The Future of Electric Vehicles in India
The central and state government is also playing a huge role to accelerate the growth of Electric Vehicles in India by introducing new policies.
India has the world’s fifth-largest auto market, with an estimated 3.49 million passenger and commercial vehicles sold. It is expected to be the third-largest by 2030.
Until now, domestic manufacturers have focused on producing fuel-intensive mobility. However, with rising environmental concerns, the future of these vehicles does not appear to be sustainable.
To address this, the companies are creating options that are sustainable and electric.
The value of the Indian Electric Vehicle market was estimated to be USD 5 billion in 2020 and is expected to reach USD 46 billion by 2026, assuming a CAGR of 44 percent over the estimated period.
Looking at the scope of EVs in India, companies like Amazon and Flipkart are also adopting EVs to reduce their running cost and combat pollution in metro and noisy cities.
In addition, the central and state government is also playing a huge role to accelerate the growth of EVs in India by introducing new policies.
In India, there is a large potential for EVs, but this will not happen anytime soon.
People have used conventional cars for many years, and a sudden shift to E-vehicles necessitates a robust ecosystem.
In the coming years, we will see an increase in the number of e-vehicles. The government is also enacting policies that will assist it in meeting its goal of bringing 100 percent EVs to the Indian market by 2030.