Electric Mobility in India - An Overview

The Indian EV market is on a robust growth trajectory, with an anticipated compound annual growth rate (CAGR) of 45.5% until 2030, by which time, the segment is expected to surpass annual sales of 16 million units.

Declining battery costs along with energy storage technology innovations are set to make EVs more economical with the total cost of ownership (TCO) over five years becoming favorable in most markets. Consumers also benefit from financial incentives like subsidies, registration benefits and other non-financial perks such as improved charging infrastructure, high comfort level with reduced noise & vibrations.

Recently, in a significant push towards a sustainable future, the government has unveiled the Rs 500 crore Electric Mobility Promotion Scheme (EMPS) 2024, aimed at subsidizing electric two-wheelers and three-wheelers by Rs 10,000 and Rs 50,000 respectively.

Aligned with the government's ambitious vision, NITI Aayog projects that by 2030, electric vehicles (EVs) will achieve 70% market penetration for commercial vehicles, 30% for private vehicles, 40% for buses, and 80% for two and three-wheelers. These targets are integral to India’s commitment to achieving net zero carbon emissions by 2070.

Notably, the Delhi-Chandigarh highway has become India's first EV friendly highway, thanks to the successful installation of 20 solar-based EV chargers by Bharat Heavy Electricals Limited (BHEL). This initiative is a pioneering step in creating a supportive infrastructure for the EV ecosystem.