India Electric Vehicle Market Synopsis
India Electric Vehicle Market is estimated to register sound growth owing to various growing factors like increasing adoption of electric two-wheelers, lower electric vehicle operating costs, rising demand for eco-friendly vehicles, and government initiatives promoting the use of electric vehicles. An increasing shift in the rural population has led to a surge in the demand for sustainable and efficient transportation, making electric vehicles more suitable, especially electric two-wheelers. Increasing manufacturing of electric vehicles in the country with the rising demand, leads to increased EV availability.
According to 6Wresearch, the India Electric Vehicle Market size is estimated to surge during the forecast period 2023-2029. The market growth is, driven by the population becoming more aware of pollution and climate change, hence the demand for electric vehicles is increasing in the country as they are attributed more environmentally friendly. On purchasing electric vehicles subsidies, tax benefits, and incentives are being offered by the government to encourage their adoption. This is one of the government’s schemes contributing to the India Electric Vehicle Market growth. Electric vehicles provide lower operating costs compared to traditional internal combustion engine vehicles, making them affordable to consumers. This factor acts positively for the high electric vehicles. On the other side, some challenges that are present in the market can hinder market growth such as Inadequate Charging Infrastructure across the country and despite lower operating costs, the upfront cost of electric vehicles is relatively high, which limits the adoption.
Key Players of the India Electric Vehicle Market
Some of the leading players are mentioned below in the market:
- TVS Motor Company
- Tata Motors
- Bajaj Auto
- Hero Electric
- Ather Energy
- Mahindra & Mahindra
COVID-19 Influence on the India Electric Vehicle Market
The COVID-19 pandemic had a significant impact on the India Electric Vehicle Market which is a part of the Asia Pacific Electric Vehicle Market. With the imposition of the lockdown in the country, the product demand was affected backed by supply chain disruptions, industry shutdowns, and reduced consumer spending. However, it also boosted the shift toward electric mobility as consumers became more conscious of air quality. The government had announced and launched some favourable policies to support the EV sector.
Key attractiveness of the report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022.
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Challenges faced by India Electric Vehicle Market
The electric vehicle (EV) market in India has been experiencing significant growth and is poised to play a crucial role in the country's efforts to reduce carbon emissions and dependence on fossil fuels. However, it also faces several challenges:
- High Initial Cost: EVs are generally more expensive than their internal combustion engine (ICE) counterparts. This upfront cost is a significant barrier to mass adoption in a price-sensitive market like India. While the cost of EVs has been gradually decreasing, it's still a challenge.
- Lack of Charging Infrastructure: A robust and widespread charging infrastructure is essential for the mass adoption of EVs. India faces a shortage of charging stations, especially in rural and remote areas. Building this infrastructure is costly and requires substantial investment from both the government and private sector.
- Limited Range and Battery Technology: Many EVs in India have a limited range, which makes them less practical for long-distance travel. Battery technology continues to improve, but there's still a need for batteries with longer ranges and faster charging times.
- Battery Recycling and Disposal: As the number of EVs on the road increases, managing the disposal and recycling of batteries becomes a significant environmental concern. Proper recycling and disposal practices need to be established to prevent pollution and environmental damage.
- Electricity Generation and Grid Capacity: The success of EVs also depends on the source of electricity used to charge them. If the electricity is primarily generated from fossil fuels, the environmental benefits of EVs may be reduced. Additionally, the increased demand for electricity from EVs could strain the existing grid infrastructure.
Key Highlights of the Report:
- India Electric Vehicle Company Profiles
- Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By FCEV for the Period 2022 - 2029
- Market Size of India Electric Vehicle Market, 2022
- Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By BEV for the Period 2022 - 2029
- India Electric Vehicle Price Trends
- Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By Propulsion for the Period 2022 - 2029
- India Electric Vehicle Market Outlook
- Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By PHEV for the Period 2022 - 2029
- India Electric Vehicle Key Strategic Recommendations
- Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By
- India Electric Vehicle Import Export Trade Statistics
- Historical Data and Forecast of India Electric Vehicle Market Revenues & Volume By >125 mph for the Period 2022 - 2029
- Market Opportunity Assessment By Propulsion
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