Passenger cars vehicle type projected to gain significant market share during the assessment period
The most common type of vehicles found on the road, the passenger cars segment is projected to gain nearly 3400 basis points between 2017 and 2025, expanding at a CAGR of 90.7% over the forecast period. The passenger cars segment is expected to create total incremental $ opportunity worth US$ 7,255,686 ('000) between 2017 and 2025. This segment is expected to dominate the India electric vehicles market, with more than 40% market revenue share in 2017. The segment is expected to increase by 174X in terms of value, and is predicted to be the most attractive segment in the India electric vehicles market during the forecast period.
The recent trend of growth of hybrid electric vehicles over conventional vehicles to fuel the India electric vehicle market during the projected period
Consumers frequently face the problem of selecting between conventional vehicles and hybrid electric vehicles. Although it has been anticipated that petroleum reserves will dry down in the years to come, owing to the present rate of consumption, consumers still see conventional vehicles as a better option. The reason of this is higher flexibility and practicality that they offer with hybrid vehicles. This has led automobile manufacturers to develop vehicles that offer the benefits of both conventional and electric vehicles. This is the hybrid electric vehicles category. These vehicles come with an internal combustion engine and rechargeable batteries to drive the vehicle.
Apart from this, additional benefits associated with hybrid electric vehicles is the significant reason behind the tremendous growth of hybrid electric vehicles. The batteries of hybrid vehicles can be recharged through an internal combustion engine. Due to this, it has been witnessed that there is growth in the sales of hybrid vehicles which is much higher than pure and plug-in hybrid vehicles.
“In 2015, the government of India introduced a scheme – Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) – to promote clean fuel technology cars. This scheme was introduced under the National Electric Mobility Mission Plan (NEMMP) to mobilize a fleet of six million electric vehicles on Indian roads by 2020. For achieving their targets, the Indian government is planning to replace petrol and diesel variants being used by its agencies with electric vehicles. This plan is to be executed by the government in the next three to four years. For making it possible, the Energy Efficiency Services Ltd (EESL), under the administration of the Ministry of Power and the government of India has taken an initiative by placing an order of 10,000 electric vehicles. Tata Motors has won this tender and is likely to supply these Electric Vehicles (EVs) in two phases; first 500 electric cars will be supplied to Energy Efficiency Services Ltd (EESL) in phase one and the rest 9,500 electric vehicles will be delivered in the second phase.”
The research study titled “Electric Vehicle Market: India Industry Analysis (2012-2016) and Forecast (2017-2025)” uncovers each and every aspect of the market, with the help of a robust research platform. It reveals several macroeconomic factors, SWOT analysis, regulatory aspects, and other angles which govern the dynamics of the market influencing its growth. These traits help in devising an accurate marketing strategy or entry tactic, simultaneously dealing with the unforeseen events present within the market scenario.
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Persistence Market Research adopts a strong research methodology to collect and analyse data
At Persistence Market Research, a unique research methodology is applied to gather the necessary market data. Secondary research followed by primary research and key opinions from domain experts, market observers and other external sources is carried out. The initial secondary research is initiated which is extensive in nature and covers all the angles of the India electric vehicle market following which a primary research is carried out to deep dive even further. Simultaneously, market observers and domain experts that have completely unbiased opinion about the market, are consulted either via face to face interview or via telephonic interview, and key aspects and data points are stacked which are re-examined in the next primary interviews. This implies that each key aspect or statistic or number is cross checked, re-verified, evaluated, analysed and validated over the course of the entire research. As every conversation gives a more or less different view, the statistics and data undergo a triangulation process to arrive at a certain number. This data point reflects maximum accuracy which fuels the credibility of the information provided in the India electric vehicle market report.
The research report on India electric vehicle market includes a separate dedicated section which covers competitive landscape. This includes information on the key players dealing with electric vehicles. The competitive analyses on these key players reflects a detailed knowhow on their current scenario, their geographical spread, their expansion plans, the new strategies they have come up with, new developments in their products as well as innovation to enhance their product portfolio, mergers and acquisitions as an expansion strategy, marketing strategies, market share, revenue, company strength, strategic alliances, etc. This can give the reader a broad idea of the happening events in the market, initiated by these players which the help of which new plans or tactics can be developed and implemented.
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