Oben Electric to Launch Electric Two-Wheelers Enhancing Electric Mobility in the Electric Vehicle Market
The shift towards adopting sustainability in vehicle manufacturing has led to the initiative to launch four advanced electric two-wheelers by Oben Electric which is one of the leading players in the market. A company announced to introduce these new features in the coming six months that could be affordable and easily accessible to potential buyers with prizes starting from 60,000 up to 1,50,000. The incorporated feature in modernized vehicles is the lithium iron phosphate battery technology, well-known for its properties like heat resistance, durability, and prolonged lifespan.
Electric Vehicle Supply Equipment Market Size
According to Precedence Research’s Report on “Electric Vehicle Supply Equipment Market”, the global electric vehicle supply equipment market size is worth around 69.71 billion in 2024 and is estimated to cross USD 895.48 billion by 2033, expanding at a CAGR of 32.8% from 2024 to 2033.
Asia Pacific dominated the electric vehicle supply equipment market with the highest market revenue of 43% in 2023. Due to the rising environmental awareness, an increasing supply of electric bikes, cars, buses, etc. has led to the emergence of electric vehicle charging stations that could be favorable to the end users in emergencies. In March 2024, the Union Government introduced a new Electric Mobility Promotion Scheme of Rs. 500 crore for four months to support electric two and three-wheelers to achieve progress in the market.
Based on regions, the electric vehicle market shares in 2023 are 28% for North America, 20% for Europe, 5% for Latin America, and 4% for Middle East and Africa respectively. The Ministry of Heavy Industries focuses on implementing the standards for improving the adoption of electric vehicles by the population. The FAME-II scheme offers financial support to the electric vehicle charging infrastructure in collaboration with the Ministry of Power.
AsiaPacific Electric Vehicle Supply Equipment Market Size
A recent report from Precedence Research Reveals that in the Asia Pacific, the electric vehicle supply equipment market size is calculated at USD 22.57 billion in 2023 and is projected to hit around 511.36 billion by 2034, estimated to grow at a CAGR of 33% from 2024 to 2034.
In July 2024, Raptee Energy, one of the leading market players announced a significant reduction in the GST rates for both electric vehicles and charging stations from 18% to 5% for lithium-ion battery packs and cells to support an ecosystem with a sustainability initiative. Tresa Motors, Wise Travel India Private Limited, Ecofy, ZEVO, Neuron Energy, etc. are some of the major industrial companies contributing to global electric mobility.
The Number of Charging Stations as per the States under the FAME India Scheme Phase-II, 2024
| State/Union Territory | No. of Charging Stations |
| Gujarat | 53 |
| Kerala | 30 |
| Delhi | 21 |
| Maharashtra | 13 |
| Tamil Nadu | 13 |
The Subsidies for Electric Vehicles under the Electric Mobility Promotion Scheme, 2024
| Electric Two-Wheelers
Electric Three-Wheelers e-Rickshaws e-Carts L5 Category Vehicles |
Rs. 4.93 billion |
| Administrative costs:
Information Education Communication activities Fees for the project management agency |
Rs. 64.5 million |
Read Also: E-bike Market Statistics 2023 to 2033
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