The type of research undertaken here is basic vs applied research, as this research is all about developing knowledge regarding the Electric vehicles penetration into Indian market besides predicting a possible strategy by creating products which are confined to only Indian market.
The aim of this study is to research, analyse and forecast the trends; provide an overview of the EV market; and discuss the impact of these trends on the growth and performance. The basic idea is that, full fledged electric vehicles production in India will take another 2 to 3 years. Few Indian companies like Tata, Mahindra have already introduced a couple of models into the market. Also other companies like Hyundai have also introduced their models but with a huge price. Now the higher price range passenger cars are not accepted by all the consumers. So it is a great opportunity for other companies to come up with very affordable model and rapidly gain the advantage. It is a great time for companies to enter into Indian market because the government has framed policies which are beneficial for the electric vehicle manufacturers. Like moved the GST council to lower the GST rate on EVs from 12% to 5%. Also to make EVs affordable for consumers, government has extended additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase EVs.
In India, the Electric Vehicle market is dominated by electric two-wheelers with relatively fewer three- and four-wheelers plying the roads. The two-wheelers are mostly charged at residences and are used for limited city commute. That is because there is Lack of adequate number of charging stations is one of the majors restrain spotted in the Indian electric car market. The charging infrastructure is the most decisive factor for electric car sales in the country. The limited or inadequate availability of charging stations, coupled with lack of adequate financial schemes for the growth of such infrastructure, hinders the adoption of electric cars by customers. In addition, the technological challenges such as limited electric range and long charging time are also expected to affect the adoption of electric car in the country.
But one big advantage can be the public transport area as Public transport systems of India are among the most heavily used across the world. Therefore, shared electric mobility has an opportunity to gain popularity in the Indian electric car market by meeting the increasing need for transport systems. Mobility systems are experiencing transformation due to increasing connectivity, new business models, and steeply falling technology costs. Many business models are offering shared electric mobility solutions, with the notable ones being Ola Cabs and Uber.
So the major factors behind the growth of electric vehicle sales are government support in the form of grants, subsidies, and tax rebates, increasing environmental consumer awareness, improving charging infrastructure and increasing vehicle range.
Collection of data:
Secondary data was utilised to collect data for the research, the major source of secondary data was literature reviews, articles published by various people.
Data analysis method:
Here Content analysis is used to analyse the data. As the data is drawn from secondary sources, content analysis helps in understanding large data collected from literature reviews and articles. Like if the literature review consists of some 50 pages of data, all may not be necessary. So with the help of content analysis only the most relatable and necessary data can be drawn for the research.
Tools and materials:
Tools used for the research are mostly websites. Websites contain articles which are highly related to the topic. Many websites provide different information, but only the required and filtered data can been taken for the research purpose.
Some of the majorly used websites are www.businesswire. Com. www.globenews. Com, www.ermt.net.
Besides the websites which are mentioned above, many other websites were also used to gather information.
This research gives an insight of the EV Industry and put forward a business strategy for the EV in especially Indian automobile market. So for this research secondary data was used, that is because of the present situation. If there was no lockdown primary data could be used to gather information. Like data can be gathered from interviewing the personnel in the industry.
Therefore considering the present condition secondary data collection method is the most preferable method. This method also helps in exploring in depth regarding the electric vehicle market globally.
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