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Consumers are driving the transition to electric cars in India | McKinsey
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class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-5"><div class="mck-u-links-inline">As the transition to electric cars gains momentum in India, new consumer needs are emerging related to product features, charging, channel preferences, flexible ownership models, and more.</div></div></div></section><main data-layer-region="article-body" class="mdc-u-grid mdc-u-grid-gutter-xxl"><div class="mdc-u-grid mdc-u-grid-col-1 mdc-u-grid-col-md-12"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><div class="mdc-o-content-body mck-u-dropcap"> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="DownloadsSidebar_mck-c-downloads-sidebar__iFmyt mck-o-xs-right-span"><div data-layer-region="downloads-right-rail"><h3 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924"></h3><div><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924"><a data-component="mdc-c-link" href="#/download/%2F~%2Fmedia%2Fmckinsey%2Findustries%2Fautomotive%20and%20assembly%2Four%20insights%2Fconsumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india%2Fconsumers-are-driving-the-transition-to-electric-cars-in-india.pdf%3FshouldIndex%3Dfalse" class="DownloadsSidebar_mck-c-downloads-sidebar__download-link__fPqFQ mdc-c-link___lBbY1_8032924" target="_self" data-layer-event-prefix="Download Link" data-layer-action="click" data-layer-report-type="" data-layer-file-name="consumers-are-driving-the-transition-to-electric-cars-in-india" data-layer-report-name="consumers-are-driving-the-transition-to-electric-cars-in-india>"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--size-md___yi5fA_8032924 mck-download-icon"></span><span class="mdc-c-link__label___Pfqtd_8032924"> (7 pages)</span></a></div></div></div></div> <p><strong>India is poised to embrace</strong> a future of electric vehicles (EVs): 70 percent of tier-one Indian car consumers state that they’re willing to consider an electric car for their next vehicle, as compared to the record-high global average of 52 percent. Even though the Indian internal-combustion engine (ICE) vehicle market has seen an increase in recent years,<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_bottom__9aoSL FootNote_inactive__VZfCp" aria-describedby="ea0f783b-3e98-4f28-93ce-4723ab18be4f"><sup class="FootNote_footnotesup__e73z_">1</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="ea0f783b-3e98-4f28-93ce-4723ab18be4f" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">Brajesh Chhibber and Nitesh Gupta, “<a href="/industries/automotive-and-assembly/our-insights/the-indian-automotive-industry-from-resilience-to-resurgence">The Indian automotive industry: From resilience to resurgence?</a>,” McKinsey, March 3, 2021.</span></span></span></a></span> the rapid transition to electrification signifies a decisive inflection point for the country. Driven by a shift in global climate policies, central and state governments have introduced initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme to speed up the adoption of EVs. In addition, several cities have introduced access regulations for ICE vehicles to reduce air pollution and improve traffic conditions.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--display-column___X0HDD_8032924 SideBar_mck-c-sidebar__share-icons___eQy6"><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_8032924 mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--radial___y3csX_8032924 mdc-c-icon--size-xxl___cL3ZT_8032924 mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>About the authors</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body">This article is a collaborative effort by Tushar Goswamy, Alexander Grausam, Bhavesh Mittal, <a href="/our-people/timo-moller">Timo Möller</a>, Felix Rupalla, and Prabhmaan Thapar, representing views from McKinsey’s Automotive & Assembly Practice and the McKinsey Center for Future Mobility.