India Electric Vehicle Market – Opportunities & Forecast, 2020-2027 - Gurgaon

The electric vehicles market in India is in a nascent stage and the market is projected to witness strong growth during the forecast period. The significant factors contributing to the growth of the India electric vehicle market include increasing air pollution levels and global warming. The growing fuel cost, rapid depletion of fossil fuels, and the degradation of the environment owing to CO2 emission from the combustion of fossil fuels, followed by growing awareness and concerns for rapid climate change are some other factors boosting the demand for electric vehicles. Moreover, rising efforts from the government to encourage electric vehicles by providing subsidies on electric vehicles are certain factors surging the growth of the India electric vehicle market size in the upcoming years.

The primary automotive players are investing in electric vehicles, and technologies underpinning the enhancement of electric vehicles are evolving rapidly owing to a rise in research & development spending. In order to increase the penetration of electric vehicles, the government is planning to develop a proper charging infrastructure for these vehicles in India.

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