Indian Electric Vehicle Component Market Analysis and New Market Opportunities Explored

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.

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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).

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.

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There are mainly four types of electric vehicles used in India — two-wheelers, three-wheelers, commercial vehicles, and passenger cars. Out of these, the components used in the electric three-wheeler components recorded the highest sales in India in 2019, on account of the huge usage of e-rickshaws in the country. It was observed that on an average, an e-rickshaw was driven for almost 100 kilometers every day, owing to which, the wear and tear caused in the various components of the e-rickshaw remained high, which in turn, created high demand for these components in the country.