NOIDA, India, Aug. 1, 2019 – BIS Research is coming up with a market intelligence report, titled “Indian Electric Vehicles and Electric Vehicle Batteries Market − Analysis and Forecast, 2019-2030”, which highlights growing prospects of electric vehicle (EV) production and assembly scenario in India, detailed supply chain analysis, separator demand by type analysis, and regional analysis on the basis of vehicle type.
Owing to the fact that India includes some of the world’s most polluted cities, the government is focused toward ensuring reduced greenhouse gas emissions from the automotive sector. Thus, the government has planned to invest INR 100 billion ($1.4 billion) toward incentivizing electric vehicle manufacturing in the country through its Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. To further, promote the adoption of EVs in Indian market, the government during the 36th GST council meeting recommended a reduction in GST from 12% to 5% for electric vehicles and the GST for EV charger / charging stations has been reduced from 18% to 5%.
Additionally, the government is planning to introduce several tax benefits of up to INR 1.5 Lakhs ($2,189) on interest paid on loans, with a total exemption benefit of INR 2.5 Lakhs ($3,649) to buy electric vehicles. In order to reduce the raw material cost of lithium-ion battery in India, custom duty exemptions have also been announced. Moreover, the exemption has also been announced for several electric vehicle components including on-board chargers, e-compressors, charging guns, and e-drive assemblies, among others.
According Ajeya Saxena, Lead Analyst at BIS Research, “Government initiatives such as Make in India will be key to enable electric vehicle adoption in the country. Local manufacturing of batteries and other EV components will be integral to ensure the smooth development of EV market in India without excessively depending on other countries for imports. Moreover, a high rate of EV adoption in the country will require a large number of local mechanics to be reskilled in order to deal with the electric vehicle technology.”
The government has decreased the goods and services (GST) tax slab for electric vehicles to 5% from 12% earlier, to ensure affordability of electric vehicles for the public. Moreover, the incentivization of the sale of electric vehicles is expected to regulate the increasing oil imports in the country. As per the data released by the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC), India’s dependency on oil imports has reached 83.7% in 2018, and currently, India is the third largest oil importer in the world.
At present, the EVs in India that are majorly two- and three-wheelers do not require fast charging options. However, with ambitious targets set for the EV market development in the country, the government is actively planning to improve the infrastructure for fast charging technologies. These technologies will be key to the market success of passenger electric vehicles such as the newly launched Hyundai Kona. Some of the leading companies which are installing electric vehicle charging stations in India are Ather Grid, ABB, Delta Electronics, ECOYAN, Exicom, and EESL.
Key Questions Answered in the Report:
- What are the government incentives to promote local li-ion battery production and local li-ion battery assembly in India?
- How have the companies strategized to enter the battery production and battery assembly markets in India?
- Which is the better alternative, battery production or battery assembly in the country?
- What are the government incentives to promote the establishment of EV charging infrastructure for different types of chargers, during the forecast period from 2019 to 2030?
- What are the key strategies adopted by companies to enter the Indian EV, EV battery, and EV charging markets?
- What is the market attractiveness of Indian EV, EV battery, and EV charging markets?
- What is the market demand forecast for EV battery separators in India based on the local production in the country during the forecast period from 2019 to 2030?
- What is the regional demand forecast for different types of EV charging systems in the country?
- What is the demand forecast for different types of electric vehicles based on different propulsion types in different regions in India?
- What is the demand forecast of different types of electric vehicle batteries for different electric vehicle types in all the regions across India?
- What are the offerings and advancements made by the important battery producers and assemblers in India?
- What are the offerings and announcements made by important EV manufacturers and suppliers for the Indian market?
- What are the offerings and plans of important EV charging infrastructure providers for the Indian market?
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