India’s electric vehicle market is valued at more than 10 billion U.S. dollars in fiscal year 2021, and is expected to grow at a compound annual growth rate of 41.02% during the forecast period, and will reach 78.19 billion U.S. dollars in fiscal year 2027.

During the forecast period, the Indian electric vehicle market is expected to grow at a compound annual growth rate of 41.02%

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During the forecast period, the Indian electric vehicle market is expected to grow at a compound annual growth rate of 41.02%

According to a recent study conducted by Research and Markets, by the 2027 fiscal year, the value of the Indian electric vehicle market will exceed 78 billion U.S. dollars. According to the research report, in the 2020-21 fiscal year, the country’s electric vehicle market will be worth more than US$1 billion, and is expected to grow at a compound annual growth rate of 41.02% during the forecast period. The report pointed out that continuous advancements in technology to upgrade existing infrastructure and new inventions in the automotive industry are driving demand for the electric vehicle market.

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By fiscal year 2027, the value of India’s electric vehicle market will exceed US$78 billion

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On the other hand, the Indian government’s promotion of electrification is also boosting this cause. The government’s efforts to establish charging infrastructure and the production-related incentive (PLI) program for the manufacture of advanced chemical battery (ACC) batteries are expected to have a budget of Rs 18,100 crore, which is expected to help accelerate market growth. In addition, increasing environmental problems contribute to the growth of demand for electric vehicles, and the burden of oil imports leads to fuel prices, which helps to change consumers’ preference for green energy fuels. All these factors help create profitable opportunities for the growth of the electric vehicle market.

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The increase in fuel prices caused by the burden of oil imports can help change consumers’ preference for green energy fuels

Currently, the Indian electric vehicle market is divided into different models, powertrains, capacities, regional distribution and companies. Based on vehicle models alone, the market is further subdivided into hatchbacks, sedans, SUVs and MPVs. Among them, the report also stated that the hatchback segment market is expected to witness the fastest growth due to the continuous increase in consumer affordability. In addition, the existence of battery manufacturing companies reduces the cost of batteries used in electric vehicles, thereby reducing the cost of purchasing vehicles.

Researchers also found that the demand for electric vehicles in southern India is extremely high, mainly because of the population, better job opportunities, and high standard of living. The report added that southern India is a major contributor to the overall demand for electric vehicles in the country. With the development of infrastructure and increased employment opportunities, the demand for electric vehicles in the region is expected to grow further.

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The report adds that southern India is the main contributor to the overall demand for electric vehicles in the country

In fact, as the development of electric vehicles continues to expand, this will support the electric vehicle market, which is expected to grow during the forecast period. In 2017, southern India alone accounted for more than 36% of total electric vehicle sales, followed by the north and other regions.

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Currently, the main players operating in the Indian electric vehicle market are Tata Motors, MG Motors India, Hyundai Motors, Mahindra Electric Mobility Limited and other smaller payers. In the luxury car sector, we have brands like Mercedes-Benz India, Audi India and Jaguar India, and we will soon have pure electric vehicles from brands such as BMW India and Volvo Cars India.

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