India Electric Car Market Business Revenue Forecast

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Electric Car Market Outlook For India
PS Intelligence
According to the market research report published
by PS Intelligence, Indian electric car market
is projected to reach 707.4 million by 2025. The
market is predominantly driven by the government
schemes, growing environmental concerns, and
falling battery prices. Several incentives, such
as tax rebates, grants, and subsidies, have been
launched by the central and state governments in
order to increase electric car adoption in the
country.
Government schemes and subsidies are playing a
major role in the growth of the Indian electric
car market. The urban population has increased
rapidly over the past decade, resulting in rise
in pollution levels. To curb this issue, the
Indian government is encouraging and supporting
the adoption of electric cars through its several
financial schemes and incentives. Several
policies related to electric vehicle (EV) have
been announced by the public authorities of
India over the past few years indicating
substantial action and ambition for the adoption
of EVs in the country. For instance, in 2015,
the Indian government introduced a scheme under
the National Electric Mobility Mission Plan
(NEMMP) namely Faster Adoption and Manufacturing
of (Hybrid ) Electric Vehicles (FAME) scheme to
encourage the adoption of clean fuel
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technology cars that boosted the growth of the
Indian electric car market. The scheme was
launched in the Union Budget for the fiscal year
20152016 with a primary expense of 11.46
million (INR 75 crores). It was targeted to
decrease the upfront purchase value of electric
and hybrid vehicles and to stimulate their early
adoption. Make enquiry before buying the report
https//www.psmarketresearch.com/send-
enquiry?enquiry-urlindia-electric-car-market The
Indian electric car market is highly
consolidated and is dominated by Mahindra
Electric Mobility Ltd. Currently, the company is
the only BEV manufacturer in the country. It had
ventured into the electric car industry much
earlier than other Indian automotive players
through the acquisition of Reva Electric Car
Company in 2010. However, Tata Motors Ltd. is
expected to gain a significant market share in
the Indian electric car industry during the
forecast period, as it has announced to launch
two electric car models, Tigor Electric and
Tiago Electric, by the end of 2019. Some of the
other major players operating in the Indian
electric car market are Hyundai Motor Company,
Volvo Car Corporation, Toyota Kirloskar Motor
Pvt. Ltd., and Honda Motor Co. Ltd.