Source : Frost & Sullivan
Monday, June 30, 2014 11:20AM IST (5:50AM GMT)
Government Support to Bolster Electric and Hybrid Vehicles Market in India, finds Frost & Sullivan
Collaborations with participants from Europe or North America will ease out the pressure of handling complex technologies
Mumbai, Maharashtra, India

The electric and hybrid vehicle industry in India is at a nascent stage, and it’s only now that it is slowly creating opportunities for automotive original equipment manufacturers (OEMs). The subsidies from the Government has supported electric vehicle (EV) industry so far, however the same could have been more consistent for the overall market growth. However, the Indian government’s plans to re-introduce incentives for EV buyers will revitalize the market. The foray of more automotive manufacturers into the Indian electric and hybrid vehicle industry too will subsidize charging infrastructure and quicken market expansion.
New analysis from Frost & Sullivan, Strategic Assessment of Electric and Hybrid Vehicles Market in India, finds that the total electric and hybrid vehicles market stood at 125,257 units in 2013 and estimates this to reach 1.1 million units by 2021 at a compound annual growth rate of 31.6 percent. Domestic and international vehicle manufacturers are expected to launch more than 25 EV models by 2021.
“Meanwhile, the infrastructure for electric and hybrid vehicle is practically non-existent in India, with only a handful of OEMs installing charging ports,” said Frost & Sullivan Automotive and Transportation Research Analyst. “The infusion of around ₹120.0 billion by the government for power generation as well as charging infrastructure in various cities is likely to expand infrastructure and market scope” he added.
Despite this support from the government, manufacturers still struggle to find price-effective local suppliers for electric and hybrid vehicle components. As a result, the cost of EV ownership is roughly 45 percent higher than a conventional car.
Besides price, OEMs must address factors like range anxiety, power and output with better technologies to empower buyers with confidence about the product and the industry. Developing models with lesser dependence on charging infrastructure will also be crucial to hasten adoption.
“Due to the complexity of technology involved, collaborations with players from much more evolved EV industries like in Europe or North America will ease out the pressure of clocking high growth rates,” added the Analyst. 

Success of EV and Hybrid Vehicles in India is inevitable as vehicle users are informed and aware of the technology benefits. The need is to develop an “Eco System” which would address issues like “Range Anxiety”, “Fast Charging” and Initial Investment in the vehicle. India’s policy makers will have a major say in developing such an eco-system to promote the use of Electric and Hybrid vehicles in times to come.
If you are interested in a virtual brochure, which provides a brief synopsis of the study  and a table of contents, then send an e-mail to Priya George / Akshata Mhatre, Corporate Communications, at /, with your full name, company name, title, telephone number, company e-mail address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by e-mail.
Strategic Assessment of Electric and Hybrid Vehicles Market in India is part of the Automotive & Transportation ( Growth
Partnership Service program. Frost & Sullivan’s related studies include: Inductive Charging for Global Electric Vehicles (EV) Market, Electric Vehicle Charging Infrastructure (V2G and V2H) in Japan, and Global Hybrid and Electric Heavy-Duty Transit Bus Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our “Growth Partnership” supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.

  • The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation. 
  • The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us:Start the discussion
Join Us:Join our community
Subscribe:Newsletter on “the next big thing"
Register:Gain access to visionary innovation

Media Contact Details

Akshata Mhatre, Corporate Communications – South Asia Frost & Sullivan, ,+91-9867873010 ,+91 (22) 66072029 ,

Priya George, Corporate Communications – South Asia Frost & Sullivan, ,+91 (44) 61814456 ,

Ravinder Kaur, Corporate Communications – South Asia Frost & Sullivan, ,+91 (44) 61814080 ,