India Electric Vehicle Components Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn.
India Electric Vehicle Components Market
India Electric Vehicle Components Market Drivers & Restraints:
An Increasing adoption of electric vehicles & government initiatives towards electric vehicles like tax exemptions, purchase rebates, & financial incentives are the key reasons contributing towards the growth of electric vehicle component market in India. The decreasing price of the components that used in electric vehicles is boosting the manufactures to choose high quality components in the EV, thereby increasing the demand for the EV components market across India. In addition to this, increasing price of fuel, rapid depletion of fossil fuels & degradation of the environment owing to CO2 emission coupled with the growing environmental awareness among the buyers will further complement the demand for electric vehicles which in turn will fuel the demand for electric vehicle components in India. Though current crude oil prices fall is expected to slow down the short term growth of EV, India is expected to be a growth engine for EV vehicles by 2027.
Many multinational automotive key players are heavily investing in the R&D in order to develop progressive technologies for the electric vehicles to meet the changing demand of the buyers across India. The unceasing product improvement will attract a large number of buyers towards the adoption of electric vehicles in India. The Indian government is focusing towards the production of charging stations for the EV across India. For example, The Ministry of Power provided guidelines & standards for setting up charging infrastructure of Evs at every 3 Km. The Central government permitted the setting up of 2,636 EV charging stations around 62 cities in 24 states & Union Territories across the country. Through this action, the government inclines to encourage the manufacturers to launch new models of EVs with superior performance which will further accelerate the growth of EV components market in India.