India poised for significant growth in EV market

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NEW DELHI, 5 July 2023: The Indian electric vehicle (EV) market is expected to grow from USD 5.15bn in 2022 to USD 14.9bn in 2028, registering a CAGR of 19.81%.

The growth of the Indian electric vehicle market is being driven by a number of factors, including government initiatives and subsidies, rising environmental concerns, and the advancement of technology.

The Government of India has been a strong supporter of the electric vehicle industry and has implemented a number of policies to promote the adoption of electric vehicles. These policies include the FAME II scheme, which provides subsidies for the purchase of electric vehicles, and the National Electric Mobility Mission Plan, which aims to achieve 30% electric vehicle sales by 2030.

In addition to government support, the growth of the Indian electric vehicle market is also being driven by rising environmental concerns. The increasing levels of pollution in India have led to a growing demand for cleaner transportation options, and electric vehicles are seen as a viable alternative to gasoline-powered vehicles.

The advancement of technology is also playing a role in the growth of the Indian electric vehicle market. The development of more efficient batteries and charging infrastructure is making electric vehicles more affordable and convenient and is encouraging more people to adopt them.

The two-wheeler segment is currently the largest segment of the Indian electric vehicle market, but the passenger car segment is expected to grow at the fastest pace in the coming years. The government’s focus on promoting electric vehicles for public transportation is also expected to boost the growth of the electric bus segment.

The Indian electric vehicle market is still in its early stages of development, but it is growing rapidly. With the continued support of the government and the advancement of technology, the Indian electric vehicle market is poised for significant growth in the coming years.

Key Takeaways

The Indian electric vehicle market is expected to grow from USD 5.15bn in 2022 to USD 14.9bn in 2028, registering a CAGR of 19.81%.

The growth of the Indian electric vehicle market is being driven by a number of factors, including government initiatives and subsidies, rising environmental concerns, and the advancement of technology.

The two-wheeler segment is currently the largest segment of the Indian electric vehicle market, but the passenger car segment is expected to grow at the fastest pace in the coming years.

The Indian electric vehicle market is still in its early stages of development, but it is growing rapidly. With the continued support of the government and the advancement of technology, the Indian electric vehicle market is poised for significant growth in the coming years.