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Framework and Ecosystem Fostering EV and Hybrid Vehicle Market
The total electric and hybrid vehicle market is in a formative stage in India, except for the two-wheeler market, which is gradually creating opportunities for OEMs. Intermittent support from the government, without the kind that allows OEMs to grow consistently, curbed the market growth in the past. This research for the industry under study was based on interaction with industry experts who are stakeholders in the electric vehicle industry ecosystem. This study covers a range of vehicles, including two wheelers, three wheelers, passenger cars, and commercial vehicles, with passenger vehicles segmented at a granular level of design complexity into neighbourhood electric vehicle, battery electric vehicle, extended-range electric vehicle, and plug-in hybrid vehicle.
-The total electric and hybrid vehicles (xEVs) market had units in 2013, and it is expected to grow to million units by 2021 at a CAGR of %.
-More than EV models can be expected from domestic and international vehicle manufacturers by 2021.
-The Indian Government has laid out plans for re-introducing incentives for EV buyers. Earlier in 2011-12, the policy of incentives had not attracted the potential buyers.
-There is a lot of potential in the Indian market; hence, some of the big participants of international market like Build Your Dream (BYD) are eyeing to enter the market.
-In 2013, the government has earmarked an amount of to billion for setting up the infrastructure for electric/hybrid vehicles.
-Currently, only Mahindra Reva is manufacturing electric cars in India. Hybrid models like Toyota Prius and Honda Civic Hybrid have not done well due to their heavy pricing.
-Hero Electric and Electrotherm (India) Ltd. are expected to emerge as leading players within the EV market as the electric W segment is continuously evolving
-The underdeveloped infrastructure, lack of local component manufacturers for EV, and inconsistent support from government have undermined the industry growth
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