India Electric Commercial Vehicle Market to Grow at 70% through 2024

Increasing government focus to promote and boost electric mobility segment, rising concerns over environmental pollution and operational cost benefit associated with the electric commercial vehicles to drive India electric commercial vehicle market through 2024

According to TechSci Research report, “India Electric Commercial Vehicle Market By Propulsion Type, By Vehicle Type, By Range, By Component, By Geography, Competition, Forecast & Opportunities, 2024”, the country’s electric commercial vehicle market is expected to register a CAGR of over 70% during 2019-2024, owing to increasing government initiatives for promotion of electric and hybrid vehicles.  Moreover, latest government schemes such as FAME-II have been adopted by the government, where funds of around USD1.35 billion have been allocated for demand incentives, establishment of network of electric vehicle charging stations  and administration of scheme including publicity, IEC (Information, Education & Communication) activities, etc.

Browse 29 market data Figures spread through 82 Pages and an in-depth TOC on “India Electric Commercial Vehicle Market”

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India electric commercial vehicle market can be segmented based on vehicle type, propulsion type, range, component and region. Battery Electric Vehicle (BEV) segment is the dominant segment in India electric commercial vehicle market, owing to the government subsidies for manufacturers of BEVs. In terms of vehicle type, the market can be segmented into electric bus, electric pickup truck and electric truck. The electric bus segment is anticipated to account for the largest volume share in 2019 as these are being adopted by various state transport bodies in India. Another reason for dominance of electric bus segment is the lack of automotive players in the electric truck and electric pickup segments.

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Tata Motors, Olectra Greentech, Mahindra Electric, Volvo Eicher Commercial Vehicles and JBM Auto are the leading players operating in India electric commercial vehicle market. Increasing demand for better range is pushing the automotive vehicle manufacturers to focus on R&D to improve the range of their vehicle per charge and expand EV infrastructure. “The growth of electric commercial vehicle market in India is backed by government’s initiative to promote and boost the electric mobility segment, rising concerns over environmental pollution and operating cost benefit associated with the electric commercial vehicles.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Commercial Vehicle Market By Propulsion Type, By Vehicle Type, By Range, By Component, By Geography, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India electric commercial vehicle market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India electric commercial vehicle market.

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