Electric Vehicles market forecast in India - 50000 Crore

India is one of the biggest market of Automobile industry. Lucrative income and need for more personalised journey are key motive factors to give more boost to automotive industry in India. Pollution & fuel availability are factors which are increasing the demand of Electric vehicles in India. 

An electric vehicle (EV), also called electrics is a vehicle that uses one or more electric motors or traction motors for propulsion. An electric vehicle may be powered through a collector system by electricity from off-vehicle sources, or may be self-contained with a battery, solar panels, fuel cells or an electric generator to convert fuel to electricity. EVs include, but are not limited to, road and rail vehicles, surface and underwater vessels, electric aircraft and electric spacecraft.

It is projected that Electric vehicles market will reach 50000 Crore (500 Billion) by 2025 in India. 

Reference

The EV market in India has gained significant momentum after the implementation of FAME India scheme. The total EV sales in 2018 hit 365,920 Units and expected to grow at a CAGR of 36% till 2026. The EV battery market in India is estimated to be US$ 520 Million in 2018 and forecasted to grow at a CAGR of 30% till 2026. The total MWh addition in 2018 hit 4.75 GWh and expected to grow till 28.0 GWh by 2026. (Reference)

In the Indian electric vehicle ecosystem market, the EV market is anticipated to grow at a robust CAGR of 43.13% during the forecast period from 2019 to 2030. Additionally, installation of charging infrastructure is projected to grow at a CAGR of 42.38%. (Reference) 

There are some OEMs who has already taking lead in this revolution like Tata Motors, Mahindra, Hyundai, Mercedes-Benz, MG etc. 

Tata Nexon EV

https://nexonev.tatamotors.com/

Mahindra eVerito

https://www.mahindraelectric.com/vehicles/everito/

Mahindra e20 Plus 

https://www.mahindraelectric.com/vehicles/e2oplus/