</div></div></div></div></div></div> <p>At the same time, EVs have become increasingly accessible. Incumbent car manufacturers have announced ambitious product-portfolio electrification targets. Newcomers have launched models specifically designed for India’s urban environments. And the total cost of ownership for EVs, which is historically an obstacle for EV purchasers, achieved parity with ICE vehicles. As a result, EV market penetration is projected to grow to 10 to 15 percent by 2030,<span class="FootNote_footnote-holder__tjRqy"><a aria-label="footnote" href="javascript:void(0);" class="FootNote_footnote-wrapper__AIRwL undefined FootNote_bottom__9aoSL FootNote_inactive__VZfCp" aria-describedby="d850c7a3-5de1-4b8e-8678-b88e4752ba8c"><sup class="FootNote_footnotesup__e73z_">2</sup><span class="FootNote_notch-wrapper__b_5NS"><span class="FootNote_notch__omKtY"></span></span><span class="FootNote_tooltip__QtrbA mdc-u-mt-2"><span class="FootNote_footnote-content__r2OVl"><span id="d850c7a3-5de1-4b8e-8678-b88e4752ba8c" aria-hidden="true" data-module-theme="light" class="FootNote_footnote-text__VjKgO mck-u-links-inline">Estimate from McKinsey Electrification Model as of July 2023. Does not include impact of potential change in FAME regulations.</span></span></span></a></span> creating a significant opportunity for OEMs, financial institutions, grid operators, and other stakeholders.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--display-column___X0HDD_8032924 SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_8032924 mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_8032924" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--default___f-hQM_8032924 mdc-c-icon--size-md___yi5fA_8032924 mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_8032924 mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--radial___y3csX_8032924 mdc-c-icon--size-xxl___cL3ZT_8032924 mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>Methodology</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body">This article is informed by insights from our online India Mobility Consumer Survey conducted in December 2022. We surveyed about 1,200 participants across income ranges, household compositions, and regions in India with varying mobility patterns. This India-specific perspective complements our regular McKinsey Mobility Consumer Pulse Survey, a global survey with more than 50,000 consumer data points to discern future mobility consumer trends, shifting preferences, and the evolution of consumer segments over time.</div></div></div></div></div></div> <p>To better understand consumer sentiment about vehicle electrification in India, we surveyed people across income levels and spanning regions in India (see sidebar, “Methodology”). Their responses reveal both an appetite for and concerns regarding electric vehicles, including the importance of sustainability, charging infrastructure, and the evolving purchase journey in the online space.</p> <h2>Consumers are largely on board with EVs because sustainability is increasingly important</h2> <div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="lightest-grey" data-module-category="" data-module-gradient-position="bottom-right" class="mck-c-inline-module-container SideBar_mck-c-sidebar__bgimg-wrapper__Qj4Dt mck-o-sm-left-span SideBar_mck-c-sidebar__sidebar-wrapper__Dpjw2 SideBar_mck-c-sidebar__sidebar-wrapper--istablet__IQ6ii mck-u-screen-only mck-c-module-wrapper" data-layer-region="sidebar"><div class="SideBar_mck-c-sidebar__epoAm mck-o-md-center"><div class="SideBar_mck-c-sidebar__share-icons-wrapper__9gB_c"><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_8032924 mdc-c-link-container--display-column___X0HDD_8032924 SideBar_mck-c-sidebar__share-icons___eQy6"><div data-component="mdc-c-dropdown-menu" class="mdc-c-drop-down"><button data-component="mdc-c-button" aria-label="" type="button" id="button_id" class="mdc-c-button___U4iY2_8032924 mdc-c-button--ghost mdc-c-button--size-medium mdc-c-drop-down__rootmenu___yJzvz_8032924" aria-expanded="false" aria-haspopup="menu"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--default___f-hQM_8032924 mdc-c-icon--size-md___yi5fA_8032924 mck-share2-icon"></span></button><div data-component="mdc-c-module-wrapper" data-module-theme="light" data-module-background="white" data-module-category="" class=""></div></div><button data-component="mdc-c-button" aria-label="Expandable Sidebar" type="button" id="button_id" class="mdc-c-button___U4iY2_8032924 mdc-c-button--ghost mdc-c-button--size-medium SideBar_mck-c-sidebar__toggle-btn__EL8iE" aria-expanded="false" data-layer-event-prefix="UI Item" data-layer-action="click" data-layer-category="sidebar" data-layer-subcategory="open" data-layer-text="open sidebar"><span data-component="mdc-c-icon" class="mdc-c-icon___oi7ef_8032924 mdc-c-icon--radial___y3csX_8032924 mdc-c-icon--size-xxl___cL3ZT_8032924 mck-plus-no-circle-icon"></span></button></div></div><div class="SideBar_mck-c-sidebar__content-outer__UdWCq"><div class="SideBar_mck-c-sidebar__eyebrow__5GSEq"></div><div