India electric vehicle market is expected to witness robust growth over the coming years on account of increased government efforts to control surging air pollution levels. Under the Green Urban Transport Scheme, the government aims to reduce carbon and harmful gas emissions from vehicles. Also, schemes such as FAME-II, and BS6 norms would result in the faster adoption of electric vehicles in India during the forecast period. Moreover, rising awareness among the people regarding environmental degradation would play a crucial factor in driving the demand for electric vehicles in the country in the years to come.
According to 6Wresearch, India Electric Vehicle Market size is anticipated to register growth during 2020-2026. The Indian government has come up with several policies & action plans to promote electric vehicles and granted various forms of subsidies and tax benefits to increase the adoption of electric vehicles in the country. A formal blueprint has been undertaken to develop electric charging infrastructure and stations, which would be implemented in the coming years thus, accelerating the sales of electric vehicles in India. However, the growth is anticipated to slow down during the first half of 2020-2021 due to the coronavirus pandemic but likely to get back on track with normal business operations and economic recovery during the second half of 2020-2021.
In India, the two-Wheelers segment is the largest segment in the automotive industry representing approximately 80% of Indian automotive sales in FY19 (21.1million units). As a result of this, the segment is anticipated to portray a huge potential in promoting electric mobility in the country in the years to come.
The India electric vehicle market report comprehensively covers the market by vehicle types and regions including Eastern, Western, Northern, and Southern regions. The India electric vehicle market outlook provides an unbiased and detailed analysis of the India electric vehicle market trends, India electric vehicle market share, opportunities, high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India electric vehicle market is projected to witness profound growth in the coming timeframe backed by an increase in cheaper financiers and rising aspirations for the personal electric vehicle which is expected to be the major factor in driving sales revenues of electric vehicles in the coming timeframe and is expected to leave a positive impact over the market. Additionally, on the basis of product type, the three-wheeled electric vehicle segment such as E-rickshaw is estimated to dominate the overall market share in the market on the back of an increase in the use of e-rickshaws owing to its cheaper conveyance charges and less manpower required to run the vehicle and would spur the significant growth of India electric vehicle market in the foreseeable future.
India Electric vehicle Market is anticipated to register growth in the coming years owing to the high popularity of e-mobility amongst the Indian population. Rising pollution levels are actively contributing towards rising greenhouse gas emissions in the country. Several policies have been made by the Indian government to initiate the sales of electric vehicles which is further expected to assist the growth of the charging infrastructure market as well in the country in the coming years. Various rebates allowed by the Indian government on the installation of electric vehicle chargers has further initiated the demand for a sound electric vehicle in the country. Moreover, many upcoming policies for the growth of the charging infrastructure would further propel market growth in the coming years. would be driven by high initiatives undertaken by the Government of the country for e-mobility. A large proportion of the automotive industries has been observed developing next-generation electric vehicles that would further spur the growth of the charging stations in the country in the upcoming six years and as a result, would support the sales of electric vehicles in the country.
India electric vehicle market is estimated to witness substantial growth in the upcoming six years backed by the rising electric vehicle registration by the domestic population. Moreover, Rising government regulation towards using powered source vehicles in the country which is estimated to stimulate top automobile manufacturer to develop electric vehicles and some automobile companies has attained a larger share in the market by selling more electric vehicles domestically due to it provides various features such as low maintenance and fast charging that tends to stimulate the consumer to spend their income over the electric vehicle purchasing which is asthma to reflect a positive impact market growth and this would benefit India electric vehicle market in the upcoming six years.
India electric vehicle charging infrastructure market is projected to gain traction in the coming timezone on the back of the rising adoption of electric vehicles in the country. Moreover, rising government regulation towards using powered source vehicles in the country which is estimated to stimulate top automobile manufacturer to develop electric vehicles and some automobile companies has attained a larger share in the market by selling more electric vehicles domestically coupled with a government also supporting growth by investing massive amounts to develop electric vehicle charging infrastructure in the country. Moreover, these rising government efforts and electric vehicle sales in the country are estimated to reflect a positive impact on the market and would contribute a major benefit by proliferating the growth of India electric vehicle charging infrastructure market in the impending period.
Key Highlights of the Report:
- India Electric Vehicle Market Overview
- India Electric Vehicle Market Outlook
- India Electric Vehicle Market Forecast
- Historical Data of India Electric Vehicle Market Revenues for the Period 2016-2019
- India Electric Vehicle Market Size and India Electric Vehicle Market Forecast of Revenues Until 2026
- Historical Data and Forecast of India Electric Vehicle Market Revenues, By Types, for the period 2016-2026
- Historical Data and Forecast of India Electric Vehicle Market Revenues, By Regions, for the period 2016-2026
- Market Drivers and Restraints
- India Electric Vehicle Market Trends and Industry Life Cycle
- Market Opportunity Assessment
- India Electric Vehicle Market Share, By Players
- India Electric Vehicle Market Overview on Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
The India electric vehicle market report provides a detailed analysis of the following market segments:
- By Vehicle Types
- Passenger Vehicle
- By Regions
- Eastern Region
- Western Region
- Northern Region
- Southern Region