electric Vehicles. But still till now, electric PV’s Or electric passenger vehicles still are around 2.47% of total market of passenger vehicle sales.
Upcoming Indian Manufacturers
Tata Motors Electric Vehicles
Tata Motors has already started to initiate the electric vehicle revolution. It says that it’s planning to increase its contribution towards making electric vehicles and is planning to increase the market share in the same to 25% in the following five years and reach to 50% by 2030. The unit sales of the company went up to 50,000 from 1300 in the past three years. The company has the widest range of electric vehicles offerings which include hatchbacks, sedans, sports utility vehicles, petrol based passenger and load carrier vehicles and much more.
MG Motors India
MG Motors India has also planned a rise of 25% for its portfolio during this fiscal year. It is expected to clock a quarter of its sales from the Electric Vehicles market this year.
SAIC Motor
The SAIC Motor -owned automaker launched its new high-end variant of its electric SUV ZS EV at around rs 27.89 lakh.
Other Indian manufacturers
Other major contributors to the Electric vehicle industry can be Maruti Suzuki, Toyota, Honda, Renault, Nisan, Skoda and Volkswagen. They are major players in the car market but yet to make an entry in the electric field. This makes Tata almost the Indian monopoly in the Electric passenger vehicle market.
Countries and Companies to target India
The two US automakers are currently marking India as their target consumer market for their Electric PV’s.
Tesla
Elon Musk-led electric carmaker Tesla is planning to set up its Electric PV factory in India at multiple locations and to set up mainly car and battery manufacturing facilities in India. The price of the next generation EV platform is estimated to be set as low as around ₹ 20 lakh.Â
Fisker
California based electric vehicle company is also planning to launch 100 limited edition Ocean SUVs for the Indian market. The all-electric Fisker SUV deliveries will be started by the last quarter of this year after being properly tested and certified for roadworthiness by September. The price range of the Fisker Ocean SUV will be approximately around ₹1 crore, which will make it quality to the list of other luxurious cars along with Audi electric-tron and Jaguar I-pace, including import duties.
BYD
Chinese firm BYD also had plans for investing in India in a Hyderabadi Conglomerate but due to various security reasons, the offer faced a lot of scrutiny. It is not confirmed yet what will be the final decision of the Chinese firm regarding this matter.
Other mainstream and luxury car manufacturers that plan to invest or enter the Indian cars market are Citroën, Kia, BMW, Mercedes-Benz, Volvo and Porsche. At Least 21 new electric passenger vehicles will be launched in India by the next following 5 years.
The lining up of all the companies to manufacture their domestic Electric passenger vehicles is fuel in the growth of electric vehicles market in India. The cars will be made accessible to a wide range of customers depending on the demand generated.
What makes Electric PV makers so sure of the market?
The Electric PV companies are planning to keep average retail prices of the Electric vehicles quite high in the upcoming years as the early adopters of every new or latest trend will try to remain updated in this new launch also. This willingness of the target consumer market to stay at the forefront of technology and sustainability will help the Electric PV’s manufacturers to gain leverage and set higher prices for premium EV models.
The launch of a new version of Hector by MG Motors India and ZS EV resulted in its robust demand which significantly led to the growth of the company.
Therefore on the basis of past analysis, a market researcher at Jato Dynamics today claimed that India may prove to be a success in launching the Electric Vehicle market.
