India’s Electric Vehicle Sales To Rise By 26% In FY 21-23
- ByStartupStory | June 22, 2021
Fitch Solutions said that in recently announced electric vehicle (EV) incentives by India along with high fuel prices would be supporting factors for stronger adoption of EVs in 2020-2023, leading to an average annual growth rate of 26%. However, the economic impact of Covid-19 pandemic and limited domestically produced EVs will be a challenging barrier increasing the electric vehicles sales.
“We believe the focus on EV promotion in the Union Budget will improve the longer-term outlook for EV sales but will continue to fall way short of the country’s goal of electrifying all new vehicles sold by 2032,” said Fitch.In the overall Asia region, the EV market will continue to grow at a fast pace as more countries look to support EV uptake, reduce emissions and attract EV related manufacturing investment.
Majority of EV demand will increase in three most advanced economies in the region- South Korea, Japan and China in 2021-2029, given their financial strength and commitment to reducing their emissions.
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