The global electric vehicle market is expected to witness a CAGR of 23.9% and is projected to reach 51.5 million units by 2024. The growth of this market is propelled by shift towards a greener economy by nations across the globe, and due to government policies and incentives supporting EV adoption. Like, other countries, India imports major share of its crude oil, so in order to reduce the dependency on the crude, government of India is trying to move towards electric vehicles. According to the Paris Climate Agreement, India is trying to bring down its share of emissions by 2030.
The Electric Vehicles Initiative (EVI) forum has been an important platform in the growth of market in past few years. EVI members include ten major governments which share information and set targets for EVs deployment on a common platform. Furthermore, a supportive policy environment has enabled the growth of market by reducing risk for investors and encouraging manufacturers to start implementing large scale business streams.
BEV segment is expected to witness the highest growth rate over the forecast period
Battery EVs (BEV) market held the major share of the market in 2017 and is expected to continue to gain fast traction in the automotive industry over the forecast period. Lower price fluctuation for electricity than for petroleum fuels and CO2 taxes on fossil fuels are providing BEVs a competitive edge compared to combustion engine based vehicles. Additionally, incentives provided by governments and initiatives taken by countries have also propelled the market growth.
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