Government of India Planned to Deploy 6-7 Million Electric Vehicles by 2020

The increasing penetration of electric vehicles would promulgate the market for electric vehicles (EV) infrastructure business in India

India: The Government of India (GOI) has issued a National Electric Mobility Mission Plan 2020 which is aimed at deployment of 6-7 million Electric Vehicles (EVs) on the road by 2020. It is expected that the total automotive sales in India would cross 5 million annually by 2020.

The mission covers all kind of hybrid & electric technologies such as Mild Hybrid, Strong Hybrid, Plug in Hybrid & Battery Electric Vehicles. The Phase-I of the mission was implemented over a period of two years that includes allocation of USD 12 million for FY 2015-16 and USD 19 million for 2016-17.

TechSci Research depicts that the Government of India (GOI) as well as the officials across the world have been focusing on reduction of harmful gas emissions from the automobile industry, thereby formulating policies to increase the penetration of electric vehicles in the transportation sector. The increasing focus of government of various countries across the globe, to encourage the usage of electric vehicles, would enhance the demand for electric vehicle infrastructure in near future.

According to released report of TechSci Research “Global Electric Vehicle Infrastructure Market By Type (AC Charger & DC Charger), By Installed Location (Commercial & Residential), By Region (North America, Europe & Asia-Pacific), Competition Forecast and Opportunities, 2011 - 2021”, the global market for electric vehicle infrastructure is forecast to grow at a CAGR of over 27% during 2016-2021, on account of favorable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution. Additionally, grid integration of electric vehicles is projected to offer huge impetus to global electric vehicle infrastructure market in the coming years. Evolution of smart grid technologies and the concept of virtual power plants is forecast to further boost the global market for electric vehicles and its related charging infrastructure in the coming years. The option of power trading for electric vehicles owners is also expected positively influence the global electric vehicle infrastructure market during the forecast period.