India is on a mission to become a world leader in electric vehicles as it aims to achieve an ambitious target of 30% of electric vehicles by 2030. The Indian government has taken various initiatives to promote the EV industry in the country, including tax exemptions, subsidies, and incentives for EV manufacturers and buyers. The country's electric vehicle market has seen significant developments in recent years, which makes it a desirable option for prospective buyers.
Electric car and electric bike brands such as Atumobile are on a mission to outdo one another in terms of speed, range, aesthetic, safety, and features and excelling at it.
The Indian electric vehicle market is preparing to see a slew of charging stations across the country. To this end, the government has plans in place to set up 10,000 charging stations Pan-India by 2025. That’s a substantial number if we’re to make EVs a common sighting in the future. The government has also announced policies to install charging stations at petrol pumps, shopping malls, and other public places. The increasing availability of charging stations is making it easier for EV owners to charge their cars, bikes, and other vehicles, which has been major concern in the past for those looking to be in the EV space.
Furthermore, a subsidy of up to INR 1.5 lakh is announced for buyers of electric vehicles. This subsidy is in addition to the various tax exemptions and incentives that the government provides to EV buyers. The subsidy makes electric cars more affordable and attractive to buyers who were previously hesitant to switch to electric vehicles due to their high prices.
Another crucial step in the Indian electric vehicle market is the rising number of companies investing in EV manufacturing in the country. International automakers and homegrown companies are investing largely in the promise of a greener future. These investments are not only boosting the EV industry in India but also creating job opportunities pivotal to our country's economic growth.
An important point to consider is that EVs becoming increasingly cost-competitive compared to traditional petrol and diesel vehicles in India. This is mainly due to the reduction in battery costs and the increase in production volumes of electric cars and electric bikes. The increasing awareness among people about the impact of fossil fuels on the environment has contributed significantly to the growth of the Indian electric vehicle market. People are now more conscious of the need to reduce their carbon footprint, and electric bikes and cars are an excellent way to do so. Owing to electric vehicles’ emission-free nature, they are quickly becoming a sought-after alternative to traditional vehicles.
The two-wheeler market in India is the largest in the world, and there is significant potential for electric two-wheelers in the country. In fact, electric two-wheelers account for more than 95% of the total electric vehicle sales in India. The launch EVs by brands such as Atumobile, the increasing availability of charging stations, government subsidies and incentives, increasing investments by companies, and growing awareness about the need to help in combatting climate change are some of the major factors driving the growth of the Indian electric vehicle market. If you are in the market for a new vehicle, consider buying an electric bike or electric car to do your part in minimising your carbon footprint while also taking advantage of the various benefits that come with owning an EV.