Syndicated Research Studies

What is Driving the EV Market in India? The Indian electric vehicle market has been growing at an exciting pace in recent years. As people look for cost-effective and environment-friendly alternatives to traditional vehicles, electric vehicles are quickly gaining popularity in India. With its massive population and rapid urbanization, the country presents a huge potential for EV adoption. Technological improvements in battery technology have significantly reduced the cost of electric vehicles and increased their range. Batteries were once the most expensive component of an EV. However, they are becoming more affordable and efficient, allowing EVs to travel longer distances on a single charge. This is a major factor in improving the attractiveness of electric vehicles for consumers. It is remarkable that even with subsidies, the upfront cost of electric vehicles can still be high, especially for more premium models. Second, the fear of running out of battery without a nearby chargin...

India Electric Vehicle Industry Overview The India electric vehicle market size was valued at USD 220.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 94.4% from 2021 to 2030. The attractive incentives being offered by the Indian government on the production and purchase of electric vehicles to encourage the adoption of electric vehicles are anticipated to drive the growth of the market over the forecast period. The outbreak of the COVID-19 pandemic triggered a significant decline in the overall sales of passenger and commercial vehicles in 2020. However, the sales of electric vehicles in India remained unaffected. The post-lockdown sale of pure and hybrid electric vehicles is a prominent driving factor for the electric vehicle market in India. The stringent GreenHouse gas (GHG) emission norms drafted by the government, such as the Bharat Stage (BS) VI emission standards introduced by India’s Ministry of Road Transport and Highways (MoRTH), ...