Market Trends of Right Hand Drive Electric Vehicle Industry
This section covers the major market trends shaping the Right Hand Drive EV Market according to our research experts:
Growing Demand for Passenger Cars
Electric vehicles have become an integral part of the automotive industry, and it represents a pathway toward achieving energy efficiency, along with reduced emission of pollutants and other greenhouse gases. The increasing environmental concerns and favorable government initiatives are the major factors driving this growth.
The annual sales volume of battery-electric passenger cars is projected to cross the 7 million mark by the end of 2022. It is expected to account for a significant share of the overall vehicle sales by the end of 2027.
The government regulations and incentive schemes strongly impacted people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles.
India will shape the growth trajectory
The electric vehicle market is dominated by the left-hand drive vehicle owing to the large economies, including the US, Europe, and China. But, significant customers for the right-hand drive are available across countries like India, Australia, the United Kingdom, South Africa, Indonesia, Japan, and many more.
Among these countries, India is likely to be at the forefront of the right-hand drive electric vehicle market owing to the large automobile sector and huge population. As of now, India has more two and three-wheeler electric vehicles as compared to passenger cars. As of 2021, India has a fleet of around 52,000 electric vehicles. India's electric vehicle is presumed to grow and likely to achieve a market share of 5% in new car sales by 2025 and 30% by 2030, and 100% by the end 0f 2050.
