In 2024, at least 1.9 million electric vehicles (EVs) were registered in India, which marked a year-on-year growth of about 25%. Analysts believe India is only just warming up.
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00:00From two and three wheelers to cars and buses, a huge range of electric vehicles were on
00:06display at India's premier auto show, the Bharat Mobility Global Expo.
00:12Auto companies showed off dozens of new EVs at the expo and also offered discounts in
00:17a bid to ride the Indian EV wave.
00:20In 2024, at least 1.9 million EVs were registered in India, which marked a year-on-year growth
00:27of about 25 percent.
00:29Analysts believe India is only warming up.
00:33It is estimated that by 2030, India will become the largest EV market in the world.
00:39As per our EV forecast, by 2030 EVs will be 18.5 percent, you know, almost in cars.
00:47So overall in two wheelers we are talking about almost 30 to 40 percent EV penetration,
00:52you know, but in terms of cars, we really feel even 18, 18.5 percent will be a big number
00:58for India because if you talk about 18 percent, it's almost close to 1.4 million cars every
01:06year, electric vehicles, which is much more than the sales of actually most of the countries.
01:12Auto firms are planning to flood the market with even more EV models in 2025.
01:18Maruti Suzuki, India's largest car maker, has just launched its first electric car and
01:24has announced plans to become the country's largest EV maker within a year.
01:29Two and three wheelers are also seeing growth.
01:31Over half of all three wheelers and 5 percent of all two wheelers sold in 2024 were electric.
01:39Millions of EVs on the roads will need millions of charging stations as well.
01:43Right now, charging infrastructure in the country is only at a nascent stage, but there
01:48is heavy emphasis on expanding it.
01:51Charging infrastructure is not so robust, but means government has announced a few schemes
01:57around one month back, eDrive initiative, PM eDrive initiative, so means in that the
02:03charging infrastructure is growing, but means not growing at that pace because when I tell
02:08you that these are majorly focused inside the city only.
02:14Lot of highways are also electrified.
02:17There are chargers, but maybe chargers may be available after 100 kilometers or 200 kilometers.
02:24EVs have a key role to play in India's climate strategy.
02:28India aims to achieve net zero carbon emissions by 2070 and EVs can help the country in sprinting
02:35towards that goal.
02:37India imports about 80 percent of the crude oil that it needs and a large chunk of it
02:42goes to power the millions of petrol and diesel vehicles on the road.
02:46EVs could also help the country in cutting down its heavy fuel import costs.
02:52Many believe that 2025 could be a key year in this journey.