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A recent survey shows strong interest of Indian consumers in new energy vehicles (NEVs), with as many as 83 per cent of respondents ready to accept new energy vehicles (NEV) as the only option when considering a purchase by the end of this decade.
The study, conducted by Urban Science and The Harris Poll, polled 1,000 prospective automobile buyers to gauge consumer sentiment towards adoption of NEVs. It showed that the consumers are willing to pay a premium of up to 49 per cent for an electric vehicle above the cost of a comparable petrol/ diesel vehicle.
Promising future of EV charging industry
The report cited factors such as rapid expansion of the EV charging industry, government policies among other factors for a positive outlook towards the sector. At present, there are over 6,000 charging stations across India. This number is expected to exceed 100,000 by 2027.
The report also noted that certain challenges remain for India, including accessing the technology and production scale achieved by China. The sector’s growth is promising but China’s dominance remains a hurdle, it said. China leads in producing lithium-ion batteries, electric motors, and establishing charging infrastructure critical components for the seamless functioning of EVs.
Transformative potential of the EV sector
The growth of the EV sector is one of the key priorities of the Centre as it seeks to transform the transport sector while achieving sustainable development goals. On September 10, Transport Minister Nitin Gadkari had remarked that the sector has the potential to touch Rs 20 trillion by 2030. During an event in Delhi, he estimated that EV sales in India are expected to hit 10 million units annually by 2023.
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Gadkari also noted that the sector has the potential to create 50 million jobs.
At present, the EV adoption in the country stands at 2 per cent for passenger vehicles and 6 per cent across all vehicle categories. There are a total of 30 lakh electric vehicles registered in India.
(With PTI inputs)
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