India Electric Car Market

ev-electric-vehicle Business Opportunities The Indian electric car market size was valued at $71.1 million in 2017 and is projected to reach $707.4 million by 2025, witnessing a CAGR of 34.5% during the forecast period. Government schemes and subsidies are playing a major role in the growth of the market. In addition, the growing environmental concerns owing to high pollution levels in major cities of the country are also positively affecting the market growth.

On the basis of battery, the Indian electric car market has been classified into Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese Cobalt Oxide (Li-NMC), and others. The "others" category includes other Li-ion based batteries, such as Lithium-Titanate oxide (LTO) battery, Lithium-Nickel-Cobalt-Aluminum oxide (NCA) battery, nickel-metal hydride (NiMH) battery, and lead acid battery.

Public transport systems of India are among the most heavily used across the world. Therefore, shared electric mobility has an opportunity to gain popularity in the Indian electric car market by meeting the increasing need for transport systems. Mobility systems are experiencing transformation due to increasing connectivity, new business models, and steeply falling technology costs. Many business models are offering shared electric mobility solutions, with the notable ones being Ola Cabs and Uber.

What's EV Outlook?

1. By 2040, 55% of all new car sales and 33% of the global fleet will be electric.
2. China is and will continue to be the largest EV market in the world through 2040.
3. EV costs. The upfront cost of EVs will become competitive on an unsubsidized basis starting in 2024. By 2029, almost all segments reach parity as battery prices continue to fall.
4. E-buses. Buses go electric faster than light duty vehicles.
5. Displacement of transport fuel. Electrified buses and cars will displace a combined 7.3 million barrels per day of transportation fuel in 2040.

Business Opportunities

Business Opportunities
Global electric-vehicle market
Pure electric vehicles (BEVs) currently make up 66 percent of the global EV market. BEV sales are growing faster than those of plug-in hybrid vehicles (PHEV).
Business Opportunities
India Electric Car Market
The Indian electric car market size was valued at $71.1 million in 2017 and is projected to reach $707.4 million by 2025, witnessing a CAGR of 34.5% during the forecast period. Government schemes and subsidies are playing a major role in the growth of the market. In addition, the growing environmental concerns owing to high pollution levels in major cities of the country are also positively affecting the market growth.

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