A New Energy Finance report in Bloomberg suggested that 7 percent of the total new car sales in India would constitute of electric vehicles by 2030. Further, it was also stated that electric buses would surge more rapidly than electric cars.
According to Bloomberg’s report, the sale of electric vehicles would go up by 28% electric buses would increase by a staggering 84% in the global market by 2030. That would amount to 30 million electric vehicles. The sales of Internal Combustion Engines are expected to decline after the mid-2020s.
China would be leading the electric transition with an expected ownership of 50% of electric vehicles by 2025. “India is often touted as the next big EV market, set to follow China’s lead,” quoted Ashish Sethia, head of research, Asia Pacific, BNEF. “After 2030, we expect EV sales in India to accelerate with increased affordability, as well as the government’s efforts to ensure universal access to electricity.”
As electric vehicles are expected to become more affordable, India still has a long way to go for achieving the expected goals due to the challenges that lie ahead. The lack of charging ports and other infrastructure and high price range of electric cars certainly limit the growth of electric vehicles in India.
But the country is experiencing a shift towards renewables and clean energy. Many Indian states such as Karnataka, Maharashtra, Uttar Pradesh, Goa, Andhra Pradesh are pushing hard to make the transit from fossil fuel-driven cars to electric vehicles. Various charging stations are being set up across the states ensuring the ease for EV travellers.
Electric vehicles can be easily spotted on the roads of big cities. The electric phenomenon is global with electric cars exceeding 3 million in 2017, a 54% increase since 2016.