According to the in-depth study done by India Energy Storage Alliance (IESA), here is the Growth of EV India from 2018-2026. Indian EV market will be seen growing 36% annually till 2026. Total EV sales in 2018 reached 365,920 units. It is expected to grow up to 36 per cent annually till 2026.
Growth of EV India from 2018-2026
The domestic electric vehicle market is predicted to grow 36 percent annually between 2019 and 2026 as the market has gained momentum following the implementation of the second phase of the EV incentives scheme in April.
Under the government’s ambitious Faster Adoption and Manufacture of Electric Vehicles (FAME II) scheme to bring electric and hybrid vehicles into vogue, up to 1 million EV two-wheelers powered by new advanced technology battery of 2KWH are pegged to get subsidy of up to Rs 20,000 each.
According to ISEA, total EV sales in 2018 hit 365,920 units and it is expected to grow 36 percent annually till 2026. Whereas the battery market is estimated to reach USD 520 million mark in 2018 and expected to grow at 30 percent annually during this period.
ISEA took 2018 as the base year for its study, while the forecast period is 2019-2026.
The IESA is an alliance of 96 stakeholders that comprises energy storage manufacturers, research institutes, universities, renewable energy companies and power electronics companies.
When it comes to charger market, total charger sales in 2018 was under 1,000 units, the report predicts that this will reach 50,000 units by 2026 as public charging points are set to rise with an estimated investment of USD 520 billion.
So on a whole it is damn clear that the EV market will grow rapidly with support from government as it pushes for largest penetration.
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