class="SideBar_mck-c-sidebar__content__raEwe"><h2 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-3 SideBar_mck-c-sidebar__content-heading__NJekY"><div>About the McKinsey Center for Future Mobility</div></h2><div class="SideBar_mck-c-sidebar__content-description__4p9iI mdc-u-ts-7"><div class="mdc-o-content-body">These insights were developed by the McKinsey Center for Future Mobility (MCFM). Since 2011, the MCFM has worked with stakeholders across the mobility ecosystem by providing independent and integrated evidence about possible future-mobility scenarios. With our unique, bottom-up modeling approach, our insights enable an end-to-end analytics journey through the future of mobility—from consumer needs to modal mix across urban and rural areas, sales, value pools, and life cycle sustainability. <a href="mailto:mmip@mckinsey.com">Contact us</a> if you are interested in getting full access to our market insights via the McKinsey Mobility Insights Portal.</div></div></div></div></div></div> <p>Consumer sentiment suggests the transition to electric cars will gain momentum. The vast majority of people are eyeing EVs for their next car purchase, with a clear preference for full battery electric vehicles (49 percent) over plug-in hybrid electric vehicles (21 percent) (Exhibit 1). These preferences align closely with our research on electric two-wheelers, which showed that 86 percent of consumers would consider buying an EV compared to 69 percent who would consider an ICE vehicle. A number of factors are contributing to this appetite for EVs, with potential purchasers noting the impact on the environment (67 percent), lower total cost of ownership (26 percent), and reduced engine noise (26 percent) as the biggest benefits of driving an EV.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex1.svgz?cq=50&cpy=Center"/><img alt="Most Indian consumers say the next car they purchase will be electric." src="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex1.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Indeed, an overall concern for sustainability is influencing Indian consumers’ desire for EVs, with sustainability being the number one priority in car-buying and mobility-usage habits. In fact, sustainability is increasingly influencing consumer decisions across the board in India: 75 percent of Indians are starting to change (or have already changed) their behavior and consumption patterns based on sustainability considerations. Of these changes, engaging with and becoming more loyal to sustainable brands (27 percent), positively advocating for sustainable products and services (23 percent), and trying sustainable products and services more often (20 percent) are the most common.</p> <p>Sustainability is among the top five criteria people factor in when considering a car, along with safety, brand, and costs (Exhibit 2). The desire for zero-carbon vehicles is also evident in the dominant two-wheeler market, in which this preference was one of the top three purchase criteria.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex2.svgz?cq=50&cpy=Center"/><img alt="For their next car purchase, consumers are considering safety, brand, and total cost of ownership, followed by sustainability." src="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex2.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <h2>Convenient charging points and long-term test-drives will accelerate adoption</h2> <p>Alongside all this momentum for sustainable mobility, there emerge real concerns that could influence uptake, including battery life and safety, purchase price, charging time, and reliability of technology. Better availability of charging points is one of the biggest factors influencing the shift toward electric mobility. Perceived charging infrastructure readiness is low: more than 75 percent of all surveyed consumers feel that India is not yet well set up in terms of charge points (Exhibit 3).</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex3.svgz?cq=50&cpy=Center"/><img alt="Charging infrastructure readiness is perceived to be low, and speed, cost, and safety are paramount to choosing a charge point." src="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex3.