India Electric Vehicle Component Market Expected to Rise at 18.20% CAGR during 2024-2032
.png)
India Electric Vehicle Component Market Overview Base Year: 2023 Historical Years: 2018-2023 Forecast Years: 2024-2032 Market Growth Rate: 18.20% (2024-2032) The India electric vehicle component market is thriving, fueled by innovation, government support, and rising EV adoption. According to the latest report by IMARC Group, the market is projected to exhibit a growth rate (CAGR) of 18.20% during 2024-2032 . India Electric Vehicle Component Market Trends and Drivers: Rapid Growth Driven by Government Policies: Government incentives such as tax reductions, subsidies, and the FAME program are spurring EV adoption. The FAME program supports charging infrastructure development and provides incentives for EV purchases. Investment in R&D: Major companies are investing significantly in R&D to create efficient and cost-effective EV components. These efforts are propelling market expansion. Environmental Concerns and Carbon Emission Reduction: Growing environmental concerns are pushi