India Electric Vehicle Component Market Report 2024-2032

IMARC Group, a leading market research company, has recently releases report titled “India Electric Vehicle Component Market Report by Component (Battery Pack, Motor, Controller, Electric Vehicle Supply Equipment, DC-DC Convertor, and Others), Distribution (OEMs, Aftermarket), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the India electric vehicle component market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the India Electric Vehicle Component Market?

India electric vehicle component market size is projected to exhibit a growth rate (CAGR) of 18.20% during 2024-2032.

India Electric Vehicle Component Market Key Statistics:

Historical Years: 2018-2023

Forecast Years: 2024-2032

Growth Rate (CAGR) 2024-2032: 18.20% 

India Electric Vehicle Component Market Trends

The rising use of electric vehicles across the country is one of the factors responsible for the growth of the India electric vehicle component market. Additionally, one significant trend in this market is the increasing investment in battery technology, which is critical for the performance and range of EVs. Besides this, the development of battery management systems (BMS) is gaining importance to ensure the safety and efficiency of EV batteries, which is fueling the market. Moreover, the push by government authorities for EV adoption through incentives, subsidies, and initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme is also propelling the demand for advanced EV components, including batteries, motors, and power electronics. 

Another key driver in the India electric vehicle component market is the growing focus on local manufacturing and supply chain development. In addition to this, to reduce dependency on imports and enhance the self-reliance of the automotive sector, government authorities and private companies are investing in setting up domestic manufacturing units for critical EV components, which is stimulating the market. Furthermore, the market is positively impacted by the rise of start-ups and collaborations with international firms, fostering innovation and the development of indigenous technologies tailored to the market. In line with this, the expansion of charging infrastructure, supported by public and private sector initiatives, is also crucial in addressing range anxiety and promoting EV adoption, which is anticipated to drive the India electric vehicle component market over the forecasted period.

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India Electric Vehicle Component Market Report Segmentation:

The report is organized into distinct sections as follows:

Component Insights:

• Battery Pack

• Motor

• Controller

• Electric Vehicle Supply Equipment

• DC-DC Convertor

• Others

Distribution Insights:

• OEMs

• Aftermarket

Regional Insights:

• North India

• West and Central India

• South India

• East and Northeast India

Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=21814&flag=C

Other Key Points Covered in the Report:

• COVID-19 Impact

• Porters Five Forces Analysis

• Value Chain Analysis

• Strategic Recommendations

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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