The market report firstly enfolds a comprehensive analysis and assessment of the market. The report contains all-inclusive information related to the latest market updates including the emerging trends, market size, share, growth rate, and leading players for the given forecast period. It mainly aims to help the market players in achieving significant profit over the anticipated period.
Leading industry players of the India Electric Vehicle Market:
Numerous key players in the India electric vehicle market are MG Motor India Pvt. Ltd., Hero Electric, Tata Motors Limited, Mahindra Electric Mobility Limited, Hyundai Motor India Ltd., Okinawa Autotech Pvt. Ltd., Lohia Global, Kinetic Green Energy & Power Solutions Ltd., Electrotherm (India) Limited, Ather Energy, and Avon Cycles among others.
Key Drivers of the India Electric Vehicle Market:
The electric vehicles market in India is in a nascent stage and the market is projected to witness strong growth during the forecast period. The significant factors contributing to the growth of the India electric vehicle market include increasing air pollution levels and global warming. The growing fuel cost, rapid depletion of fossil fuels, and the degradation of the environment owing to CO2 emission from the combustion of fossil fuels, followed by growing awareness and concerns for rapid climate change are some other factors boosting the demand for electric vehicles. Moreover, rising efforts from the government to encourage electric vehicles by providing subsidies on electric vehicles are certain factors surging the growth of the India electric vehicle market size in the upcoming years.
The primary automotive players are investing in electric vehicles, and technologies underpinning the enhancement of electric vehicles are evolving rapidly owing to a rise in research & development spending. In order to increase the penetration of electric vehicles, the government is planning to develop a proper charging infrastructure for these vehicles in India.
The government has also launched various subsidies and programs to encourage electric vehicle adoption. For example, the National Mission for Electric Mobility (NMEM) mission was initiated by the government which aims on growing the adoption of electric vehicles and provide the roadmap for achieving a substantial penetration of electric vehicles that are environment-friendly by 2020 in India. Oil is the major import commodity, and India is highly dependent on oil imports to address its energy requirements; higher adoption of EV’s will decrease imports of oil and help the country to have a trade surplus.
Faster Adoption and Manufacturing of Electric Vehicles in India (FAME) scheme is a part of the National Electric Mobility Mission Plan (NEMMP) 2020, is developed by the department of heavy industry in 2015 for assuring a significant growth of electric and hybrid vehicles, coupled with rising the production of these vehicles. Furthermore, India has a plan to minimize Greenhouse gas (GHG) emissions by about 33 to 35 percent by 2030 under the Paris Agreement Climate Commitment, which creates an opportunity for EV in India as EVs and PHEVs running only batteries sources have zero exhaust emission.
Segmentation of the India Electric Vehicle Market:
This report carefully analyses all product segments of the India electric vehicle market. The market forecast has also taken into consideration vehicle type, volume (units), propulsion type, two-wheelers battery type, two-wheelers price range, four-wheelers price range, two-wheelers driving range, and four-wheelers driving range segments of the industry.
India Electric Vehicle Market by Vehicle Type:
• Two-Wheelers
• Three-Wheelers
• Four-Wheelers
India electric vehicle market by Volume (Units):
• Two-Wheelers
• Three-Wheelers
• Four-Wheelers
India electric vehicle market by Propulsion Type:
• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Hybrid Electric Vehicle
India electric vehicle market by Two-Wheelers Battery Type:
• Lithium-ion Battery
• Lead Acid Battery
India electric vehicle market by Two-Wheelers Price Range:
• Less than 800 USD
• 800-1,200 USD
• More than 1,200 USD
India electric vehicle market by Four-Wheelers Price Range:
• Less than 16,000 USD
• 16,000-36,000 USD
• More than 36,000 USD
India electric vehicle market by Two-Wheelers Driving Range:
• Less than 70 Km
• 70-100 Km
• More than 100 Km
India electric vehicle market by Four-Wheelers Driving Range:
• Less than 150 Km
• 150-200 Km
• More than 200 Km
About GMI Research:
GMI Research is a market research and consulting firm which provides bespoke industry & market research to help businesses in making the toughest business decision. We know the significance of accurate data; that’s why our analyst use a tailored methodology to study every market in detail because one size doesn’t fit all. We not only cover the traditional well-established market but also focuses on the niche market and markets in the emerging economies, where getting data and information is a challenge. This factor makes us a pioneer in the emerging market research space. Our syndicate reports cover multiple industries across various regions and countries.
Our in-depth market reports help propel your business with all the data, strategic inputs, and competitive intelligence to move ahead even in the most uncertain times. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research look forward to help businesses stay ahead of the curve.
India electric vehicle market, India electric vehicle market size, Gmiresearch,