India Electric Vehicle Market : Market Research By Knowledge Sourcing Intelligence
Market Overview
The India electric vehicle market
is projected to grow at a CAGR of 28.12% during the forecast
period of 2017 to 2023. An electric vehicle is an
automobile that uses an electric motor as its primary source of propulsion.
These vehicles use electrical energy which is stored in rechargeable batteries.
Electric vehicles are increasingly gaining traction in India owing to burgeoning
need to reduce dependency on oil and to reduce air pollution associated with
the traditional vehicles. Government initiative
is playing a crucial role in the promotion and promulgation of electric
vehicles. The National Electric Mobility Mission Plan 2020 is one of the most
important and ambitious initiatives undertaken by the Government of India so as
to bring a transformational paradigm shift in the automotive and transportation
industry in the country by promoting charging infrastructure, facilitating
acquisition of hybrid/electric vehicles.
By state, Gujarat is
expected to become India’s first electric vehicle hub owing to the
manufacturers investing in the state to produce electric vehicles, electrical
battery, and storage solutions. Thus, the electric vehicle market in
India is expected to grow at a significant rate owing to the
government’s mission to complete the target of making 30% of all vehicles in
India all-electric by 2030. However, lack of charging infrastructure and high-cost
associated with electric vehicles can restrict the electric vehicle market
growth.Market Researchis done by
knowledge sourcing industry due to huge scope with respective industry.
SAMPLE VIEW OF INDIA ELECTRIC VEHICLE MARKET FORECAST,
US$ MILLION, FROM 2017 TO 2023
India Electric Vehicles Market by Type
By Type,
the Indian electric vehicles
market has been segmented into, two-wheelers,
three-wheelers, four-wheelers, and heavy vehicles. The
two-wheeler segment is projected to hold a substantial share in the market
owing to the early adoption of electric power in this segment. Government’s
incentive programs such as FAME (Faster Adoption and Manufacture of (Hybrid
and) Electric Vehicles), has assisted in the sale of 6,710 two-wheelers in the
country’s capital city alone, since its launch in 2015. The three-wheeler,
four-wheeler and heavy vehicle segment will see many growth opportunities
during the forecast period due to promotion of electric vehicle
adoption. In fact, the government of India planning to develop an
eco-system which will meet the government’s target of achieving 30% electric
vehicle fleet by 2030.
SAMPLE VIEW OF INDIA
ELECTRIC VEHICLES MARKET SHARE, BY TYPE, 2017
Government
Initiatives to Promote Electric Vehicle
Increasing need to use vehicles
that utilizes greener technologies is driving the growth of electric vehicles
in India. The government of India has taken a number of
initiatives to promote electric vehicles and encourage manufacturers to
open their plants in the country. Under National Electric Mobility Mission Plan
2020, the government is promoting R&D in technologies such as battery
technology, power electronics, motors, system integration, battery management
system, testing infrastructure, and ensuring industry participation in the
same. In March 2018, The Union Minister of State (IC), Power and New &
Renewable Energy held a meeting with battery manufacturers in New Delhi so as
to incentivize EV battery manufacturing in the country. Furthermore, the
government is preparing a fresh policy for promotion of electric vehicles so as
to ensure smoother transition and better cooperation from the automobile
sector.
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