Recently the word EV (Electric vehicle) has become trending all over the world. India being one of the leading automobile consumer in the world with 13.4% out of 207 countries according to the report of World Road Statistics (WRS) of the International Road Federation, Geneva, India has 13 lakh registered electric vehicles excluding Andhra Pradesh, Madhya Pradesh, Telangana and Lakshadweep.

Under Faster Adoption and Manufacturing of Electric Vehicles (FAME), India has 2877 public EV charging stations across 68 cities and 1576 across 9 express ways and 9 highways. India recorded 2.1 billion USD market share in the year 2021 and it is expected tom reach to 4.7 billion USD by 2027 at the rate of 15.3% CAGR.  

The Indian Union Minister for Road transport and highways is also keen towards developing infrastructure for electric vehicles as India imports 80% of its fossil fuels from other countries which are expensive and causes pollution. He also mentioned that by 2030 the number of EV’s will rise to 50 million by 2030.

India is aiming to have zero carbon emissions from vehicles by 2070. Imaginary but yet possible. The minister is also requesting heavy vehicle owners to witch to alternative source of fuel like ethanol, methanol and green hydrogen. He’s also planning on construction of an electric highway between two major capital cities Delhi and Mumbai.

To make the above points happen the government is planning on encouraging new EV players in the market by providing incentives for both the consumers and the producers. If we observe around many major companies like TATA, MG, Hyundai etc. are entering into the EV market and we can see a large hike in the number of new entrants into the market.