The recent fuel crisis across major Indian cities might have made even the staunchest of purists mull over the practicality and independence that electric vehicles (EV) offer. Not that that was holding the EV onslaught back, but the fuel carrier strike just reaffirmed its inevitability and the fact that the future is closer than ever. But we are happy to report that India is ready for the future and how.
With a plethora of options across segments for both four-wheelers and two-wheelers, from Indian and international automakers, the local EV market has experienced significant growth. The market, valued at $1.45 billion in 2021, is projected to expand to $113.99 billion by 2029, at a compound annual growth rate (CAGR) of 66.52 percent from 2022 to 2029. This robust growth is indicative of the increasing demand and acceptance of EVs in India.
What's more interesting is, despite the challenges posed by the COVID-19 pandemic that left other industries reeling, electric car sales in India surged by 109 per cent from 2,814 units in 2019 to 5,905 units in 2020.
The Indian government has played a critical role in promoting the adoption of electric and hybrid vehicles through various schemes and incentives such as the FAME - II and PLI schemes. The Union Budget for 2023-24 further emphasized this commitment by allocating substantial investments for electric vehicle production and hydrogen fuel adoption. These government initiatives are in line with India's target to achieve 30 per cent electrification of the country's vehicle fleet by 2030.
HOMEGROWN CHARGE
Electric car sales registered substantial growth, with 18,142 units sold in the first half of FY 2022-23, a 268 percent increase.
Indian automaker Tata Motors has been at the forefront of this growth. And it's natural to wonder why there aren't as many budget options as luxury EVs in India.
This story is from the Jan-Feb 2024 edition of Man's World.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Jan-Feb 2024 edition of Man's World.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Achieving Your Fitness Goals
Rohit Kamble
VIJAY VARMA
THE GOOD, THE BAD, AND THE RED HERRING
How Football Is Finding Its Voice
As the Indian Super League celebrates its tenth anniversary, we understand how the fandom in Indian football has become more vocal and organised, with some clubs also seeing the rise of Ultras groups
Through The Looking Glass
Where does the AR tech in India stand today? We try to find out after spending a few weeks with the Rokid AR Joy
Zaeden Your New 5-am friend
The singer-songwriter who is a popular name in the independent music scene, has recently dropped his highly-anticipated EP 5 am. The dance pop delves into the poignant theme of long-distance relationships, is a charming piece that is already climbing the charts
THE MACALLAN M 2023 LAUNCHES IN INDIA, REDEFINING LUXURY IN SPIRITS
With limited 10 handpicked bottles gracing the shores of India, The Macallan M 2023 stands as the pinnacle of exclusivity
Is wearing make-up normal for a man?
The male beauty industry is expanding, however what do men in beauty need to do to destigmatise it?
American artist Grant Garmezy's magic of glassblowing
From fire to form, he takes us through one of the most exciting, adrenaline-pumping crafts out there
Haute Couture On Four-Wheels
It takes a village to build the world's (allegedly) most expensive.
Riding India's Electric Two-Wheeler Wave
India's electric two-wheeler market is booming with over 640,000 units sold by December 2023, despite consumer apprehensions and the call for better infrastructure
