EV Industry Overview

Licomat26 Sep, 2022Technology

The electric vehicle industry is growing in India. The central and state governments have launched many schemes to encourage it. Some rules and standards have also been made to support lithium battery recycling and e-waste recycling. The Indian automobile industry is the fifth largest in the world and is expected to become the third largest by 2030. The Indian EV Industry is slowly increasing its market share, supported by government initiatives and a rise in crude oil prices, as people look for alternative sources to minimize their monthly expenses. However, a great shift from internal combustion engine (ICE) vehicles to EVs requires expansion of charging stations, other infrastructure facilities, and vehicles that could provide a higher mileage with a single charge. Multiple initiatives taken by the government to support the manufacturing and adoption of electric vehicles in the country should help achieve the target of 100% EV adoption by 2030. They also ensure battery raw materials