Electric vehicle Sales in India to Witness Double-Digit Growth Till 2024
India electric vehicle market is expected to expand at a compound annual growth rate (CAGR) of38.1% over the forecast period i.e. 2016-2024. The forecast of the India electric vehicles market is entirely based on the automotive industry and factors that are driving the electric vehicle industry such as favorable government initiatives, significant behavioral changes in the Indian market and its increasing adoption.
The Indian automotive industry is one of the major growing markets of the world, and vastly contributes in the country’s industrialized facilities. The automobile industry in India is further projected to upsurge the share of manufacturing in India’s GDP to 25% by 2024 from 15% presently, with manufacturing of electric vehicles being automotive sensation in India. Although, the India’s electric vehicles market is at its emerging stage as of now, but the enablers given by the government are pretty sufficient for it to nurture for taking its first step. The sight of which can be very noticeably seen with Tata’s of the world all set to make public its first-ever electric vehicle for Indian market during 2017. However, with all the evident opportunities, there still exist certain challenges for the development of Indian electric vehicle market, one such being shortage of lithium deposits and charging infrastructure.
“India Electric Vehicle Market” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in Indian electric vehicles industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler, and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, electric vehicle manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall electric vehicles industry.
India Electric Vehicle Market Segmentation can be classified on the basis of:-
By Technology Type
- Hybrid Electric Vehicles
- Battery Electric Vehicles
- Plug-in Hybrid Vehicles
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Two Wheelers
- Tier- I Cities Electric Vehicle Market
- Tier- II Cities Electric Vehicle Market
- Tier- III Cities Electric Vehicle Market
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Market Trends, Drivers, and Challenges
Stringent vehicular emission norms, plummeting battery prices, and growing consumer awareness are the major factors driving the EV adoption in India, while electric vehicles are not yet main-stream, government impulse and other indications point to a growing momentum. However, the India electric vehicles market report noted the serious need for developing charging infrastructure at a rapid pace “as it is the decisive factor for the growth of electric vehicles. The most required need for EVs growth at this point in time is the presence of associated support industry and infrastructure as it will help the charging infrastructure flourish.
India Electric Vehicle Industry report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. India electric vehicle market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.
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