Electric Vehicle Component Market in India 2024:
How Big is the India Electric Vehicle Component Industry?
The electric vehicle component market in India is thriving, fueled by innovation, government support, and rising EV adoption. According to the latest report by IMARC Group, the market is projected to exhibit a growth rate (CAGR) of 18.20% during 2024-2032.
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Report Attribute
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Key Statistics
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Base Year
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2023 |
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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| Market Growth Rate (2024-2032) | 18.20% |
India Electric Vehicle Component Market Trends and Drivers:
India’s electric vehicle component market is experiencing rapid growth, spurred by government policies and incentives designed to encourage electric vehicle (EV) adoption. These measures include tax reductions, subsidies, and the FAME program, which aids in developing charging infrastructure and provides incentives for EV purchases. Furthermore, significant investments in R&D by major companies to create efficient and cost-effective EV components are propelling market expansion. Growing environmental concerns and the drive to lower carbon emissions are also pushing both consumers and manufacturers toward electric vehicles.
A key trend in the market is the growing collaboration between domestic and international companies to enhance technology transfer and manufacturing capabilities. This trend is complemented by the increasing demand for high-performance components like batteries, electric motors, and power electronics. Advancements in battery technology, particularly the development of solid-state batteries, are expected to further transform the market by offering higher energy density and longer life cycles.
The expansion of EV charging infrastructure across both urban and rural areas is also critical in supporting widespread EV adoption, which in turn drives demand for EV components. As consumer awareness of the benefits of EVs continues to rise, the India electric vehicle component market is poised for significant growth in the coming years.
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India Electric Vehicle Component Market Segmentation:
The India electric vehicle component market is segmented on the basis of component and distribution.
Breakup by Component:
- Battery Pack
- Motor
- Controller
- Electric Vehicle Supply Equipment
- DC-DC Convertor
- Others
Breakup by Distribution:
- OEMs
- Aftermarket
Breakup by Region:
- North India
- West and Central India
- South India
- East and Northeast India
Top Players Analysis:
The report provides a detailed analysis of the competitive environment. It covers various aspects such as market structure, positioning of key players, top strategies for success, a competitive dashboard, and a company evaluation quadrant. Furthermore, the report includes comprehensive profiles of all major companies.
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Key Highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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