Market to get 14 models before 2025
About 2 million xEVs (electric and hybrid vehicles) will be sold in India in 2030 owing to increasing government initiatives and incentives, domestic OEMs’ interest towards EVs and the increasing popularity and awareness among Indian customers, says a research report.
However, inherent drawbacks in terms of charging infrastructure, grid management and varying (in comparison to other regions) consumer preferences in terms of product and features hinder the adoption of electric vehicles (EVs), said the report “Strategic Analysis of the Indian EV & Hybrid Electric Vehicle Market, 2017-2030”.
Over 10 electric and 4 main hybrid vehicle models are expected to hit the Indian market before 2025.
Mahindra will have high focus on EVs, while Japanese OEMs such as Nissan, Honda and Toyota are expected to focus on FHEVs in 2023.
The report said 48v mild hybrids are expected to be a go-to solution for manufacturers to comply with regulations.
As the Indian government has announced a ban of decade old diesel cars and is expected to introduce laws favouring EVs, this is an opportune time for global brands to introduce their EV/HEV models in India as a strategic move to arrest falling sales.
Start-ups, with distinctive product features that also resonate with the cultural ethos, could look at gaining a definitive edge in this competitive market, according to the report.
The report pointed out that tightening emissions standards coupled with plaguing pollution levels have begun to shift the dynamics of the Indian automotive market.
While xEV have gained traction in developed nations internationally, they are yet to do so in the Indian market, noted the report
The report covered Bosch, Continental, Delphi, Hyundai, Mahindra Electric, Maruti Suzuki, Nissan, Sun Mobility Private Limited and Tata Motors. fiinews.com
