Mumbai, Sep 19 (IANS) With nearly four million electric vehicles (EVs) sold in India cumulatively by March this year, the market is in the midst of an explosive growth phase and will become a major power consumer, a report said on Thursday.
From merely 1.3 lakh EVs sold in 2020, an estimated 1.6 million EVs were sold in the country in 2023, which is a sizeable compounded annual growth rate of 133 per cent in the last three years.
For the same period, the share of petrol vehicle sales of total vehicle sales reduced from 86 per cent in 2020 to 76 per cent in 2022, with diesel vehicles share remaining relatively flat at 11-12 per cent, according to a report by OmniScience Capital.
India has set an ambitious target of 30 per cent EV penetration by 2030, supported by government subsidisation and EV-Infra schemes such as FAME India (Faster Adoption and Manufacturing of Electric Vehicles) which aims to provide subsidies to EV customers, and PLI (Production Linked Incentive) schemes to boost domestic manufacturing of EVs and EV components.
In addition, with fossil-fuel prices rising and global EV battery prices expected to keep falling till 2030, the total cost of EV ownership – which is already the lowest compared to its petrol, diesel and CNG peers – would fall further.
This increasing cost effectiveness compared to traditional vehicles will be the primary factor that drives EV adoption in India in future.
“With an anticipated total power consumption of approximately 100 TWh by 2030, EVs have the potential to rank among the nation’s single largest power consumers,” said Vikas Gupta, smallcase Manager and CEO at OmniScience Capital.
The power sector in India has witnessed a major turnaround post-Covid, with power consumption growing at an annualized rate of nearly 10 per cent from FY21 to FY24 which is expected to continue till 2030.
The growth in power consumption will be in sync with India’s nominal GDP growth which is expected to cross $7 trillion by 2030, the report mentioned.
The data centres’ market in India is also expected to grow exponentially as data protection and localisation is prioritised.
–IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
