Government incentive schemes, growing interest among consumers towards environment friendly technologies and declining prices to fuel India electric vehicle market through FY2023

According to TechSci Research report, “India Electric Vehicle Market By Vehicle Type, By Drivetrain Technology, Competition Forecast & Opportunities, FY2013 – FY2023”, electric vehicle market in India is forecast to reach nearly $ 2 billion by FY2023, on the back of increasing consumer inclination towards electric vehicles coupled with growing concerns associated with rising air pollution levels across the country. Growth is also anticipated due to increasing number of research & development efforts by various leading automobile companies to develop more advanced, affordable and feature-rich electric vehicles. Moreover, with increasing number of government initiatives to encourage adoption of cleaner vehicles, demand for electric vehicles in the country is expected to grow at a rapid pace during the forecast period.

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Backed by huge population, better employment opportunities and high standard of living, northern India accounted for the dominating share in India electric market in FY2017. Moreover, the region accounts for the largest share of automobile sales in the country. Consequently, the region is anticipated to maintain its dominance in the country’s electric vehicles market as well in the coming years. In 2017, few of the major EV players that witnessed significant presence in their respective vehicle segments in India include Mahindra, Volvo, BMW, Hero, Yobykes, Lohia, Avon, Kinetic Green, and Goldstone.

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“The Government of India is constantly taking measures to boost the adoption of cleaner vehicles in the country. The government offers various incentives to electric vehicle buyers, as well as exempts electric vehicles from various taxes. Moreover, growing demand for electric vehicles is encouraging leading industry players to come up with new models. All these developments are expected to augur well with the country’s electric vehicle market in the coming years”, said Mr. Mahesh Bendre, Vice President with TechSci Research, a research based global management consulting firm.

“India Electric Vehicle Market By Vehicle Type, By Drivetrain Technology, Competition Forecast & Opportunities, FY2013 – FY2023” has analyzed the potential of electric vehicle market across the country, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

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