Mahindra Announces to Launch of New Commercial Electric Four-Wheeler, ‘eZEO’ Helping the Electric Vehicle Power Inverter Market
Mahindra Last Mile Mobility Limited announced to launch of a versatile electric four-wheeler named ‘eZEO’ in October 2023. The name ‘eZEO’ stands for ‘Zero Emission Option’ by addressing the environmental sustainability need through the adoption of decarbonization. With the declaration of Suman Mishra, MD, and CEO of Mahindra Last Mile Mobility Limited, the company aims to offer an efficient driving experience to consumers with high charging speed, durability, and high voltage and also to improve logistics in urban areas through outstanding innovations.
Electric Vehicle Power Inverter Market Size
According to Precedence Research’s Report on “Electric Vehicle Power Inverter Market”, the global electric vehicle power inverter market size reached USD 26.58 billion in 2024 and is predicted to grow around USD 51.99 billion by 2032, with a remarkable growth at USD 69.71 billion in 2024 expanding at a CAGR of 8.7% from 2023 to 2032.
Based on regions, the electric vehicle power inverter market shares in 2022 were 20% for North America, 44% for Asia Pacific, 28% for Europe, 5% for Latin America, and 3% for MEA respectively. Asia Pacific dominated the market in 2022 as the leading global EV player due to the rising adoption of electric vehicles by the population through the promotion of their advanced features. Europe is expected to reach remarkable progress during 2024-2034 with Germany standing out as the major EV market player.
The market share by vehicle type in 2022 was 87% for passenger vehicles and 13% for commercial vehicles with increased demand globally across North America, Europe, and Asia Pacific. One of the government programs for electric vehicles is the California ZEV Program which aims to have 1.5 million electric vehicles on the road by 2025. India, Norway, the United Kingdom, Germany, South Korea, China, and France are the other nations that provide the incentives to the potential consumers at the time of electric vehicle purchasing.
FAME-II Subsidy Reduction on Electric Two-Wheelers in June 2023
| Cap on Incentives on Ex-Factory Price | Demand Incentive per kWh | |
| Pre-Reduction | 40% | Rs. 15,000 |
| Post-Reduction | 15% | Rs. 10,000 |
From June 2023, The Faster Adoption of Manufacturing of Electric Vehicles in India (FAME-II) scheme became applicable to electric two-wheelers with a significant reduction of subsidy by the government. The FAME-II subsidy reduction was observed for some of the brands like Ola Electric, TVS, Bajaj Auto, etc. Mitsubishi Electric Corp, Sony Group Corporation, and Honda Motor Co. Ltd. are some of the leading industrial players in the electric vehicle power inverter market.
With a Master of Science in Statistics and over two years of expertise in the market research industry, Rushikesh brings a wealth of knowledge to the world of electric vehicle (EV) news. His passion for the automotive sector, combined with his statistical expertise, allows him to analyze trends, consumer behavior, and emerging technologies with precision. Rushikesh’s ability to dive deep into the numbers, yet communicate them in a reader-friendly manner, makes him a key voice in the fast-evolving EV industry.
Having spent his academic and professional career immersed in data-driven analysis, Rushikesh leverages his strong statistical foundation to offer insights that are both thorough and forward-thinking. His keen interest in the automotive industry, especially electric vehicles, positions him uniquely to understand not only the current landscape but also the trajectory of the sector as governments, manufacturers, and consumers increasingly lean towards sustainable transportation.
