The rapidly rising sales of electric vehicles (EVs) are pushing up the requirement for electric vehicle components in India. According to many surveys, 447.7 thousand electric three-wheelers, 2,000 electric passenger cars, and 32.4 thousand electric two-wheelers were sold in the country in 2019, which, in turn, augmented the need for electric vehicle components. Furthermore, the implementation of favorable government regulations and the degrading air quality levels are boosting the sales of EVs in the country. According to experts, the transport sector contributes nearly 40% of the total carbon emissions.
Because of the aforementioned reason, the Indian government is enacting strict emission control policies and laws and also taking initiatives such as the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles or FAME scheme for promoting the adoption of EVs in the country. Under the FAME scheme, the government intends to replace as much as 30% of the automobile fleet in the country with electric vehicles by 2030. In addition to this, the reducing costs of electric vehicle components are also positively impacting their sales in the country.
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Additionally, the growing replacement rate of EV components and parts will cause the expansion of the EV component industry in India in the future. Due to these factors, the Indian electric vehicle component market attained a value of $536.1 million in 2019 and is predicted to advance at a CAGR of 22.1% between 2020 and 2030. Among the three-wheelers, two-wheelers, commercial vehicles, and passenger cars, the three-wheelers generated the highest requirement for parts and components in the past and this trend will continue in the coming years.
The main factor responsible for the growing demand for electric three-wheeler components is the large-scale usage of e-rickshaws in the country. The average distance covered by an e-rickshaw each day is 100 km, owing to which, the vehicle usually has high wear and tear. Due to this factor, the replacement rate of three-wheeler components is increasing rapidly. Between the scooter and motorcycle categories under the two-wheeler vehicle type segmentation, the scooter category recorded higher growth in the Indian electric vehicle component market during the last few years.
This is ascribed to the fact that scooters are more affordable and cost-effective than motorcycles and therefore, the sales of scooters are much higher in comparison to motorcycles in India, where the sales of vehicles are heavily dependent on their cost-effectiveness. The higher utilization of scooters leads to greater wear and tear of these vehicles, which, in turn, causes a higher requirement for electric scooter parts and components than motorcycles in the country.
The Indian electric vehicle component market will exhibit the highest CAGR in Tripura during the coming years, as per the estimates of the market research company, P&S Intelligence. The key factor fueling the advancement of the market in Tripura is the mushrooming usage of e-rickshaws in the state. This is augmenting the need for various e-rickshaw parts and components manufactured by aftermarket companies and original equipment manufacturers (OEMs) in the state. Because of this reason, the market is progressing at an explosive pace in the state.
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Hence, it can be said without any hesitation that the sales of electric vehicle parts and components will climb in India in the forthcoming years, primarily because of the growing adoption of various types of electric vehicles such as e-rickshaws and other three-wheelers, scooters and motorcycles, and passenger and commercial vehicles in the country.