- The electric vehicle (EV) ecosystem market in India is forecast to reach $216.3 billion by 2030
- EV ecosystem market includes three major sectors, namely electric vehicle market, battery market, and charger market
- Two and three wheeler vehicles will also drive adoption of EVs
According to a new market intelligence report by BIS Research, titled “India Electric Vehicle (EV) Ecosystem Market − Analysis and Forecast 2019-2030”, the India EV ecosystem market includes three major sectors, namely electric vehicle market, battery market, and charger market. The electric vehicle market, battery market, and charger market are expected to witness CAGRs of 53.64 per cent, 58.86 per cent, and 59.58 per cent, respectively, during the forecast period.
“The government’s target for 30 per cent adoption of electric vehicles by 2030 is expected to be majorly driven by the electrification of two-wheeler, three-wheeler, and commercial vehicles in India,” noted Ajeya Saxena, lead analyst at BIS Research.
The electric vehicle (EV) ecosystem market in India is forecast to reach $216.3 billion by 2030. Recently, Skyworth, a Hong Kong based consumer electronics brand, had announced its plans to open a manufacturing facility in Telangana. As a matter of fact, the company, will be manufacturing lithium batteries for EVs here.
Government policies to reduce the carbon footprint to help EV adoption
The electric vehicles market, as per the report, is currently witnessing a high growth rate, owing to the changing trends in the automotive industry. Furthermore, the growing environmental concerns, coupled with strong push from the government to replace 30 per cent of the total vehicle population by electric vehicle, are anticipated to propel the electric vehicle market in coming 10 years.
“In addition, strict government policies to reduce the carbon footprint across India is another major factor that is expected to create lucrative opportunities for the EV ecosystem market in India for the decade to follow,” read BIS report.
“Lower rate of adoption of electric vehicles in the passenger vehicle segment is expected to have a limited impact in achieving these targets,” added Ajeya Saxena.