Tesla, the leading Electric vehicle manufacturer plans for the launch electric vehicles in India which will drive the Electric Vehicle market
India: Elon Musk has once again confirmed to bring Tesla Motors in India in 2019, or max 2020. India is a promising market for electric vehicle makers, it has lagged far behind neighboring China, plagued by minimal government support for cleaner technology and paucity of charging stations. Tesla has not started making electric vehicles in India yet because of some challenging government regulations. Although India and China are similarly sized with regards to their huge populations, India is lagging far behind China in terms of passenger EV adoption, with just 6,000 passenger EVs, compared to China’s 1.35 million passenger EVs. Tesla broke ground in January on a $5 billion factory in China, its first car-manufacturing facility outside the U.S., after four years of planning. According to BlueWeave Consulting, The electric vehicle market in India is anticipated to create lucrative opportunities for electric vehicle manufacturers as well as for vehicle component manufacturers in the near future. The demand for passenger electric vehicles is governed by an increase in demand for fuel-efficient, high-performance, and low-emission vehicles. The move to electrify vehicles has gathered momentum the world over. The revised policy in India will ensure a majority of these high-tech cars make their way into India very close to the global launch. India’s electric vehicle ambitions have been growing multifold and have also been revised considering ground realities. After the government announced plans to make the country 100% EV dependent by 2030, it was revised to 30% e-mobility by 2030. Since then, several states, corporations, startups, and investors have been doing their share of developing e-mobility solutions. Luxury-car manufacturers are driving the change when it comes to bringing in cleaner and greener vehicles to India, to help address the country’s increasing pollution challenge. At least half a dozen zero-emission, pure electric cars and SUVs, such as the Porsche Taycan, Mercedes-Benz EQC, BMW ‘I’ brand, Audi E Tron, Jaguar IPace and the Nissan Leaf, are set to hit the Indian roads in the next couple of years. According to the recently published report by BlueWeave Consulting on “Global Electric Commercial Vehicles Market by Propulsion type (BEV, HEV, PHEV, FCEV), by Vehicle type (Bus, Truck, Van, Others), by Component (Motor, Battery, Others) – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014-2024,” the Global Electric Commercial Vehicles market is projected to grow at a CAGR over 13.0% during the forecast period in terms of value. The market is expected to reach over USD149, 316 Mn by 2024, supported by government subsidies and tax rebates for commercial electric vehicles. Need for fuel-efficient and emission-free vehicles and the increasing demand for the electric commercial vehicle such as an electric truck in the logistics industry to minimize the additional liability of fuel expenses. Innovations in EV battery capacity, which will enable the electric commercial vehicle to carry heavy loads over a longer range, can create new revenue generation opportunities. According to the upcoming report by BlueWeave Consulting on “India Electric Commercial Vehicles Market by Propulsion type (BEV, HEV, PHEV, FCEV), by Vehicle type (Bus, Truck, Van, Others), by Component (Motor, Battery, Others) – Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2014-2024,” India Electric Vehicle is projected to grow over a forecast period. The demand for electric vehicles is governed by an increase in demand for fuel-efficient, high-performance, and low-emission vehicles. In addition, the trend of reduction in vehicular emission due to stringent rules & regulations in several states and the growth of public charging infrastructure in India are fuelling the market growth.