KOTRA, India and South Asia Electric Vehicle Market Trends Briefing Session

India's Electric Vehicle Market Expected to Grow to 7.3 Million Units by 2027

[Asia Economy Reporter Sunmi Park] KOTRA announced on the 21st that it will hold the ‘India and South Asia Electric Vehicle Market Trends Online Seminar and Consultation Meeting.’

The event, held on the 22nd, was organized to establish a new cooperation system between Korean and Indian companies and to support the diversification of Korean companies’ entry into the electric vehicle supply chain in India and South Asia.

At this seminar, ▲local professional consulting firm Avalon Consulting ▲a professor from Lahore University of Management Sciences in Pakistan and director of the affiliated Energy Informatics Group ▲Nitol Motors, the Bangladesh agent of India’s Tata Motors, will participate to introduce the electric vehicle market trends in three South Asian countries (India, Pakistan, Bangladesh).

Additionally, ▲Hyundai Motor India ▲three-wheeler manufacturer TVS ▲Switch Mobility, the electric vehicle division of India’s Ashok Leyland Group, will participate to present on each company’s electric vehicle business plans and future purchasing strategies.

In the online export consultation meeting following the seminar, 50 Indian buyers and 30 domestic companies are expected to conduct over 100 consultations on items such as electronic components, chargers, and battery measuring equipment.

According to Avalon Consulting, the production of electric vehicles (including two- and three-wheelers) in India is expected to grow 16-fold to about 7.3 million units by 2027. In the case of regular passenger cars, currently Tata Motors holds 85% of the electric vehicle market through the small SUV Nexon, but competition is expected to intensify as Hyundai Motor, Kia Motors, and Maruti Suzuki enter the market in full scale.

Eun Jihwan, head of KOTRA Chennai Trade Center, said, “The Indian electric vehicle market is currently growing significantly centered on two- and three-wheelers, but the regular electric passenger car market could activate faster than initially expected. If our small and medium-sized enterprises proactively strengthen cooperation with local companies, new opportunities will open in the Indian electric vehicle market with a population of 1.4 billion.”

This content was produced with the assistance of AI translation services.