Indian electric vehicle plastics market is projected to grow at a lucrative CAGR during the forecast period (2020-2026). The significant rise in the demand for electric vehicles owing to the government initiatives and support provide ample opportunity to the electric vehicle plastics market. For instance, in February 2019, the government reduces the upfront purchase price of hybrid and electric vehicles by approving the proposal for the implementation of the “Faster Adoption and Manufacturing of Electric Vehicles in India Phase II” (FAME Phase II) scheme. The emphasis of Phase II will be on public and shared transportation. It includes incentives for electric three-and four-wheelers (including rickshaws), as well as for buses, where the incentives are mainly applicable to those vehicles used for public or shared transportation or commercial purposes.
Browse the full report description Indian Electric Vehicle Plastics Market Size, Share & Trends Analysis Report by Plastic Type (Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polymethylmethacrylate, and Others), By Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicle) and Forecast 2020-2026 at https://www.omrglobal.com/industry-reports/indian-electric-vehicle-plastics-market
In the case of electric two-wheelers, the incentives are targeted to private vehicles. To encourage more advanced technologies, it is indicated that the incentives only apply to those vehicles using advanced battery chemistry such as a lithium-ion battery. As per the IEA, the government has set a target of 30% Electric Vehicle sales by 2030 across all modes and focusing on electric vehicle charging stations as well. These emerging focus on electric vehicles will offer an opportunity for plastics manufacturer as it has a considerable role in the EV manufacturing.
Market Coverage
|
Report Elements |
Details |
|
Study Period |
2019-2026 |
|
Base year |
2019 |
|
Forecast period |
2020-2026 |
|
Segments Covered |
By Plastic Type and by Vehicle Type |
|
Key Companies Profiled |
Reliance Industries Ltd., Asahi Kasei
Corp., BASF SE, Formosa Plastics Corp., Mitsui Chemicals, Inc., LG Chem Ltd., Sumitomo Chemical Co., Ltd., and others |
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected segment
o Recommendations
Indian Electric Vehicle Plastics Market – Segmentation
By Plastic Type
By Vehicle Type
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