Indian Electric Vehicle Component Market Status & Supply Demand | Industry Forecast Report 2030

1
Why is Indian Electric Vehicle Component Market
Expected to Boom in Tripura in Future?
One of the biggest factors responsible for the
surge in the demand for electric vehicle
components in India is the increasing sales of
electric vehicles in the country. According to
various reports and surveys, there were sales of
447.7 thousand electric three-wheelers, 2,000
electric passenger cars, and 32.4 thousand
electric two-wheelers in India in 2019. The main
factors fuelling the ballooning sales of
electric vehicles in the country are the presence
of favorable government policies and the
declining air quality in the country, due to the
pollution caused by the fossil-fuel powered
vehicles. There has been a massive rise in
carbon emissions in India over the last few
years, owing to the large-scale usage of the
fossil-fuel powered vehicles (nearly 40 of the
total emissions are being caused by the transport
sector) and this has led to the enactment of
strict emission control laws in the country by
the government. As per the Under the Faster
Adoption and Manufacturing of (Hybrid ) Electric
Vehicles (FAME) scheme, the Indian government
intends to replace 30 of the total number of
automobiles running on the Indian roads by
electric vehicles by 2030. Request to Get the Sa
mple Report_at_ https//www.psmarketresearch.com/mar
ket-analysis/indian-electric-vehicle-
component-market/report-sample The other major
factor fuelling the rising demand for electric
vehicle components in India is the declining
prices of these components in the country. Due to
these factors, the revenue generated from the
sales of electric vehicle components in India
was found to be 536.1 million in 2019 and this
number is predicted to increase considerably in
the coming years. The Indian electric vehicle
component market is expected to advance at a
CAGR of 22.1 during the forecast period
(20202030).
2
There are mainly four types of electric vehicles
used in India two-wheelers, three-wheelers,
commercial vehicles, and passenger cars. Out of
these, the components used in the electric
three-wheeler components recorded the highest
sales in India in 2019, on account of the huge
usage of e-rickshaws in the country. It was
observed that on an average, an e-rickshaw was
driven for almost 100 kilometers every day,
owing to which, the wear and tear caused in the
various components of the e-rickshaw remained
high, which in turn, created high demand for
these components in the country. In India, Uttar
Pradesh registered the highest sales of electric
vehicle components in the last few years. This
is mainly attributed to the large replacement and
procurement rates of electric vehicle
components, especially the components of the
electric two- and three-wheelers, in the state.
Tripura is expected to observe the fastest
growth in the demand for electric vehicle
components, specifically for three-wheelers in
the near future, due to the surging number of
e-rickshaws in the state and the resultant rise
in the requirement of e-rickshaw parts and
components in the state. Hence, it is clear that
the demand for electric vehicle components is
certain to rise significantly in India over the
next few years, owing to the soaring adoption of
electric vehicles and the declining prices of the
parts and components of the electric vehicles,
in the country.