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India, in line with its commitment during COP26, has set ambitious targets for decarbonisation and the adoption of renewable energy by 2030. This includes a 50 percent reduction in carbon emissions in the energy sector and achieving 500 gigawatts of renewable energy generation capacity. Additionally, India aims to have electric vehicles (EVs) account for at least 30 percent of new vehicle sales by 2030.
To achieve these targets, India plans to triple its current renewable energy capacity and participate in the global EV30@30 campaign. The government is focusing on various initiatives to promote EV adoption, including policy incentives and investments to attract leading firms like Tesla. There is a concerted effort to increase the share of electric vehicles in both private and public transportation.
Despite the current low adoption rate, projections indicate significant growth in the Indian EV market. Electric two-wheelers are expected to account for 40 to 45 percent of all EVs sold by 2030, with electric passenger vehicles comprising 15 to 20 percent. The government aims for 40 percent adoption in buses, 30 percent in private cars, 70 percent in commercial vehicles, and 80 percent in two-wheelers by 2030.
Recent data shows a surge in electric two-wheeler sales, indicating growing consumer interest. Sales in Q3 FY 2023-24 increased by 34.42 percent compared to the previous quarter, with 76,301 units sold in Q4 FY 24. The Economic Survey of India 2023 forecasts a robust 49 percent compound annual growth rate (CAGR) in the domestic electric vehicle market, with an estimated 10 million annual sales by 2030.
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