Key highlights of India’s electric vehicles market:
- The government of India has set a target of 30% electric vehicles on roads by 2030.
- EVs accounted for nearly 5% of total vehicle sales from October 2022 - September 2023; this could reach more than 40% penetration by 2030
- By 2030, India’s EV market size is expected to be more than CHF100 bn.
- India will need more than one million charging stations by 2030 to support the increased usage of electric vehicles.
- India’s FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) programme provides subsidies for EVs, thereby accelerating consumer adoption.
