The impactful government support and consciousness regarding environmental degradation will facilitate the Indian electric vehicle (EV) market growth during the forecast period (2020–2030). The central government is encouraging the adoption of EVs in the country by introducing policies like the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme. Under this scheme, the government aims to replace 30% of the conventional vehicles in India with electric variants by 2030.To achieve this target, the central government is providing subsidies, incentives, and tax rebates to boost the production and adoption of EVs.
Moreover, the implementation of emission control norms, most recently Bharat Stage VI (BS VI), also plays a vital role in the Indian electric vehicle market growth. BS VI has the objective to cut down the nitrous oxides (NOx), particulate matter (PM), and hydrocarbon + nitrogen (HC+NOx) emissions from diesel vehicles by 68%, 82%, and 43%, respectively, beginning April 2020. Moreover, vehicles with petrol engines have to reduce their NOx emissions by 25%. These stringent laws have inspired automobile manufacturers to amplify the production of EVs and reduce the manufacturing of fuel-based vehicles.
Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/india-electric-vehicle-market/report-sample
Currently, the Indian electric vehicle market is receiving huge funding, especially in start-ups, from public and private stakeholders. For instance, SmartE, an EV start-up, received INR 100 crore in July2019 from a Japanese trading house, Mitsui & Co, as part of Series B funding round. With these funds, the company is expanding its e-rickshaw fleet in Delhi and other major cities of the country. Moreover, in August 2019, Tata Power had announced plans to install 500 EV charging stations across India by 2020.
The vehicle type segment of the Indian electric vehicle market is classified into commercial vehicle, passenger car, three-wheeler, and two-wheeler. In 2019, the three-wheeler category accounted for the largest market share on account of the high demand for such automobiles to attain last-mile connectivity. Additionally, the leading players in the automotive industry are supporting the growth of this category by making huge investments in the development of new electric rickshaw models that are both affordable and efficient.
The battery type segment of the Indian electric vehicle market is bifurcated into lithium-ion (Li-ion) and lead–acid. Of these, the lead–acid category held the larger market share in 2019 owing to the lower cost of such batteries than Li-ion batteries. Further, the Li-ion category is expected to register significant growth during the forecast period due to the declining prices, increasing battery capacity, and lowering weight of Li-ion batteries. Additionally, these batteries are safer to dispose of, as they do not contain lead, one of the most-toxic substances on earth.
Make Enquiry Before Buying the Report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=india-electric-vehicle-market
At present, the Indian electric vehicle market is marked by players like Ashok Leyland Ltd., Hero Electric Vehicles Pvt. Ltd., Okinawa Autotech Pvt. Ltd., Toyota Kirloskar Motor Pvt. Ltd., Lohia Auto Industries, Ather Energy Pvt. Ltd., TVS Motor Co. Ltd., Saera Electric Auto Pvt. Ltd., Mahindra Electric Mobility Ltd., Terra Motors Corporation, Electrotherm (India) Ltd., Tata Motors Ltd., and Olectra Greentech Ltd. These companies register significant sales in the states of Uttar Pradesh, Punjab, Delhi, Haryana, West Bengal, Rajasthan, Tamil Nadu, Madhya Pradesh, Kerala, Maharashtra, Gujarat, and Karnataka.
Thus, the facilitative government regulations, increasing investments in the EV sector, and growing awareness regarding air pollution will the propel market growth in the forecast years.
No comments:
Post a Comment