Electric Vehicle Market in India: An Overview

Abstract

The electric vehicle (EV) market in India is at a pivotal stage of growth, with significant government support, increasing environmental awareness, and advancements in technology driving its evolution. As the world transitions toward cleaner and sustainable mobility solutions, India is emerging as a key player in the global EV landscape. The Indian automotive industry is undergoing a significant transformation, driven by the government's ambitious plans to promote electric mobility. With the aim of reducing greenhouse gas emissions and dependence on fossil fuels, the Indian government has set a target of achieving 30% electric vehicle (EV) penetration by 2030 (Ministry of Heavy Industries and Public Enterprises, 2022). This target is in line with the global trend of transitioning to electric mobility, with many countries setting ambitious targets to phase out internal combustion engines (International Energy Agency, 2022).