Thursday, July 28, 2022
By Manoj Kumawat
Electric Vehicles To Cross The Mark of 9 MN By 2027 In India
A recent report by the Indian Venture and Alternate Capital Association (IVCA) and EY and Indus Law, the sales of electric vehicles in India is projected to touch the mark of 9 million units per annum by 2027. The report ‘Electrifying Indian Mobility’ considers the factors like the existing shift towards the EV market in the country, the levels of pollution, the increasing number of EVs registered in states, climatic changes in the country, and the projected growth of EVs in the coming years.
The report reveals that the ecosystem for EVs in India is in the preliminary stage and is growing gradually. According to data revealed in the report 3,30,000 EVs were registered in different states across the country, recording a growth of 168 per cent over 2020. The main role in this hike was played by two and three-wheelers. It would be interesting to know that e-rickshaws were the major contributors for hiking the sale of EVs during 2021.
According to the report, the hike in the sales of EVs was also due to other reasons like the necessity for a personal vehicle, increasing awareness towards the protection of the environment and the dynamic hike in fuel prices. Along with this the second phase of Faster Adoption and Manufacturing of Hybrid and Electric Vehicles further increased the use of electric two-wheelers.
Comparing the state's data for the registration of EVs, the highly populated state, Uttar Pradesh recorded the highest per cent of registration with 20% of EVs registered within the country. This was followed by Karnataka and Tamil Nadu. The states of Karnataka Tamil Nadu, Maharashtra, Telangana, and Rajasthan had 67 % of electric two-wheelers registered across the country. Whereas the states of Uttar Pradesh, Bihar, Assam, and Delhi accounted for 75% of three-wheelers registered in the entire country.
The report concludes that the major obstacle to the growth of EV registration is the absence of charging stations in the country. However, with an increasing concern for EVs in the country, investors are coming ahead with new plans for the growth of electric vehicles. In 2021, the industry witnessed an investment of $6 billion. It is believed to increase to $20 billion by 2030.
