The ecosystem market includes three major sectors — electric vehicle market, battery market, and charger market
According to a new report by BIS Research, titled “India Electric Vehicle (EV) Ecosystem Market − Analysis and Forecast 2019-2030”, the India EV ecosystem market includes three major sectors, namely electric vehicle market, battery market, and charger market. The electric vehicle market, battery market, and charger market are expected to witness CAGRs of 53.64%, 58.86%, and 59.58%, respectively, during the forecast period.
The electric vehicles market is currently witnessing a high growth rate, owing to the changing trends in the automotive industry. Furthermore, the growing environmental concerns, coupled with strong push from the government to replace 30% of the total vehicle population by electric vehicle, are anticipated to propel the electric vehicle market in coming 10 years.
According to Ajeya Saxena, Lead Analyst at BIS Research, “The government target for 30% adoption of electric vehicles by 2030 is expected to be majorly driven by the electrification of two-wheeler, three-wheeler, and commercial vehicles in India. Lower rate of adoption of electric vehicles in the passenger vehicle segment is expected to have a limited impact in achieving these targets.”