Press release
India Electric Vehicles Market is expected to expand at a CAGR of 77% during 2020 to 2025
India Electric Vehicles Market 2022
In a new report published by Persistence Market Research titled "Electric Vehicle Market: India Industry Analysis (2012-2016) and Forecast (2017-2025)," it has been observed that the India electric vehicles market is expected to expand at a CAGR of 77% in terms of value during the forecast period.
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Electric vehicles are becoming more popular as people become more environmentally conscious. Electric vehicles can be plugged into the electrical grid to recharge, and many cities have started installing charging stations. Electric vehicles come in a variety of shapes and sizes, from small cars to large trucks.
In India, where the market for electric vehicles is booming quickly, market participants are reportedly concentrating on increasing their presence there. To promote their products, major participants in the market are concentrating on forming partnerships with regional retailers, distributors, and aftermarket businesses. In the near future, it is projected that the Indian electric vehicle market would offer profitable prospects to both electric car and vehicle component producers. Because of this, major vendors in the Indian market are already planning to make substantial expenditures in order to take advantage of the prospects presented by the subcontinent's highly prospective market for electric vehicles.
Company Profiles-
• Mahindra & Mahindra Ltd.
• MARUTI SUZUKI INDIA LIMITED
• Toyota Motor Corporation
• AB Volvo
• Tata Motors
• Ashok Leyland
• Hero Electric Vehicles Private Limited
• Honda Motor Co., Ltd.
• Bayerische Motoren Werke AG
• Avon Cycles Ltd
• Lohia Auto Industries
• Electrotherm (India) Ltd and more
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India Electric Vehicle Market: Drivers
Significant incentives for electric vehicles under FAME India and NEMMP 2020
Electric vehicles emit 50% less greenhouse gas than petrol or diesel
Low maintenance and operations costs of electric vehicles
Increasing crude oil prices anticipated to augment the adoption of electric vehicles
Drop in battery price may lead to E-Vehicle adoption
India Electric Vehicle Market: Forecast by Vehicle Type
By vehicle type, the India electric vehicles market is segmented into two-wheelers, passenger cars, commercial vehicles and others. The most preferred vehicle types in the current scenario are passenger cars and two wheelers, which will continue to dominate the electric vehicle market in the near future. The passenger cars segment is expected to hold three-fourths of the India electric vehicles market share by 2025 end.
India Electric Vehicle Market: Forecast by Technology
The segmentation by technology comprises hybrid electric vehicles, plug-in hybrid electric vehicles and battery electric vehicles. Hybrid electric vehicles will be the most common vehicles plying on the road in the future. The battery electric vehicles segment is expected to dominate the India electric vehicles market throughout the forecast period. A large market share of the battery electric vehicles segment (about 85% in 2025) is owing to the high sales volume of two wheelers in India. (over 90% of pure battery powered two wheelers have been sold in India in 2016)
India Electric Vehicle Market: Forecast by Power Source
The power source segment includes stored electricity and on-board electricity. The stored electricity segment is expected to be the most attractive segment in the India electric vehicles market and is estimated to dominate the India electric vehicles market with 84.4% market revenue share in 2017.
India Electric Vehicle Market: Forecast by Powertrain
On the basis of powertrain, the India market for electric vehicles is segmented into series hybrid, parallel hybrid and combined hybrid. Parallel hybrid is the most preferred type of powertrain in hybrid and plug-in hybrid vehicles owing to its advantages over other types of powertrains. This system is not included in battery electric vehicles as it requires both an internal combustion engine and an electric motor.
Complete Report Details@https://www.persistencemarketresearch.com/market-research/india-electric-vehicles-market.asp
Key Stakeholders
India Electric Vehicles Market Manufacturers
India Electric Vehicles Market Distributors/Traders/Wholesalers
India Electric Vehicles Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
Request you to Read More-
Electric Bus Market - https://www.persistencemarketresearch.com/market-research/electric-bus-market.asp
Electric Two Wheelers Market - https://www.persistencemarketresearch.com/market-research/electric-two-wheelers-market.asp
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