The Indian government is providing several incentives and subsidies to encourage the use of EVs, which has resulted in a booming market for electric vehicles in India.
It still trails behind other Asian nations like China, Japan, and South Korea in terms of the size and development of the market, though. These nations also have a larger market for EVs, better-established infrastructure, and more local and foreign businesses involved in the industry.
India has committed to having 30% of its vehicles be electric by 2030 and is providing tax breaks and subsidies to both EV makers and consumers.
With subsidies and other incentives for both manufacture and purchase, China’s government is likewise making a significant push for EVs. Although Japan and South Korea have put legislation in place to promote the use of EVs, their support is not as strong as it is in China and India.
With little indigenous manufacture of EVs and charging infrastructure, traditional internal combustion engine vehicles dominate the Indian automobile sector.
In contrast, China boasts the largest EV market in the world, a sophisticated charging infrastructure, and local EV manufacturing from firms like BYD and Tesla. With strong automotive industries and a large output of EVs and batteries, Japan and South Korea are industry leaders. Leading EV makers and innovators include Toyota and Hyundai.
In India, there is rising customer demand for EVs, but low consumer knowledge and high upfront prices continue to prevent broad adoption. China, Japan, and South Korea, in contrast, have more developed markets with more model options and a higher degree of customer knowledge.
However, the development of the infrastructure, consumer education, and cost hurdles remain major obstacles for the Indian government, even though it is taking efforts to assist the expansion of the EV industry. Compared to China, Japan, and South Korea, other Asian nations like these have more developed marketplaces with a greater number of local and foreign competitors, as well as more advanced infrastructure and consumer awareness.
Source: mordorintelligence, Statista