India Electric Vehicle Market To Cross $2 Billion by FY2023
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.
About TechSci Research
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employing innovative research solutions and tracking global and country
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market trends.
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