Until a few years ago, the concept of electric vehicles was alien to us. However, today, we have over 2.8 million registered EVs on Indian roads as of August 8, 2023. Electric vehicles have gained popularity over the course of time and have emerged as a cleaner, more efficient and safer alternative to traditional cars.
Increased EV sales and market share
The EV industry is growing rapidly in India. Manufacturers are amping up their efforts to produce EVs and offer a broader range of models and price points to customers. EV sales are expected to surge and touch the 1 crore mark by 2023. At this pace, EV sales will spike over the next decade and will hold a significant share of global vehicle sales. The government’s support is integral in encouraging EV adoption through incentives and regulations like tax credits, rebates, stricter emission standards, etc. Initiatives like these will further accelerate the transition from conventional ICE (Internal Combustion Vehicles) vehicles to electric variants.
The electric vehicle market is competitive as both traditional automakers and newer players are vying for market share. This competition is driving innovation and pushing companies to invest in R&D to stay ahead of the curve.
Venkat
In the next decade, electric vehicles are expected to become mainstream and will be vital in reducing our reliance on fossil fuels. India’s electric vehicle market is poised for significant growth and its future certainly is progressive. With the government’s support, increasing awareness of sustainability, rising demand leading to mass adoption and technological advancements, EVs will be the new norm in the transportation market rather than just being a choice or an exception!
