The Indian business industry is growing at an exponential rate with Electric Vehicle sector taking the lead. EV brands across the world are focusing on the Indian market to expand their business in-country in the times to come.
The Indian market is responding positively to the growing eco-system of EV’s. Businesses in this sector have found the best time to enter and rule.
Need for Electric Vehicles
Electric vehicles (EVs) operate on an electric motor, instead of the presently used vehicles with internal-combustion engine that generates power by burning a mix of fuel and gases. Therefore, the EVs are seen as a possible replacement for current-generation automobiles, keeping in mind the issues of rising pollution, global warming, depleting natural resources and many others. The EV market of India includes all 2, 3 as well as 4 wheeled vehicles which run on an electric motor.
Rate of Augmentation in EV Sector
The current Indian electric vehicle market is buzzing with innovation, advanced technology and a vision for a sustainable future. According to reports by the India Energy Storage Alliance (IESA), the electric vehicle market is expected to grow at a compound annual growth rate of 36 percent by 2026. During the same period, the EV battery market is also poised to witness a CAGR of 30 Percent. These numbers are highly promising, making the EV market perfect for aspiring entrepreneurs trying to make the world a better place on the back of futuristic yet sustainable innovations.
This story is from the August 2022 edition of The Franchising World.
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This story is from the August 2022 edition of The Franchising World.
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