What Brings The Rise Of EV In India?

 The market research on automobile industry in India and specially for e-mobility industry in India is expanding quickly. Electric vehicles, or EVs, are becoming more and more popular in the nation due in large part to the need for clean transportation. Ten million electric vehicles are expected to be on the road by 2030. The first expansion is being driven by two-wheelers and three-wheelers, then by passenger automobiles and commercial vehicles.

Additionally, because they are more cost-effective, electric vehicles are becoming more and more popular in the Indian market. In terms of price per kilometer, an EV costs about Rs 1-1.5 per kilometer, whereas a petrol or diesel vehicle costs Rs 7-8.

By 2030, the government wants 80% of two-wheelers, 70% of commercial vehicles, 30% of private automobiles, and 40% of buses to be electric.

Let’s Know The Reasons In Detail For The RISE OF EVS IN INDIA

• The Industrial research on Automobile industry of the Indian electric vehicle (EV) market, including cars, two-wheelers, and three-wheelers, are expanding rapidly. With total sales of 1,670,736 units recorded for FY23, there was a 42.6% increase in comparison to FY22.

• From FY22 to FY23, the largest rise was observed in electric two-wheelers, which increased by over half to 49%.

• With a combined market share of more than 45%, Ola Electric, Hero Electric, and Okinawa AutoTech are the top three companies in terms of registered car sales.

• According to Nitin Gadkari, India's Minister of Road Transport and Highways, the country's EV industry is projected to increase at an annual pace of about 94.4% to reach $266 billion by 2030.

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