India's EV adoption level is set to grow rapidly

18 Apr 2023 CW Team

According to the paper, the transition to EVs is no longer unknown; the only question is when. With expanding infrastructure, governmental incentives, and the introduction of new EV models, adoption levels are predicted to increase exponentially in the next years, according to a release from KPMG. Innovators in technology are driving the EV revolution. With the introduction of additional features and controls brought about by the switch from ICE to EV, it was claimed that the electronics content in a car rose from 16% to 55%. The addition of additional features and the development of new technology will be ongoing processes, and many of these technologies will eventually become standard offerings.

The announcement stated that although several sectors contribute to the ongoing climate emergency, the one that stands out the most is carbon emissions due to the transport sector. It noted that although climate change has become a collective worldwide issue in the last 20 years, the concerns are only growing. The Indian government has developed policies and plans over the past few years, such as the FAME (scheme), with the goal of achieving 30% EV sales penetration for cars, 70% for commercial vehicles, 40% for buses, and 80% for two and three-wheelers by 2030, it said.

According to KPMG, EV adoption must be at this advanced level in order to be backed by a competitive technology infrastructure. Jeffry Jacob, Partner and Lead, Automotive, KPMG in India stated that, "The EV landscape in India is being driven in large part by technology. While many current innovations will eventually become standard features, adding fresh features and developing new technology will be an ongoing process. We also have a big advantage now that India is emerging as a global digital centre.”

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According to a survey, two and three-wheelers are anticipated to dominate EV sales in the near future as the market for electric vehicles continues to rise in India for the remainder of the decade. EV adoption is anticipated to reach an inflection point if all vehicle segments demonstrate considerable ownership savings over those powered by internal combustion engines, according to a paper co-authored by KPMG and CII. According to the paper, the transition to EVs is no longer unknown; the only question is when. With expanding infrastructure, governmental incentives, and the introduction of new EV models, adoption levels are predicted to increase exponentially in the next years, according to a release from KPMG. Innovators in technology are driving the EV revolution. With the introduction of additional features and controls brought about by the switch from ICE to EV, it was claimed that the electronics content in a car rose from 16% to 55%. The addition of additional features and the development of new technology will be ongoing processes, and many of these technologies will eventually become standard offerings. The announcement stated that although several sectors contribute to the ongoing climate emergency, the one that stands out the most is carbon emissions due to the transport sector. It noted that although climate change has become a collective worldwide issue in the last 20 years, the concerns are only growing. The Indian government has developed policies and plans over the past few years, such as the FAME (scheme), with the goal of achieving 30% EV sales penetration for cars, 70% for commercial vehicles, 40% for buses, and 80% for two and three-wheelers by 2030, it said. According to KPMG, EV adoption must be at this advanced level in order to be backed by a competitive technology infrastructure. Jeffry Jacob, Partner and Lead, Automotive, KPMG in India stated that, The EV landscape in India is being driven in large part by technology. While many current innovations will eventually become standard features, adding fresh features and developing new technology will be an ongoing process. We also have a big advantage now that India is emerging as a global digital centre.”

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