Electric vehicles take 2-5% of automobile market in next two years: Study

Electric vehicles take 2-5% of automobile market in next two years: Study

With the growing concern about eco-friendly vehicles, and top of that, the recent union budget gave lots of bonus to electric vehicles, it’s no more a surprising fact that domestic as well as international players are gearing up to invest in electric vehicles in India. The concept of electric car is new in India, but according to a study, there is a strong possibility that the segment might capture at least 5 percent of the Indian market in next 3-5 years. Many companies have already started to make it commercial viable.

According to Pawan Goenka, Executive and President (Automotive & Farm Equipment sectors) at Mahindra told to reporters that the company remained optimistic about electric vehicles, and envisaged it as a potential market stealer in the next few years.

According to Mahindra, the electric vehicles have not become mainstream soon, but with the government incentives across the world, these vehicles would become a major part of automobile companies’ portfolio soon.

In India there is not much initiative taken by the government, but the new budget has earmarked Rs. 75 crore for faster adoption and manufacturing of vehicles in FY16. It is believed that by FY16, companies would start fully-fledged adoption of electric volumes.

Mahindra will participate in the Formula E, the world’s first fully-electric racing series. The company has very aspiration for Formula E and planning to make bikes and two-wheelers in terms of brand development.

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