Future Of Electric Vehicles In India, Low Demand And Poor Infrastructure. The electric vehicles (EVs) market in India has to catch up with its counterparts in China and Japan as it’s yet to have a breakthrough. The government aims for electric vehicles to account for more than 40 percent of India’s automotive market by 2030, generating over $100 billion. But for this to happen, the government needs to boost its infrastructure and most importantly, make electricity available.
Future Of Electric Vehicles In India, Electricity Problem
India is facing issues in having electricity available 24/7 for its citizens in major cities and states across the country. Continuous outages are drawbacks for businesses and households. Moreover, India is quite slow in generating renewable energy, thus, the dire need for infrastructure. Consumers are more inclined towards petrol-powered or diesel vehicles.
Future Of Electric Vehicles In India, Low Demand And Poor Infrastructure
Despite the poor infrastructure, government think tank NITI Aayog predicts 70 percent EV market penetration for all commercial vehicles by 2030 – 30 percent for private vehicles, 40 percent for buses, and 80 percent for two and three-wheelers. This will help the country reach its net zero carbon emissions by 2070.
Also Read: Why Are People Still Getting COVID? Less Deadly, New Symptoms: All You Need To Know
According to McKinsey, several car manufacturers in India – like Mahindra, Hyundai, Kia and, MG – are set for an EV boost, but the price of electric vehicles has to be regulated to make it affordable for the common man. Consumers are turning to EVs because of sustainability and environmental needs, but turn away because of the price.
Rajesh Kumar Singh, Secretary of the Department of Promotion of Industry and Internal Trade, told CNBC in an interview that the government was looking at bolstering India’s position in EV manufacturing through key initiatives. They were looking at concessional tariffs, and a minimum investment of $500 million.
Manufacturing EVs in India can boost global usage of EVs but as a country in terms of usage-ship, India will still lag. Infrastructure is the key. There has to be charging booths. And India has to play catching up.
