The proliferation of electric vehicles in India will have a double positive impact on the trade deficit.
“Reducing the trade deficit will have a positive impact on the trade balance, as EV adoption will help reduce reliance on fossil fuels,” said a report from market research agency TechArk.
The report emphasizes that India imports more than $ 100 billion in crude oil annually, 47% of which is used exclusively for passenger cars and trucks. India is the third largest importer of crude oil, importing more than 84% of total crude oil demand.
1,300 charging stations in India
India sold 2,36,803 electric vehicles in 20-21. This is 1.3% of all vehicles sold during the period.
The E2W (Electric Motorcycle) segment contributed 60.7% to kittens. Sales of E2W and E3W decreased mainly due to pandemics, but sales of the E4W (electric four-wheeled vehicle) segment increased by 52.9% in FY19-20.
During the period, 4,588 E4Ws were sold in India. E4W growth was also registered by the Fame-II scheme, which provides electric buses to various states.
In India, there are more than 10 models of EV passenger cars that consumers can buy in the price range of 9.5 to 25 rupees. To see substantial EV growth in the passenger car segment (E4W), automotive OEMs need to offer affordable products in the range of 5-10 rupees.
Charging infrastructure is also growing in India. Currently, there are an estimated 1,300 or more charging stations in India. However, in order to adopt EV in large quantities, this needs to be expanded exponentially.
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EVs accounted for 1.3% of vehicles sold in India in the 20-21 year
Source link EVs accounted for 1.3% of vehicles sold in India in the 20-21 year