According to ANI, a news agency, an Axis Securities analysis on Saturday, September 28th, indicates that the worldwide electric vehicle (EV) industry, estimated at $255 billion in 2023, will grow to $2,108 billion by 2033. According to the analysis, the expansion will be driven by a compound annual growth rate (CAGR) of 23% between 2024 and 2033, representing the rise in demand for sustainable transportation solutions worldwide.
The Indian electric vehicle market is expected to grow from 1.7 million units in the financial year 2023–24 to 10 million units annually by 2033, according to a forecast by Axis Securities. According to the report, a combination of government legislation, new product launches, declining bill of materials (BoM) costs, and quickening technology developments will propel the transition of the electric vehicle business. According to the agency, India is predicted to lead the EV revolution and see substantial electric vehicle adoption over the next ten years in a variety of vehicle categories, including electric buses, passenger cars, two-wheelers, and three-wheelers (3W, 2W, and 2W).
According to the survey, the EV market is expected to expand as infrastructure gets better and more reasonably priced models hit the shelves. According to the agency, the government has set aside ₹10,900 crore in subsidies over the course of the next two years to encourage the use of electric buses, three-wheelers, and two-wheelers. The program intends to facilitate 14,028 sales of e-buses, 3.16 lakh sales of three-wheelers, and 24.79 lakh sales of two-wheelers. According to the article, until March 2025, each two-wheeler will receive a subsidy of ₹10,000, and the electric three-wheelers will receive ₹50,000.
Amounts of ₹500 crore have been set aside for e-trucks, with incentives contingent on the acquisition of scrappage certificates from authorized scrapping centers, in an effort to promote the use of electric trucks and ambulances. According to the article, an additional ₹500 crore has been allocated for the implementation of e-ambulance, which encompasses hybrid vehicles.
EV infrastructure for charging
One of the most important aspects of encouraging electric vehicle adoption is the development of the charging infrastructure. According to the agency, the government has allocated ₹2,000 crore to the establishment of public EV charging stations throughout India. According to the article, the funds are intended to enable the installation of 48,400 fast chargers for electric two- and three-wheelers, 1,800 chargers for EV buses, and 22,100 fast chargers for EV four-wheelers.
The Indian government has lowered the tax rates on electric vehicles in an attempt to lower their cost. According to the agency, internal combustion engine (ICE) vehicles are taxed at 49%, while hybrid automobiles are taxed at 28%. Electric cars are taxed at 5%.
