India's passenger EV market will hot up in next 3-4 years; Tesla, Maruti may shake up Tata's dominance
passenger vehicle sales grew 10 per cent YoY, but its electric vehicle (EV) sales nearly doubled to account for 2 per cent of the overall PV sales.
This EV surge in EV sales can be can be attributed to factors like, government incentive schemes like PLIs, infrastructure development like more EV charging points, increasing urban consumer interest, and government push to meet green target.
Now with reports of Tesla's entry in the Indian market, and its CEO Elon Musk India visit this month, experts say Indian EV market will see immense growth in next few years.
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Currently Tata Motors held over two-thirds of the country's EV market, but Mahindra & Mahindra and BYD are emerging players in the Indian market.
Recording a 2476 per cent increase with just one model in its portfolio, Mahindra & Mahindra was the fastest-growing brand in 2023, followed by Build Your Dreams (BYD) and MG Motor.
Mahindra's growth is attributed to the all-electric SUV XUV400 launched in 2023. BYD, with just two models in its India line-up, e6 MPV and Atto 3 SUV, grew over 1500 per cent in 2023.
BYD's recent launch of the Seal model will further enhance its presence and competitiveness in the Indian EV market.
A recent research report by Counterpoint research, says India's EV sales in expected to increase by 66 per cent in 2024, and EVs market share in passenger vehicle segment will double to 4 per cent from 2 per cent in 2023. The report also says
