By 2030, around 83% Indian buyer’s will go for electric vehicles
A new survey reveals that most Indian consumers are embracing electric vehicles. In fact, a mind-boggling 83% of potential car buyers said they would like to own only an electric car by 2030.
According to a study done by Urban Science and The Harris Poll of 1,000 Indian consumers, consumers are ready and willing to pay up to 49% more for an electric car compared to a similar gasoline or diesel. This means that, in short, electric vehicles are rapidly becoming mainstream for Indian drivers.
India Electric Vehicle Charging Industry: Brighter Future
India is ready for some serious growth in the EV-charging sector, courtesy of changes such as increasing adoption and pro-government policies. The country presently has over 6,000 charging stations; however, that figure should increase to 100,000 by 2027.
While prospects are optimistic, India still has to bridge the gap with regard to the volume of production and technological advancements compared with China for some essential EV components such as lithium-ion batteries, electric motors, and charging infrastructure. The ultimate hegemony by the Chinese may hinder faster advancements by Indians in the EV market.
India’s EV Sector: A $20 Trillion Transformation
The electric vehicle industry is a flagship pillar of sustainable transportation that India’s government wants to focus on its fast growth. Transport Minister Nitin Gadkari recently forecasted that the EV industry may hit $20 trillion by 2030. He further projected that Indian annual EV sales may cross the 10 million mark by 2023. That is pretty ambitious targets, and it is going to be a significant change in India’s transportation landscape with immense potential for it to shine as a greener future.
The electric vehicle (EV) sector in India is poised for significant growth, with the potential to create a staggering 50 million jobs. This optimistic forecast comes as the country’s EV adoption rate continues to rise, currently standing at 2% for passenger vehicles and 6% across all vehicle categories.
With a total of 30 lakh electric vehicles are registered in India. As more consumers embrace EVs, driven by factors like environmental concerns and cost-effectiveness, the sector is expected to play a pivotal role in India’s economic development and energy transition.