Huge FDI and private sector investments in road infrastructure
Smart cities projects
Rapid adaptation of new technologies in-
In 2022, the Indian electric vehicle market was pegged at USD 772 million and is projected to reach USD 19,980 Million by 2028.
In the short and medium term, two-wheelers and three-wheelers (rickshaws) are expected to drive electrification of the vehicles.
Key growth drivers include:
The Government of India has taken initiatives to promote electric vehicle adoption in India. Some of them are:
The government aims to reach 100% EV adoption by the year 2030.
There are huge opportunities for foreign companies in this sector, especially for manufacturing battery compounds, other components and setting up charging stations. Key factors that will drive the adoption of EVs in India
EV related plans
Kia plans to manufacture small SUVs and EVs in India for global markets in 2025.
Maruti Suzuki plans to launch its first EV model in India by 2025.
Tata Motors bags an order worth USD 678 million (Rs 5,000 crore) from the government for electric buses; it plans to launch 10 more EVs in India.
Hopcharge, a Gurgaon-based start-up, has created the world’s first on-demand doorstep fast charge service.
MG Motors India has partnered with Bharath Petroleum to expand the EV charging infrastructure.
Mahindra & Mahindra
Mahindra and Mahindra targets to launch 16 EV models across its SUV and LCV categories by 2027.