Study reveals that around 83% of Indian buyers are likely to consider new energy vehicles by 2030

A recent survey highlights a significant interest among Indian consumers in new energy vehicles (NEVs), with 83% of respondents expressing readiness to choose NEVs as their sole option for vehicle purchases by the end of the decade. The study, conducted by Urban Science and The Harris Poll, surveyed 1,000 potential automobile buyers to assess consumer sentiment toward NEV adoption. It also revealed that consumers are willing to pay up to 49% more for an electric vehicle compared to a similar petrol or diesel model.

Promising Future of the EV Charging Industry

The report highlights a positive outlook for the EV charging industry, driven by factors such as rapid industry expansion and supportive government policies. Currently, India has over 6,000 charging stations, a number expected to surpass 100,000 by 2027.However, the report also points out challenges, particularly in accessing the technological advancements and production scale achieved by China. While the sector shows promising growth, China’s dominance remains a hurdle. China leads in the production of critical components for electric vehicles, such as lithium-ion batteries, electric motors, and charging infrastructure.

Transformative Potential of the EV Sector

The growth of the EV sector is a key priority for the Indian government as it aims to transform transportation and meet sustainable development goals. On September 10, Transport Minister Nitin Gadkari stated that the sector has the potential to reach Rs 20 trillion by 2030. At an event in Delhi, he projected that annual EV sales in India could reach 10 million units by 2023.  

Gadkari also highlighted the potential of the EV sector to generate 50 million jobs. Currently, EV adoption in India accounts for 2% of passenger vehicles and 6% across all vehicle categories. In total, there are 3 million registered electric vehicles in the country.  

The detailed article published by business-standard.com can be accessed from https://www.business-standard.com/industry/news/about-83-of-indian-buyers-will-consider-new-energy-vehicles-by-2030-study-124092300441_1.html