21st century without vehicle is like body without soul. Every living creature have come across the vehicle in their life, vehicles are part of life now days.
Its ultimate example of how humans have developed throughout the years, in 1885 Benz patented motorwagen known as first practical vehicle, for carrying people. Now Tesla has made self-driving car, that’s what development mankind has seen throughout the history.
How cars are changing the India?
As we all know cars are becoming part of life, so every industry is depended on it and industries are the forces that drives economy.
Due to Pandemic every industry was going down only medial and automobile industry were stable, because both were essential in that scenario.So government of India has observed this and took decision to promote EV (Electric vehicle), the central government has announced lots of promotional measures in the previous 10 years like, public EV charging infrastructure development, tax incentives for electric vehicle owners and so on.
Why Indian customer are going for EVs?
People now days are looking for cars that offers safety, features, customization, power, pocket friendly, comfort and reliability. Nowadays people don’t look vehicle just for functional perspective, for many people cars are like second home. Peoples have seen and gone through environment break downs, this created awareness of go green which indirectly diverted car buyer to shift on EV as they don’t emit hazardous gases like IC (Internal combustion) engine car does.
EV’s are getting more and more fame after petrol crises and government policy, most the pre-owned car users are shifting on new EV as they are cheap to run compared to petrol and tax are low.
Major reasons for buying cars are:
· Safety
· Easy Finance
· Save on Fuel and Maintenance Costs
· Have More Fun with Higher Performance
· Get Money for a Purchase/Lease
· Clean up Planet Earth by buying EV
· HIGH RESALE VALUE
· INSTANT TORQUE
· NO IDLING
What are Indian electric car manufacturer are doing to keep up with electric vehicle market?
When we say Indian car makers we point towards TATA and Mahindra. From past few years both the car makers are constantly upgrading their vehicles to compete with international brands like Ford, Tesla, Chevrolet, Kia, Mercedes, BMW, Audi and so on.
To know more click on the link: https://bhushan00900.blogspot.com/2022/06/electric-cars-and-growth-of-india.html
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With increase in demand of enhanced fuel economy and rising fuel prices in vehicle are anticipated to drive vehicle electrification Industry growth globally.
Stringent government policies on harmful emissions from Carbon dioxide and rise in pollution are driving the electrification industry from past few years.
This market is likely to experience high growth due to rising requirement for electric systems in tax exemptions, vehicles and subsidies by the government with increase in diesel and petrol prices.
Major Products in Electric Vehicles Market are Electric power steering, electric water pump, thermoelectric generator, electric oil pump, electric vacuum pump, electric mobile phone charger and liquid heater PTC.Browse Details of Report @ https://www.hexaresearch.com/research-report/electric-vehicles-ev-industry/Key players for Electric Vehicles market are JTEKT Corporation, Visteon Corporation, NSK ltd, Denso Corporation, Friedrichshafen AG, BorgWarner Inc and Nexteer Automotive Group LtdLargest Electric Power steering is expected to contribute for the major market share due to potential of ensuring the safe and secure driving in vehicles from hydraulic power steering.
This segment is further estimated to provide low energy consumption, better handling and reduced weight in vehicles which ultimately gives a strong place to market of Electric Power Systems.
North America is likely to witness major market share due to its growth in vehicle market, rigorous norms for emissions, and government subsidize provided for electric vehicles.
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