The EV market in India has been growing at an annual rate of 20per cent and is dominated by five major players: Tata, Mahindra & Mahindra Ltd., MG Motor India, Olectra Greentech Ltd. and JBM Auto Ltd. Increasingly however, local startups are joining the fray – thanks to government interventions such as raising tariffs on imports of EVs and their parts, including lithium-ion batteries. That and other policies aimed at encouraging domestic production have helped raise the quality and bring prices down to the level of conventional cars in India.
“India has undertaken several initiatives to push for the increased adoption and use of electric vehicles (EVs). For instance, it is a participant country in the EV30@30 Campaign, a Clean Energy Ministerial initiative, which aims for the sales share of EVs to reach 30 percent by 2030,” said Dr. Ramanath Jha, Distinguished Fellow at Observer Research Foundation.
“The campaign supports the market for electric passenger cars, light commercial vans, buses and trucks (including battery-electric, plugin hybrid, and fuel-cell vehicle types) and focuses on the charging infrastructure needed to supply sufficient power to the vehicles deployed. India has a more ambitious EV target — by 2030, it expects 70 percent of all commercial cars, 30 percent of private cars, 40 percent of buses, and 80 percent of two-wheeler and three-wheeler sales to be electric,” he said.