Government of India targets 30% electric vehicles by 2030. As part of Paris agreement in 2015, India committed to reduce the emission intensity of its gross domestic product (GHG emissions per unit GDP) by 33% - 35% by 2030. In order to meet its global commitment and mitigate adverse impact of the automobiles (ballooning oil import expenses and increasing air pollution), the Government is keen to shift the narrative towards electric vehicles. India’s EV market is expected to expand at a compounded annual growth rate (CAGR) of 45.5% between 2022-2030, with the segment’s volumes set to cross annual sales of 16 Mn units by 2030. With battery costs declining faster than anticipated, EV economics become favorable as battery costs decline; the five-year TCO becomes favorable over any alternative in most markets. Additionally, consumers benefit from financial (e.g., subsidies) & non-financial incentives (e.g., road access, registration privileges). #ev #evehicles #evcharging #sustainability #decarbonization #emobility
#NewIndia has allocated funds to three Oil Marketing Companies (OMCs)- Indian Oil Corp Limited, Hindustan Petroleum Corporation Limited, and Bharat Petroleum Corporation Limited for establishing 7432 #EV public charging stations, strengthening the EV infrastructure in the country. Know more: https://lnkd.in/ds-gkar6 #InvestIndia #InvestInIndia #MakeInIndia #Sustainability #Automobile NITI Aayog Department for Promotion of Industry and Internal Trade Ministry of Commerce and Industry, Government of India
CEO at Data Engine | Customer Experience, Data Analytics, MarTech, e-Commerce
7moWith 419+ public EV charging stations operational on national highways, it is essential that they perform reliably to address range anxiety issues which is common nowadays amongst many EV drivers. As sales of electric vehicles continue to grow, inoperable and poorly maintained charging stations has spiked 50% between Jan 2021 - Sep 2023. According to a recent study more than one in five charging attempts fail, with survey attributing 72% of the failures to malfunctioning or out-of service chargers. With technical advancements, there are solutions being built to ensure the changing stations performs optimally so that, 1. Charging Station operators gets the best out their investment. More utilisation = better ROI. 2. Range Anxiety - EV drivers are assured that there are sufficient number of reliable charging stations available at your disposal. Excellent reference - https://www.niti.gov.in/sites/default/files/2023-02/EV_Handbook_Final_14Oct.pdf