India has set a target of 30% electric vehicles on the road by 2030 and given that so far only 32% of states and UTs in the country have formulated policies regarding electric vehicle adoption, this is an ambitious target.
Apart from the push from the government with various policies at the central and state level, the investor confidence towards EV startups is also on the rise, with a 3.2x surge between 2018 and 2019. Despite these positive developments, many questions surround the future of electric vehicles in India, given the state of infrastructure support and the unaffordability factor of electric vehicles.
The latest report by DataLabs assesses this booming EV market in India, even as the electric mobility system takes steps towards maturity. Touching on the factors driving the supply and demand side, the report showcases the current challenges, trends and investor confidence in this sector.
The Electric Vehicle Market Outlook Report 2020 carries deep analysis of the impact that the electric revolution has had on the world's fourth-largest auto market in the world, with approximately 21 Mn automobiles sold annually.
MarketElectric Vehicles: How Is India Buying? - 45
Global Comparisons - 50
The Underlying Problems - 60
Policy Measures and Recommendations - 65
Case Studies - 77 -82
Hybrid Vehicle Vs Electric Vehicle
Are Electric Vehicles Taking Over The Traditional Automobile Sector?
Future Trends In The Electric Vehicle Market - 83
Methodology - 86
Glossary - 87
Bibliography - 88
India’s craving for clean mobility has grown immensely in the past three-four years. The central government aims to achieve 30% EV penetration in automobiles sales by the year 2030. Despite capital inflow being on the rise, domestic technological advancements in the EV sector are way behind global peers.
This DataLabs report focusses on assessing the current market conditions for electric vehicles and clean mobility along with a feasibility study on how close India is to fulfilling it EV ambitions, from the point of view of customer adoption, development of infrastructure and R&D in technology. To understand market expectations, we analysed customer sentiments in the context of current developments in the EV sector and concluded that factors such as brand equity score of industry players, vehicle capabilities determine the expectations of Indian consumers.
Overall this report is a deep dive into the booming electric vehicle market of India from the consumer and business perspectives.
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