The Indian market is looking forward to more electric vehicles in the 2024-25 financial year as automakers go ahead with plans to reduce carbon emissions. It is indicated that 12 of the 14 car manufacturers in the country are preparing to introduce electric cars in the next financial year.
It is expected that Maruti Suzuki, the country’s largest car manufacturer, will bring the first electric vehicle to the market in collaboration with Toyota. Tata Curve EV and Mahindra XUV E8, Kia EV9, BYD. Seal may also enter the market. By 2030, the central government aims to make up to 30 percent of the cars sold in the country as battery electric vehicles.
For this, car manufacturers are changing their products. Concerns about the high cost of electric vehicles, the distance that can be traveled on a single charge, and the availability of charging systems continue to be a challenge to the spread of electric vehicles. Auto consumers in India are very concerned about fuel costs.
This is also influencing the sales growth of electric vehicles. Therefore, the companies do not expect that there will be a big growth in the sales of electric vehicles just because of the introduction of new vehicles. People in this field say that sales will increase only if steps are taken to solve such problems immediately. This is the reason why fossil fuel vehicles continue to dominate the market.
Market share below four percent
The market share of electric vehicles in the country is less than four percent. The growth in their market share is not strong yet. A new model of petrol-diesel vehicles is likely to see a rapid increase in their sales. However, various car companies are making it clear that speed is not evident in the case of electric vehicles.
It is estimated that new petrol model vehicles will get eight to ten percent sales growth in the market. Meanwhile, there are estimates that the car sales growth will be only three to four percent in the next financial year. By 2023, more than 15 lakh electric vehicles, including two-wheelers, have been sold in India. The annual growth is 49.25 percent compared to the previous year. Meanwhile, sales of electric cars are below one lakh.