India is the fourth largest automotive market in the world, but ranks far below its peers in the EV space with only 2,000 EVs sold in 2017, according to Counter... View More
India is the fourth largest automotive market in the world, but ranks far below its peers in the EV space with only 2,000 EVs sold in 2017, according to Counterpoint’s EV Sales Tracker. Even though the government has plans for an all-electric fleet by 2030, most automakers are still hesitant to mass produce EVs, given the lack of clear government strategy, subsidies and charging infrastructure.
Despite this, leading players such as Maruti Suzuki and Hyundai do not want to lose the first mover advantage and lose their dominance in the fast evolving EV market. Automakers have started to plan and conduct market studies to mass produce EVs after 2020 based on market conditions. Energy Efficiency Services Limited (EESL) floated its second tender to purchase 10,000 EVs to be used as government vehicles and this has further renewed automakers' interest in EVs.
However, as seen in other markets, support for charging infrastructure and subsidies (especially in cost-sensitive markets like India), which are paramount in the initial stages of market development, are still not adequate in India - Aman Madhok
(Source: Economic Times)