Dublin, Jan. 28, 2024 (GLOBE NEWSWIRE) — The “India Electric Commercial Vehicle Market Competition Forecast & Opportunities, 2029” report has been added to ResearchAndMarkets.com’sIndia’s burgeoning electric commercial vehicle market is poised for substantial advancement, achieving a robust compound annual growth rate (CAGR) into the year 2029. A recent market analysis highlights the surge in adoption of electric buses, trucks, and vans, driven by an amalgamation of favorable government policies, a focus on low-emission transport solutions, and advancements in electric vehicle (EV) infrastructure. This acceleration is indicative of a pivotal shift in the automotive industry, marked by heightened environmental awareness and an imperative for sustainable development.Electric commercial vehicles are gaining momentum in the Indian market thanks to their promise of reduced operational and maintenance costs. The inherent efficiency of electric vehicles, coupled with government incentives and the integration of renewable energy sources, makes a compelling case for their widespread adoption. Aligning with initiatives such as the FAME India scheme and the PLI-ACC program, the Indian government has been a catalyst for EV adoption, laying out policies that foster a conducive environment for electric vehicles. These initiatives are geared towards diminishing the country’s carbon footprint and crafting a reliable domestic supply chain for EV components, with a significant emphasis on local value addition.The demand for fuel-efficient buses has experienced a notable upswing, prompted by soaring fuel prices and the strategic maneuvers by corporations to maximize profitability from dwindling fossil fuel reserves. These conditions have encouraged entities like Nunam Technologies and the BEST Undertaking in Mumbai to innovate in battery management systems for electric buses, shaping the future of urban mobility. The logistics sector, too, has seen a surge in the uptake of electric commercial vehicles. This shift enhances supply chain efficiency, and with the government’s encouragement, more companies are transitioning to electric fleets.However, the industry’s progression is not without hurdles. The inadequacy of the current EV infrastructure poses a challenge to the widespread adoption of electric commercial vehicles. Critical concerns such as the investment required for charging station setup, industry readiness, and the cost-intensive nature of EV production demand strategic interventions. The market is segmented based on vehicle type, propulsion type, battery capacity, and geographical distribution, with the report providing granular insights into each segment. The comprehensive analysis identifies the leaders shaping the industry, with companies like Tata Motors Limited, PMI Electro Mobility, Olectra GreenTech, and several others standing out in their contributions to the market’s evolution.ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
(GlobeNewsWire)