India Electric Vehicles Market to Grow at an Outstanding 77% CAGR through 2025

ALBANY, USA, 2018-Mar-28 — /EPR Network/ —A new comprehensive study titled “India Market Study on Electric Vehicles: Passenger Cars to Zoom Ahead of Two-wheelers & Commercial Vehicles in Terms of Revenue Share” has recently been submitted to the database of Market Research Reports Search Engine (MRRSE). According to the report, the India electric vehicles market is likely to grow at a CAGR of 77% during the assessment period.

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According to the report, broader developments regarding the push towards electric vehicles are likely to promote growth of the market during the assessment period. Electric vehicles are gaining traction globally, as the automotive industry focuses on reducing carbon emissions. Growing emphasis on climate change and reducing the global warming is also likely to provide an impetus to growth.

The Indian electric vehicles market is also likely to grow on account of favorable regulations such as FAME India and NEMPP 2020. As electric vehicles emit less greenhouses gases than petrol or diesel, their adoption is likely to witness an increase in the near future. Although the long-term outlook on Indian electric vehicles market remains positive, growth may remain sluggish in the short-term owing to lack of infrastructure and high costs.

The report segments the electric vehicles market in India into power source, powertrain, vehicle type and technology. The power source segment is further bifurcated into stored electricity and on-board electric generator. The powertrain segment is further sub-segmented into combined hybrid, parallel hybrid and series hybrid. The vehicle type segment is categorized into commercial vehicles, passenger cars and two wheelers.

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On the basis of vehicle type, passenger cars are likely to account for nearly three-fourth revenue share of the market. Steady growth of the passenger car segment in India is likely to provide an impetus to the market during the assessment period. By technology, hybrid electric vehicles are likely to account for a significant revenue share of the market, whereas battery electric vehicles are likely to dominate demand.

The report profiles some of the leading players operating in the market. Some of these players are Mahindra & Mahindra Ltd., Toyota Motor Corporation, MARUTI SUZUKI INDIA LIMITED, AB Volvo, Ashok Leyland, Tata Motors, Hero Electric Vehicles Private Limited, Bayerische Motoren Werke AG, Honda Motor Co., Ltd., Avon Cycles Ltd, Electrotherm (India) Ltd, Lohia Auto Industries, Yamaha Golf-Car Company, Speedways Electric, Club Car, LLC, Maini Material Movement Pvt. Ltd., Carrieall Car Private Limited, Auto Power, Tunwal E-Vehicle India Pvt. Ltd and Ampere Vehicles Pvt. Ltd.

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