India's EV Sales to Surpass 9 Million Units by 2027

Published on: 30 July 2022
by KnowESG
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According to the Electrifying Indian Mobility report published by the Indian Private Equity and Venture Capital Association (IVCA) in partnership with EY and IndusLaw, sales of electric vehicles in India will surpass 9 million units by 2027.

In 2021, about $1.7 billion was invested in the EV sector. This amount has reached $666,000,000 thus far in 2022. By 2030, the EV industry is projected to provide over 10 million direct and 50 million indirect jobs.

Electric vehicles accounted for 1.1% of total vehicle sales in CY2021 and are projected to account for 39.0% of total automobile sales by CY2027, rising at a CAGR of about 68.0% over the next five years.

The lack of charging infrastructure is one of the most significant obstacles facing the EV industry. There are now 1,742 charging stations in India. This figure is likely to increase to 100,000 units by 2027 to meet the rising demand.

In addition, the report highlights best practices for electric vehicles, the present Indian policy climate, and investment prospects in India that are appealing to investors and entrepreneurs.

Source: Team

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