India is rapidly moving toward sustainable mobility with its continued approach to EV goals. According to a recent report, EV sales in India reached 1.2 million in FY24, achieving 5% market penetration. This shift reflects the nation’s commitment to creating a cleaner and greener transportation system.
India Sustainable Goals
India’s EV revolution aligns with its COP26 pledge to transition to 100% zero-emission vehicles by 2040. This ambitious goal is part of the country’s broader vision of becoming a $5 trillion economy. The report by KPMG in India and the Confederation of Indian Industry (CII) highlights that the right policy support and faster decision-making can accelerate this transition and foster collaborations among key stakeholders.
The rise of electric vehicles represents more than just a shift in transportation. According to Raghavan Vishwanathan, Partner-Automotive at KPMG in India, this movement signifies a systemic transformation. It includes advancements in infrastructure, finance, technology, and societal mindsets. He emphasized that addressing infrastructure gaps, creating affordable options for consumers, and building trust in EVs can position India as a global leader in sustainable mobility.
Four Pillars of EV Adoption
The report outlines four key pillars essential for accelerating EV adoption in India:
- Physical Infrastructure: Expanding charging networks and improving battery recycling systems.
- Power Infrastructure: Managing energy demand and integrating renewable energy sources into the grid.
- Economic Infrastructure: Ensuring affordable financing options and optimized taxation policies for EVs.
- Social Infrastructure: Raising awareness among stakeholders and promoting education about the benefits of EVs.
High EV Penetration in Leading States
States like Karnataka, Maharashtra, Delhi, and Kerala are leading the way in EV adoption. These states boast over 1,000 charging stations, demonstrating the importance of robust infrastructure in driving EV growth. A World Bank study also found that focusing on infrastructure is four times more effective than providing demand incentives.
Factors Driving EV Growth
Several factors are contributing to the rapid growth of EVs in India:
- Policy Support: Government initiatives and incentives are making EVs more accessible.
- Cost Parity: The total cost of ownership of EVs is becoming comparable to traditional vehicles.
- Startup Ecosystem: Innovations from startups are driving advancements in EV technology.
- Technology Access: Improved access to EV technologies is enabling faster adoption.
India’s EV30@30 Campaign
As part of the EV30@30 campaign, India has set an ambitious target of achieving 30% EV penetration by 2030. This goal underscores the nation’s commitment to reducing emissions and promoting sustainable mobility.
The report stresses the importance of collaboration among government bodies, private enterprises, and international partners. Faster decision-making and policy support can drive innovation and investment, which are essential for developing infrastructure to meet the growing demand for EVs.
Benchmark for Sustainable Mobility
With the right strategies in place, India has the potential to set a global benchmark for sustainable mobility. By focusing on green growth and inclusive prosperity, the country can lead the way in transforming transportation systems worldwide.
India’s journey toward sustainable mobility is not just about achieving zero-emission goals. It is about creating a future defined by innovation, economic growth, and environmental responsibility. With continued efforts, India is poised to become a global leader in the EV revolution.
