Electric vehicle market expected to grow by 5 in 2022

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Electric vehicle market expected to grow by 5 in 2022

The country is expected to be boosted by new electric vehicle EV launches in 2022, as a result of the new electric vehicle EV launches in 2022. The industry may be only about 1 per cent of the total auto sales but it is expected to grow by 5 -- 8 per cent in the next few years. The industry is seeing huge traction from the four-wheeler industry, but experts believe that it's going to be the two-wheeler industry, led by Tata Motors new launches like Nexon EV and Tigor EV.

The electric two wheeler space is dominated by start-ups like Ather, Okinawa, Ola, etc. Legacy players like TVS Motor Company, Hero MotoCorp and Bajaj Auto have launched their offerings before it is too late. The industry saw the launch of much-hyped Ola Electric S 1 and S 1 Pro, Bounce Infinity, Komaki TN 95, etc.

The market, though still at its nascent stage, is beginning to heat up on the four-wheeler front. Tata Motors will launch 10 EVs by FY 26th, the market leader with almost 70 per cent market share. It is expected to launch the Punch and Altroz in electric versions. Two other big players have announced their intentions to be more aggressive in the EV segment. Hyundai, which already offers Kona EV products, is preparing to launch more EV products in the Indian market. After ZS EV, MG Motor has confirmed a second EV launch. As it prepares for its India launch, Tesla is expected to take the industry up by a few notches. It seems that 2022 will be a critical year for the electric four-wheeler industry.

The much-hyped entry-level sedan is expected to launch in Indian markets around September at an expected price of Rs 60 lakh. The Tesla Model 3 s Standard Plus trim offers a range of 432 km of range, while the Long Range trim comes with 568 km range via a dual-motor setup. The model is expected to come with a touchscreen, infotainment system, a 14 speaker audio system, a 12 way power-adjustable front seats and OTA updates among other premium features.

BWM started its electrification journey in India with the iX electric SUV. The BMW i 4 is expected to be launched in August at a price of Rs 80 lakh. It is an electric version of the 4 Series Gran Coupe. The car is likely to come with the company's i-Drive 8 UI, an 83.9 kWh battery pack that boasts a range of up to 510 km on a single charge.

Mahindra's upcoming launch is expected to be retailed at Rs 18 lakh. It plans to launch the electrified version of the KUV 100. These are the first commercially available products from the company s stable. The XUV 300 is expected to cover 300 km on a single charge, while the e-KUV 100 is said to offer a range of 140 km on a 50 minute fast charge from 0 -- 80 per cent.

The Ioniq 5 is expected to be the first from that lot. This will be the second launch of the brand after Kona Electric in 2019 which will also be launched as a facelift next year. Ioniq 5 is expected to launch as a premium offering with an expected launch price of Rs 25 -- 30 lakh. The car will come with two battery options: a 72.6 kWh battery and a smaller 58 kWh battery. It will be launched around June of next year.

This product will mark Volvo's entry into the EV segment in India, and will be launched at an expected price of 60 lakh. It is based on the same architecture as its ICE counterpart, it uses a 408 PS electric motor driving all four wheels to reach 0 -- 100 kmph in just 4.9 seconds. It has fast charging capabilities with a 0 -- 80 per cent charge in 40 minutes. The Swedish carmaker's plans to launch the Volvo XC 40 in October this year have been delayed due to the global semiconductor crisis.