ElectricVehicles growth anywhere in the world is fascinating. Also taking a look at Growth of EV Market in India
Rapid Growth: India’s EV market is expected to grow at a compound annual growth rate (CAGR) of 90% to reach $150 billion by 2030⁶.
Government Targets: India aims to achieve 30% EV sales in private cars, 70% in commercial vehicles, 40% in buses, and 80% in two-wheelers and three-wheelers by 2030⁶.
Sales Surge: In 2023, EV sales in India increased by 49.25%, reaching 1.52 million units⁶.
Charging Infrastructure: As of February 2024, there are 12,146 operational public EV charging stations nationwide, with Maharashtra having the highest number.
Market Value: The Indian EV market is projected to expand from $3.21 billion in 2022 to $113.99 billion by 2029, with a 66.52% CAGR.
Employment: The EV industry is expected to create around 50 million direct and indirect jobs by 2030.
IncreasedTax for Hybrid and EVs: The Indian government maintains a significant tax difference to promote electric mobility, with electric cars taxed at 5% and hybrid cars at 48%.
Originally published on LinkedIn on 2024-09-05 17:27:41: https://www.linkedin.com/feed/update/urn%3Ali%3AgroupPost%3A60128-7237511723660828673
