After an in-depth valuation of the Indian electric vehicle market, it has been estimated that in the next 5 years there will be exponential growth involving shocking figures. The Indian electric vehicle market is all set to break valuation records by 2027 with an estimated value of over 78 Billion Dollars.
To combat global warming and mitigate the bad effects of climate change many of the leading global automobile manufacturing companies have focused on the production of electric vehicles.
To boost the climate conservation efforts many global companies are switching from the traditional Internal combustion fuel-driven engines to electric battery-driven vehicles. Along with climate concerns, daily commuters are looking for alternate options due to rising fuel prices.
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A combination of ethical, technical, and economical reasons has led to the rise of the popularity of electric vehicles in India. With Global Giants setting ambitious targets for the Indian eV market both foreign and domestic companies are focusing on the Indian eV market. Global eV giant Tesla is all set to enter the Indian Market.
The delay of foreign players seems to have been delayed due to high import tariffs in India. Currently, Tata Motors, Engi Motors India, Hyundai Motor Company, Mahindra Electric Mobility Limited are considered as the primary competitors in the Indian eV market.
In the luxury car segment brands like Mercedes-Benz India, Audi India, Jaguar India, BMW, and Volvo are very much focused on the Indian eV market. With rising demands, the Indian eV market is eyeing $ 78 billion in the next 5 years.
As per a recent study report by Research and Markets, the valuation of Indian eV markets is about to soar to $ 78 billion by the 2027 fiscal year. For the 2020-21 financial year, the market value of electric vehicles in India is estimated to cross the $ 10 billion mark.
The report clearly states that the growing demand is a result of constant advancements in current technology and up-gradation of existing infrastructure. The report highlights that electric vehicles are gaining popularity, especially in South India.
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