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EV Adoption Levels in India: Government incentives, infrastructure development and launch of new electronic vehicle models are expected to increase the sales of electric vehicles in the country for the remaining period of the current decade. Along with this, two-wheelers and three-wheelers are likely to dominate this sale. It has been estimated in a report. It has also been told in the joint report of audit and consulting company KPMG and industry body CII that there is no such thing as uncertainty about the adoption of EV.
With the development of infrastructure, government incentives and the introduction of new electronic vehicle models, the sales of electric vehicles in the country are expected to increase for the remaining period of the current decade. Also, two-wheelers and three-wheelers are likely to dominate this sale. It has been estimated in a report.
The report, prepared jointly by audit and consulting company KPMG and industry body CII, also said that there is no such thing as uncertainty about the adoption of EVs. Now the only question is when will it happen.
With infrastructure development, government incentives and introduction of new electric vehicle models, the pace of EV adoption is expected to increase in the future, KPMG said in a release. It states that the government has over the past few years drafted policies and plans such as FAME (Faster Manufacturing and Adoption of Hybrid and Electric Vehicles) with the aim of promoting the rapid manufacturing and use of electric vehicles in the country.
Under this plan, a target of 30 percent EV sales for cars, 70 percent for commercial vehicles, 40 percent for buses and 80 percent for two-wheelers and three-wheelers by 2030 has been set.
Jeffrey Jacob, Partner and Head of Transport Affairs, India, KPMG, said, “Technology is playing a key role in driving the EV landscape in India. Many current innovations are going to become standard offerings in the future.
Adding new features / developing new technology is going to be a continuous process. With all this, we will be in a position to benefit from India becoming a technology hub for the world, he said.
KPMG said that with the advent of EVs, a lot of technology has also come into play. Rapid technology adoption allows critical and new equipment suppliers to enter the sector to take advantage of the new economic potential.(with language input)
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