Summary:

According to a recent poll, Indian customers are showing strong interest in new energy vehicles (NEVs), with 83% planning to buy NEVs exclusively by 2030. An Urban Science and Harris Poll of 1,000 prospective purchasers revealed that people are willing to spend up to 49% more than for petrol or diesel automobiles. The report highlights India's significant expansion in the EV charging market, along with supportive government legislation, with over 100,000 charging stations projected by 2027.

Despite this potential progress, India faces barriers to accessing China's technological advancements for producing lithium-ion batteries and electric motors, which are essential for EVs. To align with sustainable development goals, the Indian government prioritizes the expansion of the electric vehicle sector. Union Minister Nitin Gadkari predicted that by 2030, the EV sector will be worth $239.43 billion, with annual sales of 10 million units and the potential to create 50 million jobs.

Source: IBEF 

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