More Indians turning to electric vehicles, says industry report
New Delhi, Jan 15 (PTI) – The Indian electric vehicle (EV) market is witnessing significant growth, with a rise in demand for eco-friendly and cost-effective options, according to a report.
The report by research firm, Industry Window, said that the number of electric vehicles sold in the country more than doubled last year from 2019-20, with over 45,000 EVs being sold in 2020-21.
Maharashtra, the country’s most populous state, accounted for more than 25 per cent of the total EV sales, followed by Delhi, Tamil Nadu, and Karnataka.
The report said that the government’s initiatives to promote electric vehicles, including the FAME (Faster Adoption and Manufacturingof Hybrid and Electric Vehicles) scheme, and the state governments’ offers of incentives such as subsidies, give-and-take measures, and special labels have contributed to the growth.
Moreover, environmental concerns, fuel efficiency, and cost-effectiveness are driving more people towards electric vehicles, the report stated. Additionally, several Indian companies are significantly reducing their dependence on internal combustion engine vehicles for picking up logistical fleet vehicles, LCVs (Light Commercial Vehicles) and mini LCVs.
The report also highlighted that several global companies, including cab aggregator Ola, have also shown interest in electric vehicles, contributing to the growth of the market.
Industry Window’s report also pointed out that the costs of charging an electric vehicle are relatively low, with an average cost of charging being around Rs 50 to 100, relatively cheaper than fueling a car with a fossil fuel.
Industry experts believe that the government’s policies, increasing awareness, and efforts by companies to make electric vehicles more accessible will ensure that the growth of the market continues.