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Indian consumers show almost equal affinity for public and home charging (58 percent and 42 percent, respectively) despite appreciating the latter as being cheaper, more convenient, and more accessible. However, only 55 percent of consumers have access to home charging, while another 30 percent would be able to upgrade their home setup accordingly. But even though Indian consumers have limited access to home charging, this will likely not hinder EV adoption. Two-thirds of Indian consumers would buy an EV even if they could not charge at home. But similar to what we found in our research on electric two-wheelers, 38 percent of consumers feel their nearby areas lack a sufficient network of charging infrastructure. Hence, investing in both public and home charging is critical for further EV adoption. The biggest factors influencing where people choose to charge in public are charging speed (49 percent) and costs (41 percent), followed by the safety of the location (28 percent). In fact, most people are willing to pay 10 to 20 percent more for the convenience of fast charging.</p> <p>Another significant factor influencing potential EV purchasers was the test drive experience. Of the people who are currently skeptical about purchasing an EV, 24 percent said the test drive experience presents an important tipping point in the overall purchase journey. Thus, OEMs can consider implementing long-term test rides (over the course of seven to ten days) with the convenience of at-home services to eliminate customer anxiety while adopting new products and technology.</p> <p>Other major factors that could lead to higher EV adoption are vehicle safety improvements and providing better servicing infrastructure. Furthermore, an increase in fuel prices and a better understanding of the total cost of ownership of EVs might nudge more customers toward EVs.</p> <h2>The transition to electric cars will change the purchase journey</h2> <p>As the transition to EVs unfolds, the landscape for buying and selling cars is changing dramatically. Indian consumers are open to buying cars online and want to interact with brands through a simplified, digital process that provides more flexibility and convenience. The majority of Indian customers are ready to perform most of their car purchase journey digitally. More than 70 percent of consumers are starting their journey online, and about 40 percent of consumers are willing to make purchases online. However, about 90 percent of the same consumers need a physical touchpoint with an OEM or dealer. This applies to highly individual exchanges such as test-drives, services, answering questions about the vehicle, or negotiating best deals.</p> <p>Across each major touchpoint of the purchasing journey, people who prefer to engage via websites and apps show a strong preference for engaging with OEMs rather than a dealer or third party (Exhibit 4). This indicates an emergence of hybrid direct-to-consumer models, with car dealers continuing to play a pivotal (but evolved) role in the overall purchase and post-purchase journey.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mck-c-content-header"><div class="ContentHeader_mck-c-content-header__eyebrow__cBTe_"></div></div><div class="mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex4.svgz?cq=50&cpy=Center"/><img alt="Customers are beginning to prefer digital channels, and they expect OEMs to engage across all major touchpoints of the decision journey." src="/~/media/mckinsey/industries/automotive%20and%20assembly/our%20insights/consumers%20are%20driving%20the%20transition%20to%20electric%20cars%20in%20india/svgz_mck_electrificationofcarsinindia_ex4.svgz?cq=50&cpy=Center" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Flexible ownership options are also becoming more popular with Indian consumers. While most consumers (about 79 percent) still prefer an outright purchase for their next car, they are gradually opting for more-flexible ownership options such as car leasing, subscriptions, or pay-per-use models.</p> <p>Shifting ownership preferences, stemming from a desire to access higher-value assets and have more flexibility and convenience, are opening new market opportunities for flexible ownership options, such as leasing. Our global survey revealed that consumers in other geographies are willing to switch brands for flexible vehicle purchase, indicating that the time is ripe for market players to adapt.</p> <h2>Consumer appetite for EVs has implications for mobility stakeholders</h2> <p>These trends raise important considerations for different stakeholders in the mobility ecosystem as they work to meet consumers where they are in their journey toward EVs.