India’s Accelerating Shift Toward Electric Vehicles: 83% of Buyers Open to NEVs by 2030

A recent survey conducted by Urban Science and The Harris Poll reveals a strong inclination among Indian consumers towards adopting new energy vehicles (NEVs), with 83% of prospective buyers indicating they are likely to opt for NEVs as their primary choice by 2030. The study, which surveyed 1,000 potential car buyers, highlights a growing acceptance of electric vehicles, with consumers willing to pay up to 49% more for electric models compared to their petrol or diesel counterparts.

Growth of EV Charging Infrastructure

The positive sentiment towards electric vehicles is supported by rapid developments in the EV charging infrastructure. Currently, India has over 6,000 charging stations, a figure projected to rise to more than 100,000 by 2027. This expansion, along with favorable government policies, is expected to further boost the adoption of NEVs across the country.

Challenges and China’s Dominance

Despite this growth, the report notes some challenges ahead, particularly when it comes to catching up with China's advancements in the sector. China leads in the production of lithium-ion batteries, electric motors, and charging infrastructure, all of which are critical to the efficient operation of electric vehicles. Achieving the same scale of technology and production remains a hurdle for India.

EV Sector’s Promising Future

Transforming the EV landscape is a key priority for the Indian government, with an eye on sustainable development goals. Transport Minister Nitin Gadkari recently projected the electric vehicle sector could grow to Rs 20 trillion by 2030, with annual sales expected to hit 10 million units by 2023. The burgeoning sector is also expected to create 50 million jobs, further underlining its transformative potential.

Currently, EVs make up 2% of India’s passenger vehicle market and 6% across all vehicle categories, with 3 million electric vehicles registered nationwide. As the infrastructure and market conditions improve, these numbers are poised to rise rapidly in the coming years.