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. 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
India Electric Vehicle Market by Geography
By geography, the India electric vehicle market is segmented as North India, South India, East India, West India, and Central India. The growing investments in the development of electric vehicle infrastructure is projected to drive the electric vehicle market in western India. In fact, Maharashtra has witnessed the largest number of electric vehicles sold under the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India (FAME-INDIA), followed by Gujarat. Furthermore, the effort by the government to reduce the pollution level in expected to drive the sales of electric vehicles in Delhi, while the focus on significantly promoting the adoption of electric vehicles in Kerala and Karnataka is significantly estimated to drive the South India electric vehicle market.
SAMPLE VIEW OF INDIA ELECTRIC VEHICLES MARKET SHARE, BY GEOGRAPHY, 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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