Trends to watch in Indian electric vehicle market in 2023.

21 Dec 2022

The electric vehicle industry has taken the Indian automotive market by storm. The industry has become an integral part of the industry. With a series of launches in the EV space, India has recorded a staggering growth rate of 686 per cent in the first quarter of 2022.The year 2022 has been a year for electric and green mobility in India. Moreover, international countries and their industry players are advocating for electric vehicles and redrafting the subsidies and regulations.In recent years, the EV industry has evolved dramatically. Launched at a very high initial cost and low battery range, EV vehicles addressed all major gaps to solve environmental concerns.The entry of game-changing Original Equipment Manufacturers (OEMs), customers’ changing behaviour and the government’s backing of the segment have resulted in creating EV unicorns in the country.Significant demand for EVs has been seen with a 0.7 per cent market share which is further projected to touch 3.8 percent by 2027.The shift towards EVs is majorly due to the transforming supply chains and physical infrastructure that boosts EV adoption in India.