India Electric Vehicle Components Market size was valued US$ XX Mn in 2019 and the total revenue is expected to grow at XX% through 2020 to 2027, reaching US$ XX Mn.
India Electric Vehicle Components Market
India Electric Vehicle Components Market Drivers & Restraints:
An Increasing adoption of electric vehicles & government initiatives towards electric vehicles like tax exemptions, purchase rebates, & financial incentives are the key reasons contributing towards the growth of electric vehicle component market in India. The decreasing price of the components that used in electric vehicles is boosting the manufactures to choose high quality components in the EV, thereby increasing the demand for the EV components market across India. In addition to this, increasing price of fuel, rapid depletion of fossil fuels & degradation of the environment owing to CO2 emission coupled with the growing environmental awareness among the buyers will further complement the demand for electric vehicles which in turn will fuel the demand for electric vehicle components in India. Though current crude oil prices fall is expected to slow down the short term growth of EV, India is expected to be a growth engine for EV vehicles by 2027.
Many multinational automotive key players are heavily investing in the R&D in order to develop progressive technologies for the electric vehicles to meet the changing demand of the buyers across India. The unceasing product improvement will attract a large number of buyers towards the adoption of electric vehicles in India. The Indian government is focusing towards the production of charging stations for the EV across India. For example, The Ministry of Power provided guidelines & standards for setting up charging infrastructure of Evs at every 3 Km. The Central government permitted the setting up of 2,636 EV charging stations around 62 cities in 24 states & Union Territories across the country. Through this action, the government inclines to encourage the manufacturers to launch new models of EVs with superior performance which will further accelerate the growth of EV components market in India.
Indian Government has increased custom duty on imports of battery-powered vehicles between 5 percent and 15 percent.
In a bid to incentivize local manufacturing of EVs, the Government of India on Feb 02, 2020, increased custom duty on imports of battery-powered vehicles between 5% and 15%. The move may lead to a cost increase for EV makers who import their vehicles as completely-built units or as knocked-down kits. Hyundai Motor India imports its Kona EV, however, an official close to the company said that its pricing had already accounted for higher duty as per the phased EV manufacturing plan of the government. However, it is still studying comprehensive impact of the budget & is yet to take a call on pricing.
Other imported electric vehicles include the MG Motor ZS EV as well as a clique of electric two- & three-wheelers as well as buses. The customs duty on completely built units of electric commercial vehicles have been increased from 25% to 40%, whereas the one with the internal combustion engine has been increased from 30% to 40%.
The tax on semi-knocked down forms of an electric passenger vehicle, three-wheeler has been increased from 15% to 30%, whereas semi-knocked down electric, buses, trucks & two-wheelers has been raised from 15% to 25%. The duty on completely knocked down forms of electric vehicles – all segments – passenger vehicles, buses, trucks, three wheelers and two-wheelers have been raised from 10% to 15%.
The government had relaxed duties on the import of EVs to spur value-addition in the local market & kick start the industry, but the relaxations will now be slashed to increase localized content as the government had indicated as part of the electric & hybrid vehicles adoption scheme. The move will likely affect electric rickshaws & buses imported from China the most, this is a step in the right direction, but the push towards local manufacturing will vary from segment to segment. The companies will be compelled to localize battery packs, motors & power control units which may call for local manufacturing. The move from imports to local manufacturing of parts may be high on lesser sophisticated three-wheelers versus buses as the volumes are large to justify the investment. The parts for commercial vehicles may be in thousands versus tens of for other segments.
The objective of the report is to present a comprehensive analysis of the India Electric Vehicle Components Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding India Electric Vehicle Components Market dynamics, structure by analyzing the market segments and project the India Electric Vehicle Components Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the India Electric Vehicle Components Market make the report investor’s guide.
India Electric Vehicle Components Market, by Components:
• Battery Pack
• Vehicle Body
India Electric Vehicle Components Market, by Battery:
• Lead Acid
India Electric Vehicle Components Market, by Motor Type:
• AC Induction Motor
• Permanent Magnet Motor
• Brushless DC Motor
India Electric Vehicle Components Market Key Players
• LG Chem Ltd.
• Samsung SDI Co., Ltd.
• SEG Automotive India Private Limited
• Tata Motors Limited
• Mahindra Electric Mobility Limited
• Avtec Limited
• Denso Corporation
• ABB Group
• Exide Industries Ltd.
• Bosch Limited
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