EV India 2024

Indian electric vehicle industry is a new business and the opportunity for the automobile industry is immense. Like any new sector, there are some small teething troubles that need to be resolved. However, with a strong policy like FAME II, India now has the potential to be a global electric manufacturing hub.

Electric Vehicles in India are here to solve much bigger issues like rising pollution and reduce oil dependency. “Since electric vehicles have a lower cost of operations, India is a very unique market as it is easy to attract fleet operators, public transportation and shared mobility platforms, The interest among consumers in the adoption of electric cars is growing multifold but the actual adoption seems to be going very slow. India has barely sold more than 8,000 electric cars in six years. Whereas China sells more than that in two days as per a Bloomberg report from October 2019. The goal is now to come on par with China, the USA and Japan in terms of the manufacturing and sales of passenger and commercial electric vehicles. the electric vehicle market is expected to grow at CAGR of 43.13% between 2019 and 2030. the electric vehicle industry will follow a J-curve in the coming years and will suddenly shoot up after 2020-2021. The next couple of years are crucial for the Indian electric vehicle industry as the market is poised to grow like never before .The electric vehicle (EV) market is likely to be a Rs 50,000-crore opportunity in India by 2025, with two- and three-wheelers expected to drive higher electrification of the vehicles in the medium term