Indian Electric Vehicle Component Market Growth Opportunities Created by Covid19 Outbreak

Posted October 20, 2020 by Rahul_Gautam

Why are Sales of Electric Vehicle Parts and Components Surging in India?
The rapidly rising sales of electric vehicles (EVs) are pushing up the requirement for electric vehicle components in India. According to many surveys, 447.7 thousand electric three-wheelers, 2,000 electric passenger cars, and 32.4 thousand electric two-wheelers were sold in the country in 2019, which, in turn, augmented the need for electric vehicle components. Furthermore, the implementation of favorable government regulations and the degrading air quality levels are boosting the sales of EVs in the country. According to experts, the transport sector contributes nearly 40% of the total carbon emissions.

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Additionally, the growing replacement rate of EV components and parts will cause the expansion of the EV component industry in India in the future. Due to these factors, the Indian electric vehicle component market attained a value of $536.1 million in 2019 and is predicted to advance at a CAGR of 22.1% between 2020 and 2030. Among the three-wheelers, two-wheelers, commercial vehicles, and passenger cars, the three-wheelers generated the highest requirement for parts and components in the past and this trend will continue in the coming years.

The main factor responsible for the growing demand for electric three-wheeler components is the large-scale usage of e-rickshaws in the country. The average distance covered by an e-rickshaw each day is 100 km, owing to which, the vehicle usually has high wear and tear. Due to this factor, the replacement rate of three-wheeler components is increasing rapidly. Between the scooter and motorcycle categories under the two-wheeler vehicle type segmentation, the scooter category recorded higher growth in the Indian electric vehicle component market during the last few years.

The Indian electric vehicle component market will exhibit the highest CAGR in Tripura during the coming years, as per the estimates of the market research company, P&S Intelligence. The key factor fueling the advancement of the market in Tripura is the mushrooming usage of e-rickshaws in the state. This is augmenting the need for various e-rickshaw parts and components manufactured by aftermarket companies and original equipment manufacturers (OEMs) in the state. Because of this reason, the market is progressing at an explosive pace in the state.

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Hence, it can be said without any hesitation that the sales of electric vehicle parts and components will climb in India in the forthcoming years, primarily because of the growing adoption of various types of electric vehicles such as e-rickshaws and other three-wheelers, scooters and motorcycles, and passenger and commercial vehicles in the country.
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Tags indian electric vehicle component market , indian electric vehicle component market 2020 , indian electric vehicle component market report , indian electric vehicle component market sahre , indian electric vehicle component market size
Last Updated October 20, 2020