</p> <p>In many cases, electric cars could become an important pocket of growth for car manufacturers. The contribution of electric cars to overall revenues may become more significant in the future as consumer pull accelerates and governmental measures become even more favorable. With a fast-growing market open to innovations in car purchasing (for example, via online channels) and usage (for example, fully leased), electric cars may provide an entry opportunity for new players. At the same time, car dealers may need to adjust their sales and service offerings to accommodate the growing demand for electric cars, including expanding their technical knowledge and digital capabilities to deliver omnichannel experiences. Supplier stakeholders such as grid operators will most likely experience an increased demand for electricity and may need to upgrade and expand the existing infrastructure and integrate new technologies to optimize the use of the electrical grid. And cities will be crucial players in shaping the EV transition, providing the infrastructural conditions for charging needs and implementing effective policy measures.</p> <hr/> <p>Indeed, the shift to electric cars in India has implications far beyond only OEMs and could be an integral part of progress toward a more sustainable India.</p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 mdc-c-heading--border___K8dj3_8032924 mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_8032924 mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong>Tushar Goswamy</strong> is a consultant in McKinsey’s Chennai office, <strong>Alexander Grausam</strong> is a consultant in the Munich office, <strong>Bhavesh Mittal</strong> is an associate partner in the Bengaluru office, <strong><a href="/our-people/timo-moller">Timo Möller</a></strong> is a partner in the Cologne office, <strong>Felix Rupalla</strong> is an associate partner in the Stuttgart office, and <strong>Prabhmaan Thapar</strong> is a consultant in the Delhi office.</p> <p>The authors wish to thank Jaidit Brar and Nitesh Gupta for their contributions to this article.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-c-heading--title___5qyOB_8032924 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src="/~/media/mckinsey/featured%20insights/future%20of%20asia/insights/capturing%20growth%20in%20asias%20emerging%20ev%20ecosystem/foa-ev-ecosystem-1536x1536.jpeg?cq=50&mw=767&car=16:9&cpy=Center" loading="lazy"/></picture></a></div><div class="Card_wrapper-text__U6Y3k"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_8032924 Card_content-block__pF6Z1"><span>Article</span><h6 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_8032924 mdc-u-ts-6"><a data-component="mdc-c-link" href="/featured-insights/future-of-asia/capturing-growth-in-asias-emerging-ev-ecosystem" class="mdc-c-link-heading___Zggl8_8032924 mdc-c-link___lBbY1_8032924"><div>Capturing growth in Asia’s emerging EV ecosystem</div></a></h6></div></div></div></div></div></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Consumers are driving the transition to electric cars in India","displayName":"Consumers are driving the transition to electric cars in India","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"b28b1579-3003-4ed3-9f1d-b3f60eabf4b3","itemLanguage":"en","itemVersion":1,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"Consumers are driving the transition to electric cars in India"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"As the transition to electric cars gains momentum in India, new consumer needs are emerging related to product features, charging, channel preferences, flexible ownership models, and more."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2023-09-14T00:00:00Z"}},"body":{"value":"[[audio 1]]\n[[DownloadsSidebar]]\n\u003cp\u003e\u003cstrong\u003eIndia is poised to embrace\u003c/strong\u003e a future of electric vehicles (EVs): 70 percent of tier-one Indian car consumers state that they\u0026rsquo;re willing to consider an electric car for their next vehicle, as compared to the record-high global average of 52 percent. Even though the Indian internal-combustion engine (ICE) vehicle market has seen an increase in recent years,[[footnote 1]] the rapid transition to electrification signifies a decisive inflection point for the country. Driven by a shift in global climate policies, central and state governments have introduced initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme to speed up the adoption of EVs. In addition, several cities have introduced access regulations for ICE vehicles to reduce air pollution and improve traffic conditions.