About 83% of Indian buyers will consider new energy vehicles by 2030: Study

A recent survey reveals strong interest among Indian consumers in new energy vehicles (NEVs), with 83% of respondents indicating their readiness to choose NEVs exclusively for future purchases by the end of this decade. The Urban Science and The Harris Poll study surveyed 1,000 prospective automobile buyers to assess their sentiment toward NEV adoption. It found that consumers are willing to pay a premium of up to 49% over the cost of a comparable petrol/diesel vehicle. The report highlights the rapid expansion of India's EV charging industry and supportive government policies as key factors driving optimism in the sector. There are over 6,000 charging stations in the country, a figure expected to surpass 100,000 by 2027.

Despite this promising growth, the report notes that India faces challenges in accessing China's technological advancements and production scale, which leads to manufacturing lithium-ion batteries, electric motors, and charging infrastructure essential for EVs. The growth of the EV sector is a central focus for the Indian government, aligning with its sustainable development goals. On September 10,
Union Minister for Road Transport and Highways, Mr. Nitin Gadkari, projected that the EV sector could reach US$ 239.43 billion (Rs. 20 trillion) by 2030, with annual EV sales expected to hit 10 million units by 2023. He also highlighted the sector's potential to create 50 million jobs. EV adoption in India is 2% for passenger vehicles and 6% for two-wheelers.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.