DUBLIN--(BUSINESS WIRE)--The "2 & 3 Wheeler Electric Vehicle Market in India & Future Outlook 2022" report has been added to ResearchAndMarkets.com's offering.
Determining the business opportunity for value chain players and assessing the growth and future outlook
India is one of the world's biggest market for automobile sector with annual domestic sales of 24 Million to drive the electric vehicle market mainly in 2&3W segment owing to the ambitious plans and initiatives of the government.
By 2022, Sales of Electric 2w & 3w are expected to reach 1.6 million in India
The Global automobile industry landscape is on the verge of disruption due to the adoption of new business models, digitization gave the government trust in the industry. Similarly, India is not behind to revolutionize its own automobile sector where electrification is the prime agenda of the government. Electrification of the automobile sector is one of the reasons to curb pollution as the government is planning towards building the green economy.
Considering the great potential in 2W & 3W segment, the government targets 30% Electric Vehicles (EV) on the roads by 2030. Going by the current rate of 7-8% CAGR growth in automobile sales, over 46,000,000 vehicles (two-, three-, and four wheelers) could be sold in 2030. This annual market size would present an opportunity for Indian companies to become leaders in EV technology on a global scale.
Business Case for 2 & 3 Wheeler Electric Vehicle Market in India
- Currently, a 12% GST applies on EVs, as against a 28%-plus GST on petrol and diesel cars and hybrid vehicles.
- 11,000 electric rickshaws are sold in India every month and sales are expected to increase by around 9% by 2021.
- M&M tied up with Three Wheels United to promote Treo range in Bangalore and Hyderabad with an aim to sell another 10,000 units.
- SmartE, an Uber-style app using 800-plus e-rickshaws around New Delhi.
- The potential market for e-rickshaws could be sales of 20 million vehicles a year.
- Hero Electric plans to sell 40,000 electric two-wheelers during the current financial year. Hoping to double its volume every year and reach the 100,000 mark by fiscal 2020 or 2021.
- SmartE plans to deploy a total of 10,000 Mahindra electric three-wheelers across India by 2020.
USPs associated with the report are as follows:
- First-hand sector knowledge and inputs.
- Primary research inputs from F2F interviews with domain experts.
- Experts insights and market reviews are taken into consideration.
- Validated data and analysis.
- Opportunity mapping and market sizing.
- Germinates from minds that think fresh to evolve pathfinding guide for all stakeholders through quality information and analysis.
- Free query handling and analyst support for three months from the date of report procurement.
- Present status of 2&3 Wheeler EV's in India.
- Development trends of 2&3 Wheeler EV's in India.
- Key Regulatory & Policy initiatives taken up in different states to promote 2&3 Wheeler EV market in India.
- Future Outlook of 2&3 Wheeler EV in India till 2022 under different scenario's.
- Penetration of 2&3 Wheeler EV PAN India & Region-wise for different segments till 2022.
- Overview of the 2&3 Wheeler market in India 2018-19.
- The regulatory landscape in the 2W and 3W market to assess the market opportunities for the value chain players.
- Comprehensive assessment of the 2&3 Wheeler market in India by 2022.
- Capture the demand and major demand centres till 2022 under high, Low and medium growth scenarios.
- Lists out the growth factors driving the EV market particularly in 2&3 Wheeler segment.
- PAN India & Region wise anticipated penetration for 2&3 Wheeler EV till 2022.
Contents & Coverage
- Overview of 2W Market Segment in India 2018
- Overview of 3W Market Segment in India 2018
- Development over the years for 2W & 3W segment - Trends
- Key regulatory & policy incentives offered to promote 2W/3W segment - State as well as Central Level
- Future Outlook of 2W in India - Capturing Demand Centre till 2022 in NR, ER, WR & SR
- Future Outlook of 3W in India - Capturing Demand Centre till 2022 in NR, ER, WR & SR
- Estimating Future Market - By Segmentation of 2W till 2022
- Estimating Future Market - By Segmentation of 3W till 2022
For more information about this report visit https://www.researchandmarkets.com/r/i3soyf
Laura Wood, Senior Press Manager
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Related Topics: Electric and Hybrid Vehicles