Electric Car Domain to Grow Exponentially in India
Saying that the electric car domain is rapidly growing in India would be an understatement, as it is expected to become almost 10 times its current size by 2025. The single most-important factor behind its exponential progress is the government support in the form of tax cuts and incentives, being provided to curb carbon emissions. For instance, the Maharashtra government exempts road tax and registration fee on electric vehicles (EV) and offers 20.0 percent incentives to manufacturers. Similarly, the FAME-India scheme is aimed at reducing the cost of hybrid and electric vehicles.
Another reason for the prosperity of the domain in the nation is a decline in battery prices. As electric batteries are an integral component in EVs, a reduction in their price is predicted to decrease the cost of EVs. This is itself expected to be a result of advancements in battery technology and growth in battery production.
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