India Energy Storage Alliance (IESA) recently released it’s first edition of India Electric Vehicle (EV) Market Overview. IESA in the report said that EV market in India has gained significant momentum after the implementation of the FAME India scheme. According to the report the total EV sales in 2018 hit 365,920 Units and expected to grow at a CAGR of 36% till 2026.
The EV battery market in India is estimated to be US$ 520 Million in 2018 and forecasted to grow at a CAGR of 30% till 2026. The total MWh addition in 2018 hit 4.75 GWh and expected to grow till 28.0 GWh by 2026.
The report covers the present scenario and forecast of EVs and the public charging infrastructure market in the country. There is an in-depth analysis of EV battery value chain by EV segment, detailed state EV policy analysis, and competitive analysis of EVs and EV battery suppliers.
The report forecasts public charging infrastructure market to grow at a CAGR of 60% till 2026, it was USD 520 billion in 2018. The total charger sales in 2018 was less than a thousand Units, the report expects it to grow till 50,000 Units by 2026.
In the National EV (NEV) scenario, it is predicted that the market will grow rapidly with support from the government to achieve the targets defined under the FAME-2 scheme & NEMPP2020.
IESA in the report said that policies such as banning the sales of ICE 2W & 3W in highly polluted cities, scrapping of old vehicles, stringent emission norms, etc. will further drive the EV sales. State governments will also facilitate in accelerating the deployment of EV’s to achieve the targets defined under their EV policies.
For more information about this report visit- https://indiaesa.info/resources/industry-reports