A comprehensive review on the growth of electric vehicles in India

Abstract

India is an emerging country with a huge market. With the fast-developing infrastructure, the economy is growing rapidly. India is also facing a lot of problems such as air pollution, traffic congestion and accidents, and expensive energy costs. As a result, the Indian government has set a goal to reduce the country's dependence on fossil fuels by increasing the share of electric vehicles in the country’s car fleet from less than 1% now to 7% by 2022. To achieve this goal, three types of EV models are available for sale in India: hybrid electric vehicles (HEVs); plug-in hybrid electric vehicles (PHEVs); and battery electric vehicles (BEVs). The BEV is the most advanced technology, with a high-capacity lithium-ion battery that can be recharged from an external source. The objective of the study is to define, elaborate and predict the market segmentation for electric vehicles (EVs) in India. The study will provide an overview of market segmentation for EVs in India. In the end, the study concludes that the market segmentation will be helpful in several ways such as it helps to make your target market clear and also helps to enhance the chances of Electric Vehicles product acceptance in India. In order to increase market share, marketers must develop a strong strategy focusing on the target segment.