The electric car segment has been seeing increased the demand also in India. New model launches have spurred up sales in this segment to a great extent. Even as the Government of India is continually introducing new and more favourable policies, buyer awareness concerns are also rising, while improved battery technology is slowly but surely alleviating customer’s fears of range and performance. The electric vehicle (EV) market in January 2024 witnessed significant growth, with Tata, MG, and Mahindra emerging as leaders in the segment. Boosted by new product launches, the electric car segment improved in January 2024 showing both YoY and MoM growth. Sales stood at 8,165 units in the past month, a 136.84 percent YoY growth over 3,447 units sold in January 2023. It was also a 13.07 percent MoM growth over 7,220 units sold in December 2023.
1.Tata Motors
Tata Motors is an Indian multinational automotive manufacturing company headquartered in Mumbai, India. It is a part of the Tata Group and it is one of the largest automotive manufacturers in the India. Tata Motors produces a wide range of the vehicles, and also including the passenger cars, and the utility vehicles, trucks, buses, and electric vehicles.
2. MG Motor India
MG Motor India is the Indian subsidiary of the British automotive company MG Motor, which is owned by SAIC Motor Corporation Limited, a Chinese multinational automotive manufacturer. MG Motor India entered the Indian market in 2019 and has gained popularity for its SUVs and electric vehicles.
3. Mahindra & Mahindra
Mahindra & Mahindra is an Indian multinational conglomerate with the interests in various sectors, and also including automotive, and the farm equipment, also the aerospace, and some more. Mahindra & Mahindra is one of the largest automotive manufacturers in India and is known for the producing utility vehicles, and the SUVs, the electric vehicles, and the commercial vehicles.
4. Hyundai Motor Company
Hyundai Motor Company is a South Korean multinational automotive manufacturer headquartered in Seoul, South Korea. Hyundai has been investing in electric mobility and offers electric vehicles like the Hyundai Kona Electric, Hyundai Ioniq Electric, and the upcoming Hyundai Ioniq 5.
5. BMW Group
BMW Group is a German multinational automotive company headquartered in the Munich, and in the Germany. It is known for producing luxury vehicles, to be including cars, and the motorcycles, and electric vehicles under the BMW and MINI brands.
6. Mercedes-Benz
Mercedes-Benz is a German luxury automotive brand and a division of Daimler AG. Mercedes-Benz has been expanding its electric vehicle lineup under the EQ brand and offers electric vehicles like the Mercedes-Benz EQC and the upcoming Mercedes-Benz EQS.
7. Kia Corporation
Kia Corporation is a South Korean automotive manufacturer and a subsidiary of Hyundai Motor Company. It produces the range of the vehicles, and also including cars, the SUVs, and some electric vehicles.
Tata Motors continued its leadership in the EV market with strong sales figures for models like the Nexon EV and the upcoming Altroz EV. MG Motor India witnessed remarkable sales growth in January 2024, driven by the popularity of its electric SUV, the MG ZS EV.
Mahindra's Strategic Approach
Mahindra & Mahindra has been a pioneer in electric mobility in India and maintained its strong presence in the EV market. The launch of the Mahindra eKUV100, India's most affordable electric car, has been instrumental in attracting budget-conscious buyers. Mahindra's commitment to sustainability and renewable energy has resonated well with consumers, contributing to its success in the EV segment.
Challenges and Opportunities
Despite the growth, challenges such as the need for robust charging infrastructure, battery range concerns, and upfront costs remain. Government incentives and policies, including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, play a crucial role in driving EV adoption. Policymakers need to ensure the continuity and effectiveness of such schemes to sustain the momentum of the EV market.
Looking Ahead
The electric car market is poised for continued growth and innovation, with Tata, MG, and Mahindra expected to introduce new models and invest in research and development. Collaborations between automakers, technology companies, and government agencies will drive advancements in battery technology, charging infrastructure, and sustainable mobility solutions. With a shared vision for a greener future, the electric car market in India holds immense potential for growth and transformation.