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  4. Why market pundits betting on future of electric vehicles in India? Details inside

Why market pundits betting on future of electric vehicles in India? Details inside

Electric vehicles in India are on the fast track to a bright future, thanks to strong government support, increasing demand, and a growing range of EV models. Despite the challenges facing the electric vehicle industry in India, there are endless opportunities for growth and innovation.

Edited By: India TV Auto Desk New Delhi Updated on: January 06, 2023 12:45 IST
Why market pundits betting on future of electric vehicles
Image Source : PTI/FILE Why market pundits betting on future of electric vehicles in India?

As the world has fully embraced electric vehicles as an alternative, the road to the future of electric vehicles in India is seen as an exciting one, full of promise and potential.

With the shift towards a  more sustainable and environmentally-conscious future, electric vehicles (EVs) have become increasingly popular in India as a way to reduce carbon emissions and lower reliance on fossil fuels.

But what is the current state of the electric vehicle market in India, and what can we expect in the future? Here are some key insights on the road ahead for EVs in India:

1. Government support for EVs

The Indian government has been actively promoting the adoption of EVs in recent years, with various initiatives and policies aimed at encouraging the growth of the electric vehicle industry. For example, the FAME India Scheme (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) provides incentives for the purchase of EVs, while the National Electric Mobility Mission Plan (NEMMP) 2020 aims to put 5-6 million electric vehicles on Indian roads by 2020.

2. Increasing demand for EVs

There has been a growing demand for EVs in India in recent years, with sales of electric vehicles increasing by 22% in 2019 compared to the previous year. This trend is expected to continue as more and more consumers become aware of the benefits of EVs, such as lower operating costs and reduced environmental impact.

3. Rising number of EV models

As the demand for EVs increases in India, more and more automakers are launching electric vehicle models in the country. In 2020 alone, we have seen the launch of several new electric vehicle models from brands such as Tata Motors, Mahindra, and Hyundai, with many more expected to follow in the coming years.

4. Infrastructure improvements

To support the growth of the electric vehicle industry in India, there has been a push to improve charging infrastructure in the country. The government has announced plans to set up 1000 charging stations across the country by 2020, with an aim to have at least one charging station in every city and town.

5. Challenges and opportunities

Like any emerging industry, the road to the future of electric vehicles in India is not without its challenges. One of the main challenges is the high upfront cost of EVs, which can be a barrier for many consumers. However, with the increasing availability of financing options and government incentives, this obstacle is slowly being overcome.

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