Electric Vehicles in India - The New Wheels on the Roads

May 31, 2023


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Globally, the transition to Electric Vehicles (EVs) is becoming more imperative as the race to net-zero continues. The government of India has set a target to achieve 30% electrification of the country's vehicle fleet by 2030, and introduced several incentives and policies to support the growth of this segment. In 2022, India’s EV sales exceeded one million units recording a growth of more than 200% y-o-y; Uttar Pradesh, Maharashtra and Karnataka dominated the EV sales.

Considering that the EV market in India is poised to grow exponentially over the coming years, this report explores its current status, key drivers, growth opportunities, investment announcements and implications for the real estate sector.

To delve deep into the state of India’s EV industry and its impact on real estate, please click the download button.