Navigant Research Predicts Rapid Growth of Plug-In Vehicles in India Over Next 5 Years
India’s first modern-day electric vehicle, the Mahindra Reva e20, may have just launched, but more plug-ins are bound to pop up in India soon.
That’s the latest intel from Navigant Research, who says that there’s enormous potential for electric vehicles in India, though some hurdles are in the way right now.
Navigant says this:
“Sales of plug-in electric vehicles in India have been minimal due to a myriad of factors: little domestic production, the high cost of vehicles, a lack of government commitment, an often unstable power grid, and almost no formal charging infrastructure. Making the environment more conducive to electric vehicle (EV) sales will take years of investment from the public and private sector, limiting the growth of the market in the short term.”
But that’s in the short term. Farther off, let’s say by 2020, Navigant sees India emerging as one of the world’s leader in plug-in vehicles. It’s believed that, by 2020, India will become the world’s third largest automotive market (behind China and the US). Furthermore, India’s densely populated cities make for a perfect environment for electric vehicles and the government’s recently announcement plug-in subsidy is sure to spur production and sales.
As Navigant says, plug in vehicles sales in India will “reach 17,000 by 2018,” up from basically zero today.
But it’s in the two-wheel market that growth will be rather extreme. Quoting Navigant:
“Two-wheeled electric vehicles will grow to more than 1.1 million units annually by 2018, with electric scooters the preferred vehicle type.”
So, yeah, most might not be what we’d consider electric automobiles, but electric is electric, at least as we see it.