Project Report For Electric Vehicle
Introduction
The project report for Electric Vehicle is as follows.
Two-wheelers rule the roads of India. Many of us grew up riding a cycle first, then a motorized two-wheeler. But the bike-sharing business — whether it’s bicycles or scooters — didn’t get this kind of success that the cab-hailers possess.
India’s electric two-wheeler market was estimated at about $27 million in 2017 and is projected to expand by more than 41% at CAGR to reach $200 million by 2023, given the increasing want to reduce air pollution throughout the nation.
In addition, growing research and development activities are likely to occur in a vast product range for electric two-wheelers, which will have a positive impact on the country’s electric two-wheeler industry throughout the forecast period.
Market potential & Strategy
India’s electric vehicle and motorcycles market is anticipated to rise to $617.7 million by 2025. increasing public understanding of pollution and improving government assistance in the form of incentives are major factors driving overall growth.
Electric scooters and motorcycles use electric propulsion batteries and do not create any pollution.
In addition, these electric two-wheelers are extremely quiet and therefore do not trigger noise pollution.
Electrical two-wheelers can operate on busy highways; they can be charged from the standard power outlet and could have a replaceable battery, but the percentage of electric bikes is anticipated to increase in the future.
India will indeed implement tough emission standards Bharat Stage (BS)-VI from the current BS-IV by 2020, skipping BS-V. Such policies or proposals to reduce the pollution problem in the country assure a beneficial regulatory environment for both the two-wheel electric industry in the near future.
Strong emission standards would raise the supply of conventional vehicles, making electric vehicles quite feasible to opt for.