Charging Infrastructure- A Decisive Factor for the Growth of Electric Vehicles in India

The Indian automotive industry is one of the major growing markets of the world, and vastly contributes in the country’s industrialized facilities. The automobile industry in India is further projected to upsurge the share of manufacturing in India’s GDP to 25% by 2024 from 15% presently, with manufacturing of electric vehicles being automotive sensation in India. Although, the India’s electric vehicles market is at its emerging stage as of now, but the enablers given by the government are pretty sufficient for it to nurture for taking its first step. Sight of which can be very noticeably seen with Tata’s of the world all set to make public its first ever electric vehicle for Indian market during 2017. However, with all the evident opportunities, there still exist certain challenges for the development of Indian electric vehicle market, one such being shortage of lithium deposits and charging infrastructure.

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Stringent vehicular emission norms, plummeting battery prices and growing consumer awareness are the major factors driving the EV adoption in India, while electric vehicles are not yet main-stream, government impulse and other indications point to a growing momentum. However, the India electric vehicles market report noted the serious need for developing charging infrastructure at a rapid pace “as it is the decisive factor for growth of electric vehicles. The most required need for EVs growth at this point in time is the presence of associated support industry and infrastructure as it will help the charging infrastructure flourish.

Newly released Indian Electric Vehicle market research from Goldstein Research, a leading marketing intelligence and consulting firm, indicates that EVs in India are projected to grow at a CAGR of 38.1% between now and 2024.

India Electric Vehicle Market Outlook 2024 by Goldstein Research contains detailed overview of the India electric vehicle market. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Toyota, Maruti Suzuki, Mahindra Motors, BMW, Tata Motors, Lohia Auto Industries, Heroelectric, BSA Motors etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

For research on electric vehicle market in India, visit:

https://www.goldsteinresearch.com/report/india-electric-vehicle-market-size-forecast-2016-2024

Goldstein Market Intelligence helping businesses to be successful at strategy and take informed decisions to grow the business in future.

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