Indian Electric Vehicle Market To Grow In Double Digits: Assocham
Assocham, in its report, revealed that the electronic vehicle market in India would reach double digit by 2020, while the nascent telematics market is growing rapidly. According to the Assocham study, sales of electric vehicles in India is almost less than one percent comparatively with the sales of two wheelers.
Assocham has revealed in its study that “Stricter emission norms, reducing battery prices and increasing consumer awareness are driving EV adoption in India, while EVs are not yet mainstream, government push and other indications point to a growing momentum,” stated the study titled “Electric mobility in India: Leveraging collaboration and nascency”.
In terms of rising requirements, all the charging stations across the country have suggested measures to adopt a similar rate policy. The study revealed that by 2030, the company could have 70 percent stake in the market if it could improve the vehicle’s ability to charge at home.
Assocham suggested that there is no policy in India regarding the Battery Recycling Market and that it is necessary to attract investments in the growth of the electrical vehicle market.