\u003c/p\u003e\n[[sidebar authors]]\n\u003cp\u003eAt the same time, EVs have become increasingly accessible. Incumbent car manufacturers have announced ambitious product-portfolio electrification targets. Newcomers have launched models specifically designed for India\u0026rsquo;s urban environments. And the total cost of ownership for EVs, which is historically an obstacle for EV purchasers, achieved parity with ICE vehicles. As a result, EV market penetration is projected to grow to 10 to 15 percent by 2030,[[footnote 2]] creating a significant opportunity for OEMs, financial institutions, grid operators, and other stakeholders.\u003c/p\u003e\n[[sidebar 1]]\n\u003cp\u003eTo better understand consumer sentiment about vehicle electrification in India, we surveyed people across income levels and spanning regions in India (see sidebar, \u0026ldquo;Methodology\u0026rdquo;). Their responses reveal both an appetite for and concerns regarding electric vehicles, including the importance of sustainability, charging infrastructure, and the evolving purchase journey in the online space.\u003c/p\u003e\n\u003ch2\u003eConsumers are largely on board with EVs because sustainability is increasingly important\u003c/h2\u003e\n[[sidebar 2]]\n\u003cp\u003eConsumer sentiment suggests the transition to electric cars will gain momentum. The vast majority of people are eyeing EVs for their next car purchase, with a clear preference for full battery electric vehicles (49 percent) over plug-in hybrid electric vehicles (21 percent) (Exhibit 1). These preferences align closely with our research on electric two-wheelers, which showed that 86 percent of consumers would consider buying an EV compared to 69 percent who would consider an ICE vehicle. A number of factors are contributing to this appetite for EVs, with potential purchasers noting the impact on the environment (67 percent), lower total cost of ownership (26 percent), and reduced engine noise (26 percent) as the biggest benefits of driving an EV.\u003c/p\u003e\n[[exhibit 1]]\n\u003cp\u003eIndeed, an overall concern for sustainability is influencing Indian consumers\u0026rsquo; desire for EVs, with sustainability being the number one priority in car-buying and mobility-usage habits. In fact, sustainability is increasingly influencing consumer decisions across the board in India: 75 percent of Indians are starting to change (or have already changed) their behavior and consumption patterns based on sustainability considerations. Of these changes, engaging with and becoming more loyal to sustainable brands (27 percent), positively advocating for sustainable products and services (23 percent), and trying sustainable products and services more often (20 percent) are the most common.\u003c/p\u003e\n\u003cp\u003eSustainability is among the top five criteria people factor in when considering a car, along with safety, brand, and costs (Exhibit 2). The desire for zero-carbon vehicles is also evident in the dominant two-wheeler market, in which this preference was one of the top three purchase criteria.\u003c/p\u003e\n[[exhibit 2]]\n\u003ch2\u003eConvenient charging points and long-term test-drives will accelerate adoption\u003c/h2\u003e\n\u003cp\u003eAlongside all this momentum for sustainable mobility, there emerge real concerns that could influence uptake, including battery life and safety, purchase price, charging time, and reliability of technology. Better availability of charging points is one of the biggest factors influencing the shift toward electric mobility. Perceived charging infrastructure readiness is low: more than 75 percent of all surveyed consumers feel that India is not yet well set up in terms of charge points (Exhibit 3).\u003c/p\u003e\n[[exhibit 3]]\n\u003cp\u003eIndian consumers show almost equal affinity for public and home charging (58 percent and 42 percent, respectively) despite appreciating the latter as being cheaper, more convenient, and more accessible. However, only 55 percent of consumers have access to home charging, while another 30 percent would be able to upgrade their home setup accordingly. But even though Indian consumers have limited access to home charging, this will likely not hinder EV adoption. Two-thirds of Indian consumers would buy an EV even if they could not charge at home. But similar to what we found in our research on electric two-wheelers, 38 percent of consumers feel their nearby areas lack a sufficient network of charging infrastructure. Hence, investing in both public and home charging is critical for further EV adoption. The biggest factors influencing where people choose to charge in public are charging speed (49 percent) and costs (41 percent), followed by the safety of the location (28 percent). In fact, most people are willing to pay 10 to 20 percent more for the convenience of fast charging.