{"id":10008,"date":"2022-08-29T15:05:10","date_gmt":"2022-08-29T09:35:10","guid":{"rendered":"https:\/\/www.tickertape.in\/blog\/?p=10008"},"modified":"2022-08-29T15:11:29","modified_gmt":"2022-08-29T09:41:29","slug":"electric-vehicles-market-likely-to-grow-at-36-cagr-in-india","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/electric-vehicles-market-likely-to-grow-at-36-cagr-in-india\/","title":{"rendered":"Electric Vehicles Market Likely To Grow at 36% CAGR in India"},"content":{"rendered":"\n<p>Globally, countries have set high targets to shift to <a href=\"https:\/\/www.tickertape.in\/blog\/will-india-welcome-electric-vehicles\/\">electric vehicles<\/a>. India is in the early days of shifting focus to electric cars to<span style=\"font-size: revert; color: initial; font-family: -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Oxygen-Sans, Ubuntu, Cantarell, &quot;Helvetica Neue&quot;, sans-serif;\"> reduce emissions. <\/span>In Q3 FY 2022, sales reached a high of 5,592 units. The growth in the EV market is predicted to be over 30% <a href=\"https:\/\/www.tickertape.in\/blog\/compound-annual-growth-rate\/\">CAGR<\/a> until 2026. We take a look at the Indian and global state of play in the <a href=\"https:\/\/www.tickertape.in\/indices\/nifty-auto-index-.NIFTYAUTO?utm_source=blog&amp;utm_medium=article&amp;utm_campaign=bnc\" target=\"_blank\" rel=\"noreferrer noopener\">automotive sector<\/a>.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/electric-vehicles-market-likely-to-grow-at-36-cagr-in-india\/#Indias-EV-story\" title=\"India&#8217;s EV story\">India&#8217;s EV story<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/electric-vehicles-market-likely-to-grow-at-36-cagr-in-india\/#Fords-EV-story\" title=\"Ford&#8217;s EV story\">Ford&#8217;s EV story<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/electric-vehicles-market-likely-to-grow-at-36-cagr-in-india\/#Government-led-push-globally\" title=\"Government-led push globally\">Government-led push globally<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Indias-EV-story\"><\/span><meta charset=\"utf-8\"><strong>India&#8217;s EV story<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>In 2021, 3,29,190 electric vehicles were sold in India, indicating a 168% y-o-y growth over last year\u2019s sales of 1,22,607 units.<\/li><li>Market share leader <a href=\"https:\/\/www.tickertape.in\/stocks\/maruti-suzuki-india-MRTI?utm_source=blog&amp;utm_medium=article&amp;utm_campaign=bnc\" target=\"_blank\" rel=\"noreferrer noopener\">Maruti Suzuki<\/a> plans to launch its first EV in 2025 as Internal Combustion Engine (ICE) cars remain price competitive in the interim period for cost-conscious consumers.<\/li><li>A report by India Energy Storage Alliance estimated that the EV market in India is likely to increase at a CAGR of 36% until 2026. Additionally, the EV battery market is forecasted to grow at a 30% CAGR during the same period.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Fords-EV-story\"><\/span><strong>Ford&#8217;s EV story<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>Ford is making a massive shift in strategy. It is getting ready to eliminate up to 8,000 jobs in the coming weeks to help fund its push into the Electric Vehicles (EV) segment.<\/li><li>Media reports say the job cuts will come largely in the newly created Ford Blue unit that produces gasoline-powered vehicles, as well as other salaried operations throughout the company. The plan is said to be in a fluid state still, so details may change.&nbsp;<\/li><li>The news comes on the heels of Michigan giving the automaker a $100 mn tax-funded incentive package in June as part of a plan to create new jobs in the state.<\/li><li>In March, Ford CEO Jim Farley boosted Ford&#8217;s spending on EVs to $50 bn through 2026, up from $30 bn. He set a plan to build 2 mn EVs a year by 2026. Last year, Ford sold 27,140 EVs.<\/li><li>In India, Ford plans to curtail manufacturing operations, with the option to retain the engine plant in Sanand to service its products in the country for the next 5 yrs.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Government-led-push-globally\"><\/span><strong>Government-led push globally<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The European Union (EU) has proposed a 55% reduction in carbon dioxide emissions from new vehicles by 2030 and a 100% reduction by 2035.<\/li><li>In China, Hainan Island in the South China Sea says it will become China\u2019s first region to ban sales of gasoline and diesel-powered cars to curb climate-changing carbon emissions. In its Carbon Peak Implementation Plan,&nbsp; the Hainan provincial government stated that the sales of fossil fuel-powered cars will be banned by 2030. It also stated that electric vehicles will be promoted with tax breaks and by expanding a charging network.<\/li><li>California requires all new passenger vehicles to be zero-emission by 2035. They require automakers to have 35% of new cars and trucks sold in 2026 to be electric or emission-free models to be allowed to sell in the state.<\/li><li>80% of new car sales in Norway are electric as the country uses financial incentives and taxes to influence car buyers.<\/li><\/ul>\n\n\n\n<p><strong>About the News author&nbsp;<\/strong>This news post has been contributed by&nbsp;<a href=\"https:\/\/boringnews.co\/?referral=arpt98w9x&amp;utm_source=Tickertape&amp;utm_medium=Article&amp;utm_campaign=EVs_20220829\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Boring News Co.<\/a>&nbsp;, which is a free daily email newsletter that gets you updated on the most important events across policy, business, international affairs, legal and sports categories in under 5 minutes. They claim to deliver news with no sensationalism, gossip, political slugfests or opinions \u2013 just the facts that matter in bullet points.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India Energy Storage Alliance report estimated that the EV market would grow at a 36% CAGR until 2026 and the EV battery market at a 30% CAGR. Read the global and national scenario of the progress on EVs here.<\/p>\n","protected":false},"author":103,"featured_media":10013,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[1744],"tags":[],"acf":[],"modified_by":"Aradhana Gotur","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2022\/08\/05-2-1.png?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/10008"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=10008"}],"version-history":[{"count":5,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/10008\/revisions"}],"predecessor-version":[{"id":10016,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/10008\/revisions\/10016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/10013"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=10008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=10008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=10008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}