Rising environmental concerns coupled with subsidies and tax rebates on Electric Vehicles (EVs) provided under different government schemes are fueling the demand for EV powertrain systems market in India. Stringent regulations on emissions and fuel efficiency, reduction in lithium ion battery costs along with growing consumer awareness towards adoption of ecofriendly vehicles are some of the key factors which are further contributing to the growth of the market.
According to 6Wresearch, India electric vehicle powertrain systems market is projected to grow at a CAGR of over 26% during 2017-23. Battery Electric Vehicle (BEV) segment dominated the overall market in 2016 and is likely to exhibit tremendous growth during the forecast period. Among several EV powertrain components, lithium ion battery segment captured majority of the market share. Additionally, passenger car powertrain segment bagged highest share among different vehicle types including commercial vehicles as well as two and three wheelers.
According to Amrit Raj, Automotive Business Development, AVTEC Ltd., "Environmental concerns, government policies, changing oil prices, diminishing cost and evolving powertrain technologies would lead to tremendous growth in EV powertrain market."
"Further, owing to BS VI implementation by 2020, engine prices are likely to increase over the coming years. Hike in prices of BS VI compliant fuel would increase the operational cost of conventional vehicles, catalyzing the growth of EVs in the country," He concluded
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, "Electric vehicle industry in India is exhibiting substantial growth owing to significant government initiatives towards the adoption of EVs by consumers. The center is offering incentives to both manufacturer and consumers to promote the acceptance of EVs in the country."
"Further, high cost and lack of charging infrastructure are posing challenges towards the expansion of market in the country. Mostly, the lithium ion batteries make EVs highly expensive; however, with local manufacturing of batteries, a significant decline in prices are expected over the coming years," He further added
According to Suman Gautam (Research Associate, 6Wresearch-India Electronics Division), "Although, EVs are costlier than conventional vehicles, but, these have low operating cost which is attracting the consumers. Also, the development in powertrain technologies, advanced controllers, small size and high powered lithium ion batteries are expected to boost the growth of EV powertrain market in India."
"Moreover, India’s budding green initiative is likely to pose great opportunity for both BEVs and Hybrid Electric Vehicles (HEVs) over the coming years. Further, Government’s aim of 100% electrification by 2030 would provide immense growth to BEVs," She further added
Major companies in India electric vehicle powertrain systems market include- Mahindra Reva Electric Vehicles Limited, Maruti Suzuki India Limited, Tata Motors Limited and Hyundai Motors India Limited.
India Electric Vehicle Powertrain Systems Market (2017-2023) report provides in-depth analysis with 43 figures and 17 tables covered in more than 130 pages. The report estimates and forecast the overall India electric vehicle powertrain systems market by Technology, Vehicle Types, and Components such as battery, engine, transmission, controller and others. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.