Chinese EV makers strengthen foothold in India's growing market
What's the story
Chinese automakers are rapidly gaining ground in India's burgeoning electric passenger vehicle (EV) market, which is currently dominated by domestic players Tata Motors and Mahindra & Mahindra. In less than two years, brands like BYD, MG (owned by China's SAIC Motor), and Volvo (owned by China's Geely) have surpassed their South Korean and German competitors to capture nearly a third of the Indian EV market.
Market share
Chinese brands dominate Indian EV market
Chinese brands have quickly captured a significant portion of the Indian EV market. According to Jato Dynamics, they sold 57,260 vehicles by October this year, accounting for 33% of the market by volume. This is a remarkable turnaround from 2019 when no Chinese brand had sold a single battery electric vehicle (BEV) in India.
Market impact
Chinese EV makers enhance consumer choice in India
Experts say that Chinese EV makers have not only widened consumer choice but also accelerated India's adoption of cutting-edge battery tech, premium features, and faster product life cycles. MG Motor was the first to establish a foothold in this market by offering mass-market EVs packed with features. "Our growth momentum in India is driven by exceptional customer-centric innovations and a deep understanding of local market needs," said Vinay Raina, Chief Commercial Officer at JSW MG Motor India.
Expansion
BYD and Volvo's successful entry into Indian market
BYD, one of the world's largest EV makers, has also made a successful entry into the Indian market. It has expanded steadily amid strong commercial and fleet demand. Meanwhile, Volvo Cars has carved out a steady premium presence in India. "Our growth in India is driven by a strong and loyal customer base and our accelerated focus on electrification," said Jyoti Malhotra, MD of Volvo Car India.
Market evolution
Indian EV market: A blend of domestic and global brands
The presence of strong domestic and global brands has made India a highly evolved EV market, especially in the premium segment. Volvo conducts regular customer clinics to fine-tune features, pricing, and expectations. "All the models that we sell in India are now assembled locally," said Malhotra. This localization strategy is key to staying competitive in this fast-growing market.