India’s Electric Vehicle Transition Roadmap

Published on 22 Dec, 2023

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India envisions electric vehicles (EVs) dominating its future roads. Driven by a shift in global climate policies, consumer preference for environment-friendly transport options, and an expanding charging infrastructure network, the EV sector has grown from ~0.5% in CY2018 to ~6.3% by the end of CY2023. The government is targeting 30% EV penetration by CY2030, with volumes set to cross annual sales of 10 mn units. The growth is contributed by the E4W segment with ~2% adoption (CY2023) and the E2W segment with ~5% adoption (CY2023). Traditional gasoline-powered car manufacturers are working on pivoting their models to electric and hybrid cars, with plans to launch more electric variants. The government has introduced various targets and initiatives for the EV industry to accelerate the pace of adoption.