| Abstract: |
India’s electric vehicle (EV) sector has shown rapid growth, with sales surpassing 2 million units in 2024 a 24% increase from 2023 and capturing 8% market share, up from 6.8% the previous year. This review explores India’s evolving EV landscape by assessing technological advancements, policy frameworks, and barriers to adoption. Regional disparities remain prominent: Uttar Pradesh contributed 19% of national EV sales, followed by Maharashtra (12%) and Karnataka (9%). The market is dominated by two-wheelers, which accounted for nearly 1.2 million units and 92% of total EV sales in 2024. Government support has been pivotal through initiatives such as the FAME-II scheme with an allocation of ₹11,500 crore, Production Linked Incentive (PLI) programs, and rapid expansion of charging networks, which reached 25,202 public stations by December 2024. Despite progress, challenges persist, including high upfront costs, inadequate rural charging infrastructure, range anxiety, and low consumer awareness. Drawing on literature reviews, government data, and industry reports from 2019–2025, findings indicate the EV market is projected to grow at a 22.4% CAGR, reaching USD 117.78 billion by 2032. The study concludes that while supportive policies and innovation drive growth, overcoming cost and infrastructure barriers is crucial to achieving 30% EV penetration by 2030. |
