The Indian automotive industry is the fifth-largest in the world and is expected to be the third-largest by 2030. With increasing concerns about depleting natural resources, reliance on renewable energy is the need of the hour. This propels the idea of achieving electric mobility, with an aim to provide a cost-effective alternative to consumers and to reduce the impact of carbon emissions.
The total registered EV volumes stood at 3.13 lakh units in the calendar year 2021 with February registering the highest-ever monthly volumes. Registered EV sales have managed to cross the one lakh mark in the first two months of 2022.
In our series EVolution- The future of electric mobility in India, we discuss what it will take to make EV mainstream in India, address top consumer concerns and analyse the policies and requirements of the sector with top industry experts.
The Haryana government approved the State Electric Vehicle EV Policy 2022 in a cabinet meeting held under the Chairmanship of Chief Minister Manohar Lal Khattar which aims to protect the environment, reduce carbon footprint, make Haryana an EV manufacturing hub, ensure skill development in EV field, encourage uptake of EV vehicles, provide EV charging infrastructure and encourage R&D in EV technology. The year 2022 will be declared as the “Year of Electric Vehicles" in Haryana.
A recent study by Arthur D Little, titled 'Unlocking India's electric mobility potential' estimates that more than 30 percent of vehicles in India will be electric by the year 2030. The study highlights that the EV industry will cross 10 million vehicles by 2030 with an adoption rate of 30 percent across categories. However, the study also underlines that passenger cars will only amount to 5 percent of total EV sales.