The nascent Indian electric vehicle (EV) market is fast emerging as a sunrise sector, and the country is expected to aggressively push toward electrification. Frost & Sullivan’s recent analysis, Indian Electric Vehicle Growth Opportunities, finds that Mega Trends such as rapid urbanization, rising fuel costs, traffic congestion, pollution, emerging economic growth, and energy security will drive EV adoption in the country in the next few years.
Driven by India’s emission norms, high cost of compliance, and lucrative incentive policies, the buoyant EV industry is likely to witness more than eight-and-a-half-fold growth, reaching 4,844,500 million units sales by 2025 from 556,036 units in 2019. Of the total estimated EV sales, electric two-wheelers (e2Ws), eRickshaws, and electric auto-rickshaws (eAuto) will occupy a large chunk of the market, followed by electric four-wheelers and electric buses. Domestic original equipment manufacturers (OEMs) such as Tata Motors and Mahindra & Mahindra and foreign OEMs such as Hyundai and MG have entered the sector with their flagship EVs. They are expected to launch various new EV models in India.
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