TL;DR
A NITI Aayog report reveals India's EV adoption lags behind global leaders, urging policy changes and investments to accelerate the transition and capitalize on a $200 billion market opportunity.
A NITI Aayog report highlights that India's adoption rate for electric vehicles (EVs) is progressing at a slower pace compared to leading global markets such as the US, EU, and China. While EV sales in India have seen significant growth from 50,000 units in 2016 to over 2.08 million in 2024, global sales surged from 918,000 to 18.78 million during the same period.
The report identifies key bottlenecks hindering faster EV adoption, including the need for a national EV transition policy with clearer timelines, stricter mandates for public transport electrification, and the operationalization of a blended finance fund to support affordable EV loans.
To address regulatory challenges and accelerate the EV shift, the report also advocates for the formation of an inter-ministerial task force. Despite the slower adoption rate, India presents a substantial $200 billion opportunity in electric mobility, positioning the country as both a growing market and a potential leader in the global EV landscape.
