India’s electric vehicle (EV) market, analyzing its recent surge in sales, growth rates and shifting consumer preferences. It highlights the progress in establishing EV charging infrastructure, government initiatives. Such as the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) India Scheme. And ambitious EV sales penetration targets for 2030. Additionally, it addresses challenges and opportunities in battery recycling, providing an overview of India’s electric mobility infrastructure landscape.
Current Scenario
India experienced a considerable upward push in EV income in 2023, with the full extent reaching Sixty-two two million devices (~ 50% YoY), up from 1.09 million gadgets in 2022, signaling a robust increase trajectory in EV adoption. This surge has extensively extended EVs’ ordinary marketplace percentage in India’s automotive income, which multiplied to six.38% in 2023 from simply 1.75% in 2021. This upward trend mirrors a growing purchaser choice for EVs over the span of years.
Further evaluation of class-clever data famous differentiated boom prices throughout segments. Two-wheelers and three-wheelers noticed YoY boom of 35% and 64% from 2022, respectively. Meanwhile, the automobile/SUV phase witnessed a brilliant surge of 117%. These figures underscore a strong and expanding momentum toward electric mobility in India, highlighting a marked shift in consumer preferences and indicating a promising destiny for the EV marketplace in the place.
Public Charging Station
As of February 13, 2024, India has established 12,146 operational public charging stations. With Maharashtra and Delhi main the count number by using three,079 and 1,886 stations, respectively. This represents an exceptional boom of around 640% within the past two years, reflecting a rapidly expanding marketplace. The surge in EV charging facilities can be attributed to heightened government aid and an increase in EV adoption amongst customers. The momentum is predicted to retain, paving the way for exponential growth in the sector as it responds to evolving policies and the shifting possibilities of environmentally aware drivers.
Recycling Infrastructure
India’s battery recycling market, specifically for lithium-ion batteries (LIBs), is in its nascent degree. With a limited wide variety of organized entities handling LIB waste. However, as in keeping with a record via NITI Aayog, by 2025, the battery recycling sector in India is predicted to see sizable elegance. Traditionally, LIB waste from client electronics has predominantly fueled the recycling enterprise’s input streams. Nonetheless, the landscape is moving due to the increasing endorsement and adoption of EVs. Alongside growing demand for LIBs spurred by using programs in grid garage.
It includes utility-scale storage systems, telecom towers and home strength backup solutions. Furthermore, the document highlighted that India’s annual LIB demand in 2020 stood at about five.2 GWh. And with the projection that those batteries could reach their end-of-life (EOL) through 2030 or in advance. This could translate to an annual LIB waste generation of round 43,000 lots. Mainly based totally on a mean energy density of one hundred twenty Wh/kg.
India’s EV infrastructure is poised for a transformative destiny, marked by way of robust growth in EV sales, bold authorities’ objectives and strategic tasks. The surge within the number of public charging stations, as shown through a 640% growth inside the beyond years, underscores the kingdom’s dedication to helping EV adoption.
