Electronic Vehicle Market in India: Growth, Size And Emerging Trends In Industry | All You Need To Know
The Indian EV industry’s story is a testament to innovation, government support, and a growing environmental consciousness. Recently, Tata Nexon EV Facelift was launched in India, offering exciting features and a broader range. Let’s dive into the thriving Indian EV ecosystem and explore the market’s growth, size, and emerging trends.
In 2023, the Indian EV industry surpassed all expectations with its market size, which led to millions of electric vehicles silently zipping through the streets, leaving a greener and cleaner footprint behind. This EV revolution not only transformed the way people commuted but also changed the entire transportation landscape, contributing to India’s journey towards a sustainable future. It demonstrated the power of innovation, government support, and environmental consciousness in driving the industry forward amidst challenges.
“With 40 different types of vehicles and a market value of USD 4.23 billion, the Indian EV market ranked 11th on the readiness index worldwide. The significant domestic demand in the market promises a golden future for green mobility in India,” said Nitin Kapoor, Managing Director of Saera Electric Auto Ltd (Mayuri ERickshaw) highlighting the potential of the EV industry. He emphasized the need for government support through initiatives such as subsidies, lower taxes, and the development of EV charging infrastructure to accelerate India’s transition towards a sustainable future powered by electric vehicles.
Notable trends in the Indian EV industry include advancements in battery technology to increase energy density, reduce charging times, and lower costs. Affordable electric two-wheelers gained immense popularity, especially in Indian urban environments. Additionally, shared electric mobility solutions, such as electric bike-sharing and e-rickshaw fleets, became a common sight on Indian streets.
“India’s EV sales are at a tipping point, with this being the first year that EVs account for more than 5% of all vehicles sold. Bloomberg analysis has shown that countries reaching this 5% mark experience a rapid increase to 25% in just four years. India’s EV sector has moved past its infancy and is now poised for rapid growth,” stated Ankit Mittal, Co-Founder & CEO of Sheru, highlighting the potential for further growth and transformation in India’s mobility sector.
Looking ahead, Ashish Deswal, Founder of EarthtronEV, shared his insights, stating, “With more people shifting to EVs, the Indian electric vehicle market size is expected to grow at a CAGR of 68%, reaching USD 152 billion by 2030. Achieving 100% electric mobility by 2030 requires a rapid expansion of EV charging infrastructure. To accelerate this transition, standardization of EV charging connectors and public-private partnerships are crucial. The government can offer incentives, simplify regulations, and collaborate with the private industry to boost EV charging infrastructure development.”
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