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Incentives, Environment Issues and Grants from the Government will Attribute to the Growth of Electric Vehicles Market in India Says Frost & Sullivan - As a major boost to the Indian Electric Vehicle Industry (Green Vehicles), the Ministry of New and Renewable Energy (MNRE) recently announced a 20 percent financial incentive on the ex-factory price of electric cars and scooters sold in India
Incentives, Environment Issues and Grants from the Government will Attribute to the Growth of Electric Vehicles Market in India Says Frost & Sullivan

 

NewswireToday - /newswire/ - Mumbai, India, 2010/12/15 - As a major boost to the Indian Electric Vehicle Industry (Green Vehicles), the Ministry of New and Renewable Energy (MNRE) recently announced a 20 percent financial incentive on the ex-factory price of electric cars and scooters sold in India.

   
 
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This will enable manufacturers to lower the prices and boost sales of Green Vehicles in India. Higher incentives from the Government in form of free insurance, registration cost, zero percent duty on import of components, Rebate and Subsidy to OEMs, will boost penetration of Electrical Vehicles (EVs) in India.

New analysis from Frost & Sullivan (automotive.frost.com), Executive Analysis of the Indian Two-wheeler and Four-wheeler Electric Vehicles, forecasts the market for electric passenger vehicles to reach 20,400 units by 2014-15 from a miniscule market of 810 units in 2009-10. Similarly, the two-wheeler EVs market will grow from 0.14 million units in 2009-10 to 0.45 million units in 2015-16. Energy diversification and security and emission norms getting stringent would be the key drivers for the growth of EVs. However, infrastructure availability, component quality, technology, and alternate powertrain technologies are the key factors restraining the growth of EVs in India.

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Ravinder Kaur / Nimisha Iyer, Corporate Communications, Frost & Sullivan, at ravinder.kaur[.]frost.com/ niyer[.]frost.com, with your full name, company name, designation, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you via email.

Currently, the EV market is at an introductory stage in India; it is more likely to enter the growth stage 2020 onwards. EVs will start to penetrate from the small and compact-size segments. For a revolutionary change in the electric vehicles market, the Government is expected to enforce policies that would boost electric vehicle sales, give manufacturers a conducive environment in terms of better infrastructure, tax holidays, exemptions, help in terms of land availability for manufacturing, etc.

India is likely to implement Bharat V (Euro V) norms by 2015; these would have an impact on the use of technologies for air management and exhaust management, further resulting in the increase of vehicle prices. EVs will be the best alternative and cost-effective option for meeting the stringent emission norms.

Volatile fuel costs have given a boost to the EV Industry as the running costs of an Electric Two-Wheeler is one-tenth of a conventional petrol-driven scooter. The price of running an Electric Two-Wheeler works out to be an unbelievable Rupee 1 (USD 0.02) per 100 km, which is just the cost of charging the battery. Also, a driving license is not required for vehicles under 250 watts, making them preferable amongst children less than 18 years.

However, infrastructure and operational issues, like charging time and low battery life of EVs, hinder sales. The market is expected to mature with improved technologies in the form of nickel ion batteries that would soon be available. Currently, lack of awareness of battery maintenance is also a reason for low battery life.

Executive Analysis of the Indian two-wheeler and four-wheeler Electric Vehicles is part of the Automotive & Transportation Growth Partnership Services program. The study addresses various information areas such as legislative environment and government initiatives to promote electric vehicles, drivers, restraints, and challenges faced by the industry, trends on infrastructure development, technology and pricing, and component sourcing. The study also maps the market and competitive landscape.

Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The Company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices in six continents.

 
 
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Incentives, Environment Issues and Grants from the Government will Attribute to the Growth of Electric Vehicles Market in India Says Frost & Sullivan

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