Electric vehicles (EVs) have come a long way in India, with a steady increase in their sales over the last few years. Many factors such as rising fuel costs, environmental concerns, and government incentives have contributed to the growing popularity of EVs in the country. According to a report by BloombergNEF, India's electric vehicle market doubled in 2017, and it is expected to continue its growth trajectory in the coming years. Tata Nexon EV, India's first electric SUV, took the country's EV market by storm, becoming the best-selling electric car in India in 2020. With a range of around 300 km on a single charge and an affordable price point, the Tata Nexon EV has been a game-changer in the Indian EV market. Other popular EV models in India include the MG ZS EV, Hyundai Kona Electric, and the Mahindra e-Verito. The Indian government has also been actively promoting the adoption of EVs in the country. In 2019, the government announced a reduction in the goods and services tax (GST) for EVs from 12% to 5%. Additionally, the government has set a target of 30% EV adoption by 2030 as part of its plan to reduce pollution and dependence on fossil fuels. These initiatives are likely to drive further growth in the Indian EV market in the coming years. The trend of increasing EV adoption in India is also reflected in the sales figures for registered electric vehicles in the country. As per a report by JMK Research, EV sales in India reached a record high of 2.36 lakh units in FY 2021, with electric two-wheelers accounting for the majority of sales. The report also notes that the average monthly sales of EVs in India have grown from around 3,000 units in FY 2018 to over 20,000 units in FY 2021. The growth of the Indian EV market is not just limited to passenger vehicles. The country is also seeing a surge in the adoption of electric two-wheelers and three-wheelers. Electric two-wheelers have emerged as the fastest-growing category in the Indian EV market, with sales increasing by more than 130% in FY 2021. Popular electric two-wheeler models in India include the TVS iQube, Bajaj Chetak, and the Ather 450X. The Indian government's initiatives to promote EVs have also resulted in the deployment of charging infrastructure across the country. According to a report by the Society of Manufacturers of Electric Vehicles (SMEV), the number of public EV charging stations in India has grown from less than 100 in 2017 to over 1,900 in 2021. This is a positive sign for the EV market, as a robust charging infrastructure is essential for the widespread adoption of EVs. While there is no denying the benefits of EVs, there are also some challenges that need to be addressed to ensure their mass adoption in India. One of the biggest challenges is the lack of awareness and education among consumers about EVs and their benefits. This is particularly true for electric two-wheelers and three-wheelers, as these segments are dominated by consumers from rural and semi-urban areas who may not be aware of the advantages of EVs. Another challenge is the high cost of EVs. While prices have come down significantly in recent years, they are still significantly higher than traditional petrol/diesel vehicles. This puts EVs out of reach for many consumers, particularly those from lower income groups. However, government incentives such as subsidies and tax breaks can help make EVs more affordable for consumers. In conclusion, the growing popularity of EVs in India is a positive sign, and it is likely to continue its upward trajectory in the coming years. The Indian government's initiatives to promote EVs, the availability of charging infrastructure, and the increasing consumer awareness and education are all factors that bode well for the future of the Indian EV market. However, the high cost of EVs and the lack of awareness among consumers remain challenges that need to be addressed to ensure the mass adoption of EVs in the country.
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