The Indian EVscape

The Indian electric mobility industry has taken a flight. With 100% FDI, new manufacturing hubs roping in, the industry has picked up a good pace. The federal subsidies and policies have been favouring the made in India electric vehicles at the same time boosting localised ACC battery production as well as other growth drivers.

Last year, in September, the Central government launched a production-linked incentive scheme for the automotive sector for manufacturing of electric vehicles and hydrogen fuelled vehicles. India recorded over 300,000 EV units sales in FY 2021.   The current times where every other day there are talks about hike in oil prices or the debate around climate change, switching to electric mobility is the best way forward and caters to the future demands.

The country has seen in the past years, several companies and startups entering the EV value chain arena and a significant capital has and is being infused in the space.   Being the 4th largest in the world, the Indian automotive industry is projecting to take the 3rd place by the year 2030. While majority of the vehicles are still running on fuel, the shift has somehow begun and we can expect this transformed future of mobility very soon.

EVs started gaining momentum from the year 2021 and this year, the graph has seen a steep rise with total sales inclreasing by more than 211 percent from the previous year.    In the bid to cope up with the huge oil import bill and take the nation to a cleaner and greener economy, the government has constantly been endeavouring to promote the sales of electric vehicles. The center has thereby rolled out the PLI schemes and exemptions from road tax and registration fee.

Additionally, incentiviseing the purchase of electric vehicles and income tax benefits have been a few highlights on the governments’ end. Besides, several states have also taken a step ahead and passed various EV policies eyeing on more industry investments.   Reports suggest a positive trend of EV sales and the cumulative figures till the year 2022 are around 1,090,641 units.

The category wise market share starting from FY2014 with 2,982 sold units reached 455,773 units by the year 2022, indicating a whopping rise in EV market.   The state of Uttar Pradesh becomes with 26. 92 percent share is the leading adopter of the green vehicles followed by Delhi with 12.

8 percent.   Electric three-wheeler passenger sales have shown the biggest jump, with 179,706 units sold till 2022. E-Rickshaws being the category leader amounting to 85.

86 percent of the total sales share. A total of around 269,138 units of electric two-wheelers sold till the year 2022, the key players who have dominated the E2W segment have shown a great progress. Hero Electric Vehicles leads with 28.

03 percent, the highest number of vehicles sold in FY22. Okinawa Autotech comes second with 17. 97 percent vehicles sold.

  Nothing can be acheived overnight, but the shift towards electric vehicles has initiated the process and India is no where behind in the race.  .