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Written by Deepakmishra » Updated on: October 20th, 2024
India Electric Car Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 55.3% (2024-2032)
The India electric car market is rapidly expanding due to government incentives, growing environmental awareness, and advancements in battery technology. According to the latest report by IMARC Group, the market is projected to grow at a CAGR of 55.3% from 2024 to 2032.
India Electric Car Market Trends and Drivers:
Environmental concerns are growing and the efforts of government officials toward sustainable mobility are two driving factors behind the expansion of India electric vehicle market. In addition, policies like those of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) program and a variety of state-wide incentives are promoting the adoption in electric vehicle (EVs). These initiatives are designed to decrease carbon emissions as well as dependence on fossil fuels through incentives, tax breaks and the development of infrastructure for EV charging stations.
Furthermore, growing awareness among the public about the negative environmental impact of conventional internal combustion engines has boosted demand for electric vehicles. The decreasing price of batteries as well as advancements on battery technologies are making EVs more accessible and attractive to a wider audience of consumers.
Technology advancements and the increasing investments in the electric vehicle infrastructure are the main trends influencing the India electric vehicle market. Furthermore automobile manufacturers are investing a lot into research and development in order to develop efficient, long-range and cost-effective electric automobiles. The latest advances in battery technology like the development of lithium-ion batteries and solid-state ones have increased the range of electric cars and decreasing the time to charge electric vehicles.
In addition the growth of EV charging infrastructure in both rural and urban areas is alleviating the issue of range anxiety, and enabling electric vehicles to be easier to use for daily usage and thereby boosting demand. In addition collaborations between automobile companies, tech companies, and energy companies are creating an ecosystem that is supporting the development of electric mobility. This is expected to propel the India electric car market in the forecasted time.
India Electric Car Market Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
Breakup by Vehicle Class:
Breakup by Vehicle Drive Type:
Breakup by Region:
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.
IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
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