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IMPACT OF ELECTRIC VEHICLES ON THE INDIAN MARKET

Mr Vivek Gupta (Assistant Professor), Ayush V, Prajna, Arnav Bhandari, Rishab M, Varun Hp

Centre for Management Studies, Jain (Deemed-to-beUniversity), Bangalore.

ABSTRACT

The Indian electric vehicle (EV) market is experiencing rapid expansion, having recorded sales of 455,733 units in FY2022. The government has set ambitious goals to achieve a 30% EV mix by 2030, aiming to decrease reliance on crude oil. The transition towards EVs is poised to bring about substantial environmental benefits and economic opportunities, creating advantages for businesses, investors, and consumers. Despite these positive prospects, several challenges persist, including financing difficulties, limited availability of services, skill gaps, concerns about driving range, and safety considerations. To propel the advancement of EV mobility in India, collaboration between EV retailers and financial institutions is essential, alongside investments in service centers, customer education initiatives, the enforcement of stringent safety measures, and the adoption of proactive marketing strategies.

KEYWORDS

Impact of electric vehicles, Impact of EV in India, Electric Vehicles (EVs), Indian market, Automotive industry, Green transportation, Sustainable mobility, EV market growth, Infrastructure development, Market segmentation, Market share, Adoption barriers.