“Government favourable policies and rising concerns for the environment is likely to impel the growth of electric vehicles market in India.” Growth in electric vehicle sales in India can support greatly in energy transition but the market poses intimidating infrastructure and financial challenges for Indian According to Goldstein Research, policy-makers and market.
India Electric Vehicle Market Outlook 2024
The India electric vehicle market is segmented based on technology type and by vehicle type. Technology segment is further bifurcated into hybrid electric and battery electric. The battery electric accounted for the largest market size, for around 65% market revenue share as this technology is majorly used in India electric vehicle market The two-wheelers and e rickshaw which accounts for more than 1.5 million in India.
Tier-1 cities accounted for the highest revenue share in 2016 and expected to dominate the market during the forecast period. As a party of FAME initiative of Indian government various monetary subsidies are provided on different segments of electric vehicles. Moreover, the government has aimed to develop 100 charging infrastructure of electric vehicles in metro cities such as Delhi, Chandigarh and Jaipur by 2020.
Government Initiatives: Major Impel
In 2015, Indian government launched an initiative, the faster adoption and manufacturing of hybrid and electric vehicles which is aimed to bring 6 million electric hybrid vehicles on Indian road, for this purpose Indian government is providing monetary subsidies and allocated the budget of USD 170 million for this initiative for the development of charging infrastructure and to support the initiative till 2020. For instance, India’s new and renewable energy ministry has been appointed the nodal agency to replace its 10,000 government vehicles with the electric cars in 2017.
India Electric Vehicle Market Outlook
The report contains a detailed overview of the India electric vehicle market in terms of market segmentation by technology type and by vehicle type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Market Report also provides India Electric Vehicle Toyota, Maruti Suzuki, Mahindra Motors, BMW, Tata Motors, Lohia Auto Industries, Heroelectric, BSA Motors, TVS, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. a competitive outlook of some of the major players which includes profiling of companies such as
Overall, the report represents comprehensive synopsis on India electric vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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