Electric Vehicle Market Growth in India is in pick due to Government took necessary action — VynZ Research
“The State Government (India) had started working on the policy in November last year and is on the verge of finalizing it. The Government is planning to roll out the policy in July 2019”
Electric Vehicles (EVs) have become the buzz word all around the world but stakeholders in India are getting serious and are formulating new policies for faster adoption of electric vehicles in the country. The Central government (India) has already allotted ₹ 10,000 crore for the FAME 2 scheme and now the Delhi Government is coming up with a dedicated EV policy for the national capital. As per state transport minister, Delhi government said, “We are coming up with our own EV policy to help people in the capital to switch to electric vehicles. We are starting with last mile mobility solutions and public transport and will working in collaboration with private players who will also help us to set up the required infrastructure. We will also procure EVs from automakers which will soon hit our roads and there will be infrastructure to charge them.”
The Delhi Government had started working on the EV policy in November last year and are now in the last stage of finalization and are planning to roll out the policy in July 2019. The Delhi Transport Corporation (DTC) will also procure electric buses from several automakers like Tata Motors and BYD and will install fast chargers at bus depots along with public places. Source- auto.ndtv.com
According to VynZ Research, the global electric vehicle market is growing at a significant rate, due to mounting alarm about environmental pollution and promising government strategies and supports. Different propulsion type contributed to the electric vehicle market size. The market has witnessed high demand for battery electric vehicle in the coming years due to refining charging infrastructure, government assistance in the form of permits, supports, and tax rebates, decreasing charging time, and zero emission of carbon.
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Promising government strategies and supports, substantial investments from automakers in EVs, mounting price of gasoline, launch of novel technologies, expanding vehicle range and amplified vehicle variety per charge are the primary growth drivers for the electric vehicle market.
In addition, increase in the requirement of efficient vehicle with zero carbon emission, mounting alarm about environmental pollution and strict regulations regarding vehicle emission are also driving the growth of the market. For instance, according to World Health Organization (WHO), globally exposure of ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in place where air quality exceeds WHO guidelines limits.
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Usage of vehicle-to-grid (V2G) EV charging stations, volumetric swell in the automotive sector, improving charging infrastructure, reducing cost of lithium ion batteries and EV charging stations motorized by solar panels are also facilitating the growth for the electric vehicle market.
Key players in the electric vehicle market are catering the demand by collaborating with small players and investing on technologically advanced EVs across the globe. In July 2018, BMW Group and Great Wall Motor signed an agreement to produce MINI electric vehicles. Tesla, BMW, Volvo, Nissan Motor, Toyota, Hyundai, Volkswagen, Ford, BYD Auto, Honda and Daimler are the key players offering electric vehicle.
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