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Sales of electric vehicles components are increasing, thanks to the expansion of the electric vehicle component market in India are the rising use of electric cars and government activities in support of them, such as tax exemptions, refunds on purchases, and financial incentives.
Additionally, rising fuel prices, the quick depletion of fossil fuels, environmental deterioration brought on by CO2 emissions, and rising environmental consciousness among consumers will all further support the demand for electric vehicles, which in turn will fuel the demand for electric vehicle components in India.
The India EV Components Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Toyota intends to use India as a manufacturing base for EV parts in order to fulfil domestic demand as well as for sale to Japan and several ASEAN nations.
Toyota Motor Corp intends to turn India into a hub for the production of electric car parts in order to fulfil domestic demand as well as exports to Japan and several ASEAN nations.
The automaker intends to begin by manufacturing e-drives, or electric powertrain components, for various electric vehicle types, such as battery EVs, plug-in hybrids, and other hybrid vehicles.
Pinnacle Industries, the nation’s top producer of automotive interiors, seating systems, and specialty cars, has launched a line of precise electric vehicle components for 2 and 3-wheelers in an effort to increase the viability of electric vehicles in India.
With specialised knowledge in designing, developing, assembling, and producing parts for electric mobility applications in Pithampur and Pune Pinnacle Industries will produce and market precision electric vehicle components, including sheet metal and tubular pipe components, body parts, seats, and battery packs for 2W/3W, certified by ISO/TS 16949, ISO 14001, and OHSAS 18001, for leading global brands.
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