Increased production of electric vehicles in India has generated an ample number of business opportunities in the country and across the globe for automobile companies.
India is currently one of the largest automotive industries globally contributing nearly 8% to 10% of the country’s GDP. We have already witnessed a huge growth in the electric two wheelers industry. Now the three wheeler electric vehicle segment is following suit and growing rapidly. Just like electric bikes, there has been an increase in the demand for electric three wheelers of late.
The government of India is also undertaking various initiatives to boost the electric three wheeler demand thus moving step by step towards the ultimate goal of pollution-free transportation.
Electric Three Wheeler market in India is expecting a growth of 45% CAGR in the upcoming period of 2019 to 2024. At least 43% to 48% of the Indian electric vehicle market has been acquired by the electric three wheelers in the current scenario.
Also, there is a 21% increase in the sales of electric three wheelers in India and one can only expect it to increase more. The decrease in the price of electric vehicle battery, environmental policies, and the incentives provided by the government will be playing a major role in the growth of this market.
Electric Three Wheeler Market in India (source)
The Electric three wheeler Market is categorized into 2 parts:
Also read: List of best E-Rickshaw Manufacturers in India
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Also read: Indian Government initiatives and policy for electric vehicles
EV Duniya Editorial: This article is written by Himani Kathal
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