India is Stepping to be One of the Largest Electric Vehicles Markets: Report

The report said that India has the potential to become one of the largest electric vehicle market in the world where the government pushing the use of EVs in order to reduce the pollutions caused by the fossil fuels.

But the transformation from fossil fuels to electric cars is comparatively very slow in the market due to the high upfront as well as life cycle costs , but with the help of long term investment in research and development we can create a sustainable growth. The report also said that there are 10 states and union territories, Tamilnadu, Telangana, Andra Pradesh, Karnataka, Kerala, Maharashtra, Bihar, Delhi, Uttarakhand and Uttar Pradesh are leading the way in developing production, infrastructure and services for increasing the momentum of EV usage in India.

There are various opportunities in the three value chains, production, infrastructure and services. These states are taking special attention towards the production of EV Value chain and to be the manufacturing hubs for such vehicles and their components. The states also focusing on installing charging infrastructure in public and private places and many states focus on the service chains by creating public awareness, skill programmes, real-time information on charging infrastructure, fiscal incentives such as pollution cess and non-fiscal incentives like retro fitment services and payment facilities.

“Fuelled by the national agenda of electrification and bolstered by government-led initiatives, the public and private sectors alike have commenced their respective and joint transitions to electric mobility. But, the uptake of EVs has been slow reflecting their high upfront and lifecycle costs. “To overcome these challenges , funding is required for research centres and centres of excellence, which in turn, would boost overall R&D in the sector and subsequently manufacturing. Reflecting the nascent nature of the market, government backing and direction is crucial for accelerating adoption and deployment of electric mobility," the report said.

Most of the Indians will be switching over to EVs, there is no doubt in it, but the question is when? And how? These questions can be answered only by the government and the manufacturers of EVs.