Affordable EVs Drive India's Car Market Past 1 Lakh Sales

CIOTechOutlook Team | Monday, 09 December 2024, 05:22 IST

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India’s electric vehicle market is accelerating, especially in the budget category, with 86% of sales focused on the sub-Rs 20 lakh range. As consumers opt more for battery-powered SUVs instead of conventional hatchbacks, electric PV sales are forecasted to surpass 100,000 this year.

Although early market frontrunner Tata Motors is encountering challenges, the anticipated releases of Suzuki e-Vitara, Mahindra BE.6e, and CEV9e in early next year are likely to invigorate the market and enhance competition.

Experts indicated that an increase in options within the electric PV sector will solely contribute to market growth. They also mentioned that tougher emission penalties and the increasing environmental advantages of EVs are pushing car manufacturers toward electrification.

Drawing inspiration from China, the leading global market for electric vehicles, many automotive manufacturers are looking into creative solutions such as battery-as-a-service and battery swapping stations to tackle charging infrastructure issues.

“Battery swapping technology in China has reduced refuelling time to just five minutes, providing a promising model for the Indian market,” said Ravi Bhatia, president, Jato Dynamics.

The recently launched MG Windsor EV has significantly contributed to the company's growth. Introduced with an innovative battery-as-a-service model, the Windsor EV is available for purchase at Rs 9.99 lakh. It distinguishes the cost of the vehicle from the battery price, enabling consumers to pay for the battery according to usage at a rate of Rs 3.5 per km.

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