Indian Electric Vehicle Component Market Will See Strong Expansion Through 2030

1. Why is Indian Electric Vehicle Component Market Expected to Boom in Tripura in Future? One of the biggest factors responsible for the surge in the demand for electric vehicle components in India is the increasing sales of electric vehicles in the country. According to various reports and surveys, there were sales of 447.7 thousand electric three-wheelers, 2,000 electric passenger cars, and 32.4 thousand electric two-wheelers in India in 2019. The main factors fuelling the ballooning sales of electric vehicles in the country are the presence of favorable government policies and the declining air quality in the country, due to the pollution caused by the fossil-fuel powered vehicles. There has been a massive rise in carbon emissions in India over the last few years, owing to the large-scale usage of the fossil-fuel powered vehicles (nearly 40% of the total emissions are being caused by the transport sector) and this has led to the enactment of strict emission control laws in the country by the government. As per the Under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme, the Indian government intends to replace 30% of the total number of automobiles running on the Indian roads by electric vehicles by 2030. Request to Get https://www.psmarketresearch.com/market-analysis/indian-electric-vehicle- component-market/report-sample The other major factor fuelling the rising demand for electric vehicle components in India is the declining prices of these components in the country. Due to these factors, the revenue generated from the sales of electric vehicle components in India was found to be $536.1 million in 2019 and this number is predicted to increase considerably in the coming years. The Indian electric vehicle component market is expected to advance at a CAGR of 22.1% during the forecast period (2020–2030). the Sample Report@

2. There are mainly four types of electric vehicles used in India — two-wheelers, three-wheelers, commercial vehicles, and passenger cars. Out of these, the components used in the electric three-wheeler components recorded the highest sales in India in 2019, on account of the huge usage of e-rickshaws in the country. It was observed that on an average, an e-rickshaw was driven for almost 100 kilometers every day, owing to which, the wear and tear caused in the various components of the e-rickshaw remained high, which in turn, created high demand for these components in the country. In India, Uttar Pradesh registered the highest sales of electric vehicle components in the last few years. This is mainly attributed to the large replacement and procurement rates of electric vehicle components, especially the components of the electric two- and three-wheelers, in the state. Tripura is expected to observe the fastest growth in the demand for electric vehicle components, specifically for three-wheelers in the near future, due to the surging number of e-rickshaws in the state and the resultant rise in the requirement of e-rickshaw parts and components in the state. Hence, it is clear that the demand for electric vehicle components is certain to rise significantly in India over the next few years, owing to the soaring adoption of electric vehicles and the declining prices of the parts and components of the electric vehicles, in the country.