Indian Electric Vehicle Market Evolving Opportunities with Top Key Players, 2030

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With the surge in air pollution levels because of the large-scale usage of oil and gas-powered vehicles, the demand for electric vehicles is growing sharply in India. Moreover, the government is providing various subsidies on the purchase of different types of electric vehicles such as electric three-wheelers, buses, passenger cars, and electric two-wheelers in the country. Additionally, the government is implementing several policies for promoting the usage of electric vehicles in the country.


Apart from the aforementioned factors, the government is also providing tax rebates and various financial incentives for augmenting the usage of electric vehicles in the country. This is fueling the expansion of the Indian electric vehicle market. Commercial vehicles, passenger cars, three-wheelers, and two-wheelers are the major types of electric vehicles sold in India. Amongst these, the sales of electric three-wheelers were the highest in the country in the past years, on account of their extensive usage for last-mile connectivity. 

This was because of the lower costs of these batteries than the Li-ion batteries. On the other hand, the sales of Li-ion batteries are predicted to rise sharply across the country in the forthcoming years. This will be because of the falling prices, higher battery capacities, and lower weights of these batteries than the lead-acid ones. The Indian electric vehicle market registered the highest growth in Gujarat during the past few years.

However, the sales of these vehicles will soar in Uttar Pradesh in the upcoming years, as per the estimates of the market research company, P&S Intelligence. One of the biggest trends currently being witnessed in the industry is the surging investments being made by various stakeholders in the industry. For example, Mitsui & Co., which is a leading Japanese trading house, made an investment of INR 100 crore in Smarte Inc., an electric vehicle start-up in India, in August 2019.

Hence, it is safe to say that the demand for electric vehicles will soar in India in the coming years, primarily because of the rising requirement for eco-friendly modes of road transportation and the increasing enactment of favorable government policies and regulations. 


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