India Boosts Electric Vehicle Market: Reduced Oil Import Aims

India has taken a stance of reducing the oil import bill and pollution levels across the towns in the upcoming years. The key strategies used in the reduction program holds a noteworthy role of electric vehicles market. India plans to achieve this target in the near future and is already commenced the process. The article views the progress of India in the EV industry and how it going to impact the overall automobile market.

India’s stratagem for an electric vehicle?

The idea behind promoting the electric vehicles was to reduce pollution levels in the country. The government had also suggested that all public transport and more than 20% of the private vehicle be replaced with electric ones by 2030. The plan, however, was held over and zero-emission technologies concept was being promoted. A tender came out in a couple of months acquiring 10000 electric cars. Tata Motors Ltd and Mahindra and Mahindra won the tender put out by the government through Energy Efficiency Services Ltd (EESL). Notwithstanding, the procurement couldn’t do uch wonders ad it got delayed due to lack of charging points.

India was on a slightly inactive mode until 2013 when the policy for the Electric vehicle was launched through the NEMMP program. Now the department of heavy industries aims to invest around 9000 crores to rise the electric vehicles in overall vehicle sales. The application of the same shall begin in 2018-19 as per the Indian automotive market research reports.

Some of the Chinese firms such as BYD Auto have become a part of the story since the companies commenced electric buses in India. State Electric Buses may also be supplied by BYD in the upcoming years.

The role of India firms in the whole game:

Mahindra’s name has been taken first in the electric mobility program. The Indian Automobile giant projects to make 60,000 EVs yearly expecting it the project be complete by 2020.

 Automobile Market forecast reveals Hyundai Motor Co. Ltd India may launch its EV in 2019. Another Indian Automobile giant Maruti Suzuki is expected to enter the EV industry by 2020. Along with these, there are a couple of two-wheeler firms showing interest in the EV industry and hence the market may see two-wheeled entrants in the coming years.

How does Indian EV market look like?

 The 2016 status of the EV market showed 25,00 units at the end of the year. When scrutinized the electric vehicle market sales, it was observed that the number of sold four wheelers was much lesser as compared to the 92% sold two-wheeler vehicles.