\u003c/p\u003e\n\u003cp\u003eAnother significant factor influencing potential EV purchasers was the test drive experience. Of the people who are currently skeptical about purchasing an EV, 24 percent said the test drive experience presents an important tipping point in the overall purchase journey. Thus, OEMs can consider implementing long-term test rides (over the course of seven to ten days) with the convenience of at-home services to eliminate customer anxiety while adopting new products and technology.\u003c/p\u003e\n\u003cp\u003eOther major factors that could lead to higher EV adoption are vehicle safety improvements and providing better servicing infrastructure. Furthermore, an increase in fuel prices and a better understanding of the total cost of ownership of EVs might nudge more customers toward EVs.\u003c/p\u003e\n\u003ch2\u003eThe transition to electric cars will change the purchase journey\u003c/h2\u003e\n\u003cp\u003eAs the transition to EVs unfolds, the landscape for buying and selling cars is changing dramatically. Indian consumers are open to buying cars online and want to interact with brands through a simplified, digital process that provides more flexibility and convenience. The majority of Indian customers are ready to perform most of their car purchase journey digitally. More than 70 percent of consumers are starting their journey online, and about 40 percent of consumers are willing to make purchases online. However, about 90 percent of the same consumers need a physical touchpoint with an OEM or dealer. This applies to highly individual exchanges such as test-drives, services, answering questions about the vehicle, or negotiating best deals.\u003c/p\u003e\n\u003cp\u003eAcross each major touchpoint of the purchasing journey, people who prefer to engage via websites and apps show a strong preference for engaging with OEMs rather than a dealer or third party (Exhibit 4). This indicates an emergence of hybrid direct-to-consumer models, with car dealers continuing to play a pivotal (but evolved) role in the overall purchase and post-purchase journey.\u003c/p\u003e\n[[exhibit 4]]\n\u003cp\u003eFlexible ownership options are also becoming more popular with Indian consumers. While most consumers (about 79 percent) still prefer an outright purchase for their next car, they are gradually opting for more-flexible ownership options such as car leasing, subscriptions, or pay-per-use models.\u003c/p\u003e\n\u003cp\u003eShifting ownership preferences, stemming from a desire to access higher-value assets and have more flexibility and convenience, are opening new market opportunities for flexible ownership options, such as leasing. Our global survey revealed that consumers in other geographies are willing to switch brands for flexible vehicle purchase, indicating that the time is ripe for market players to adapt.\u003c/p\u003e\n\u003ch2\u003eConsumer appetite for EVs has implications for mobility stakeholders\u003c/h2\u003e\n\u003cp\u003eThese trends raise important considerations for different stakeholders in the mobility ecosystem as they work to meet consumers where they are in their journey toward EVs.\u003c/p\u003e\n\u003cp\u003eIn many cases, electric cars could become an important pocket of growth for car manufacturers. The contribution of electric cars to overall revenues may become more significant in the future as consumer pull accelerates and governmental measures become even more favorable. With a fast-growing market open to innovations in car purchasing (for example, via online channels) and usage (for example, fully leased), electric cars may provide an entry opportunity for new players. At the same time, car dealers may need to adjust their sales and service offerings to accommodate the growing demand for electric cars, including expanding their technical knowledge and digital capabilities to deliver omnichannel experiences. Supplier stakeholders such as grid operators will most likely experience an increased demand for electricity and may need to upgrade and expand the existing infrastructure and integrate new technologies to optimize the use of the electrical grid. And cities will be crucial players in shaping the EV transition, providing the infrastructural conditions for charging needs and implementing effective policy measures.