Electric vehicle (EV) market has the potential to grow significantly in the coming years as sales are expected to witness high double digit growth rates annually in India till 2020, noted a recent ASSOCHAM-EY joint study.
“Stricter emission norms, reducing battery prices and increasing consumer awareness are driving EV adoption in India, while EVs are not yet mainstream, government push and other indications point to a growing momentum,” stated the study titled, ‘Electric mobility in India: Leveraging collaboration and nascency,’ jointly conducted by ASSOCHAM and global advisory services firm EY.
Currently, EV industry is at a nascent stage in India, comprising less than one per cent of total vehicle sales and is dominated by two-wheelers (95 per cent).
“Going forward, EVs will be a stepping-stone in designing an intelligent transport infrastructure in India. The roadmap to electric mobility vision is based on growing collaborative economy and proliferation and success of electric and shared mobility business models.”
The report, however stressed upon the urgent need for creating charging infrastructure at a rapid pace as it is the determining factor for growth of EVs.
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