Electric Vehicle Component Market Outlook for India

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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. 

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 (2020–2030).  

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The biggest trend presently being witnessed in the Indian electric vehicle component market is the rising demand for electric vehicles having higher battery capacity in the country. In earlier times, the demand for lower battery capacity electric vehicles was higher in India, because of the high customer preference for cost-effective vehicles. But, since the last few years, owing to the burgeoning need for vehicles capable of travelling long distances on a full charge, there has been a sharp increase in the demand for higher battery capacity electric two-wheelers, e-rickshaws, commercial vehicles, and passenger cars in the country.

Hence, it is clear that the demand for electricvehicle 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.

 


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