\u003c/p\u003e\n\u003chr /\u003e\n\u003cp\u003eIndeed, the shift to electric cars in India has implications far beyond only OEMs and could be an integral part of progress toward a more sustainable India.\u003c/p\u003e"},"isFullScreenInteractive":{"boolValue":false},"hideStickySocialShareBar":{"boolValue":false},"desktopID":{"value":""},"mobileID":{"value":""},"desktopURL":{"value":""},"mobileURL":{"value":""},"desktopPaddingPercentage":{"value":""},"mobilePaddingPercentage":{"value":""},"desktopOverrideHeight":{"value":""},"mobileOverrideHeight":{"value":""},"cerosOembedURL":{"value":""},"cerosRenderMode":{"targetItem":null},"cerosBackgroundColor":{"targetItem":null},"hideByLine":{"boolValue":true},"tableOfContentsTitle":{"value":"TABLE OF CONTENTS"},"accessStatus":{"targetItem":{"key":{"value":"RegisteredUsers"},"value":{"value":"Registered Users"}}},"articleType":{"targetItem":{"displayName":"Article"}},"hasSpecialReport":{"boolValue":false},"contentType":{"targetItem":{"displayName":"Article"}},"sourcePublication":{"targetItem":null},"externalPublication":{"value":""},"excludeFromClientLink":{"boolValue":false},"originalPublishDate":{"jsonValue":{"value":"2023-09-14T00:00:00Z"}},"footnotes":{"value":"\u003col\u003e\n \u003cli\u003eBrajesh Chhibber and Nitesh Gupta, \u0026ldquo;\u003ca href=\"/industries/automotive-and-assembly/our-insights/the-indian-automotive-industry-from-resilience-to-resurgence\"\u003eThe Indian automotive industry: From resilience to resurgence?\u003c/a\u003e,\u0026rdquo; McKinsey, March 3, 2021.\u003c/li\u003e\n \u003cli\u003eEstimate from McKinsey Electrification Model as of July 2023. Does not include impact of potential change in FAME regulations.\u003c/li\u003e\n\u003c/ol\u003e"},"contributoryPractice":{"targetItems":[{"displayName":"Automotive \u0026 Assembly"}]},"aboutTheAuthors":{"value":"\u003cp\u003e\u003cstrong\u003eTushar Goswamy\u003c/strong\u003e is a consultant in McKinsey\u0026rsquo;s Chennai office, \u003cstrong\u003eAlexander Grausam\u003c/strong\u003e is a consultant in the Munich office, \u003cstrong\u003eBhavesh Mittal\u003c/strong\u003e is an associate partner in the Bengaluru office, \u003cstrong\u003e\u003ca href=\"/our-people/timo-moller\"\u003eTimo M\u0026ouml;ller\u003c/a\u003e\u003c/strong\u003e is a partner in the Cologne office, \u003cstrong\u003eFelix Rupalla\u003c/strong\u003e is an associate partner in the Stuttgart office, and \u003cstrong\u003ePrabhmaan Thapar\u003c/strong\u003e is a consultant in the Delhi office.\u003c/p\u003e\n\n\u003cp\u003eThe authors wish to thank Jaidit Brar and Nitesh Gupta for their contributions to this article.\u003c/p\u003e"},"authors":{"targetItems":[{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"84C33E1DED524912A6A61645B601C093","name":"Tushar Goswamy","authorTitle":{"value":"Tushar Goswamy"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"F2D418FF90CB40C79BDFD915A4AA3DA9","name":"Alexander Grausam","authorTitle":{"value":"Alexander Grausam"},"description":{"value":"Serves incumbents, disruptors, and investors across the energy and mobility value chains"},"thumbnailImage":{"alt":"Alexander Grausam","src":"/~/media/mckinsey/features/mckinsey center for future mobility/mckinsey on urban mobility/minimobility the next big thing in urban mobility/alexander grausam.jpg"},"profile":{"targetItems":[]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"E588F73ADD0147B8B3B173FBC8A9E9C1","name":"Bhavesh Mittal","authorTitle":{"value":"Bhavesh Mittal"},"description":{"value":""},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[]}},{"template":{"id":"3FBABDB63A094F68B1F8E1BBE1BA124E","name":"Author"},"id":"F2769DD2DBF14A2B9A4E4951C42DE186","name":"Timo Moller","authorTitle":{"value":"Timo Möller"},"description":{"value":"Co-leads the McKinsey Center for Future Mobility, focusing on disruptive trends such as vehicle connectivity, autonomous driving, electrification, and shared mobility"},"thumbnailImage":{"alt":"","src":null},"profile":{"targetItems":[{"standardImage":{"src":"/~/media/mckinsey/our people/timo moller/timo_mller_4028_fc-mask_profile_1536x1152.png","alt":""},"emailLinks":{"value":"Timo_Moeller@mckinsey.com"},"linkedInUrl":{"value":"https://www.linkedin.com/in/timom%C3%B6ller/"},"description":{"value":"Coleads the McKinsey Center for Future Mobility with a focus on the strategic and operational questions around disruptive trends; 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