Electric Vehicles (EVs) are the future of transportation, and India is no exception. The Indian EV industry has seen tremendous growth in recent years, with record breaking sales in the two-wheeler, three-wheeler, and fourwheeler segments. This growth has been facilitated by significant investment in EV manufacturing, infrastructure, research, and development.
Financing for EVs has also increased, with lenders showing more confidence in the quality and performance of these vehicles. Furthermore, the commercial sector has witnessed record levels of adoption of electric three-wheelers as customers find comfort in their reliability and costeffectiveness for last-mile deliveries.
Growth of the EV market
The rapid growth and adoption of EVs have led to the creation of excellent employment opportunities, with the industry expected to employ 60 million people directly and indirectly by 2030. The Global Electric Mobility Market is predicted to reach $2.7 trillion by 2030, with a significant portion of this attributed to the logistics sector’s mass adoption of EVs.
The Indian government’s initiatives to promote EV adoption, such as FAME 1 and 2, tax incentives, and subsidies on charging infrastructure development, have led to emergence of multiple new players in the market offering innovative solutions for last-mile logistics and transportation. Public-private partnerships and startups will lead to a more robust charging infrastructure in major cities, with fast chargers being the primary focus to optimise EV usage and reduce fuel and operational costs even further. Battery swapping and EV service stations will also increase as businesses shape the EV ecosystem.
Challenges faced
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