India is one of the fastest-growing countries in the world. It is home to 1.4 billion people, which is expected to increase over the years. As a result, it relies heavily on automotive transportation for commercial, industrial, and individual purposes. The transport sector also accounts for 18% of India’s energy consumption, translating to 94 million tons of oil-equivalent energy.
However, reports are showing that that number is set to change. Recently, India has announced that it plans to become a net-zero emissions country by 2070 and halve its emissions compared to 2005 levels by 2030. One of the ways it plans to do this is by placing a heavy bet on EV technology, and sales are surging to reflect this.
As a result of its massive population, many vehicle companies have long targeted the market for cars, as well as three and two-wheelers. As expected, this has led to massive profits for the oil and gas industry, as well as the variety of manufacturers of vehicles for India.
Until recently, there hasn’t been much investment by EV manufacturers for the domestic market there, as EVs have long been outside of accessibility for the average car or motorbike user there. But as EVs have decreased in price significantly, this has opened up opportunities for EVs in India. The Indian government has been pursuing a goal of sustainable action in India in keeping with its commitments at the COP26 conference in Glasgow.
Its goals were for net-zero emissions by 2070 and a decrease in emissions by 45% from 2005 levels by 2030. It is doing so by major investment in EV charging infrastructure throughout the country, offering a battery swapping program in addition to charging infrastructure currently, and production incentives for manufacturers to bring their supply chains to India. This push towards EVs has been felt, as sales in India for EVs have skyrocketed. Last year, EV sales in India reached a million units, a 300% increase from the previous year at 320,000 units. As the demand for EVs in India increases, more and more investment opportunities will come available, continuing the transition to clean energy.
Green vehicle technology is incredibly important in transitioning globally to a clean future. No country can be exempt; if there is no consensus on this, nothing anywhere can be achieved. What is promising about the development in India is that it shows that large countries are taking promising steps toward the necessary change.
India is the third largest automobile market, and still going green is a sign that real change is happening fast. Last year, the Indian EV industry attracted $6 billion in investment. The Indian EV market is expected to grow to $206 billion by the end of the decade if the government and industry push toward clean vehicles continues. As we go into a new and cleaner world, it is hopeful and inspiring to see India leading the way.