India electric vehicle market is projected to grow at a CAGR of over 37%

Some of the major companies operating in India electric vehicle market include Toyota Kirloskar Motor Pvt. Ltd., Mahindra Electric Mobility Limited, Tata Motors Limited, Volvo India Private Limited, BMW AG, Kinetic Green Energy & Power Solutions Ltd., Lohia Auto Industries, Avon Cycles Ltd., Okinawa Autotech Pvt. Ltd., and Hero Electric Vehicles Pvt. Ltd., among others.  

The first step towards the EV initiative was announced by the Minister of Road Transport and Highways and Shipping, Nitin Gadkari, who launched India’s first electric taxi project in Nagpur in May 2017. Mahindra and Mahindra has been roped in to provide 200 taxis for the pilot project.

The automobile sector has a significant role in the
government’s plan to raise the share of manufacturing in India’s GDP from 15 percent
now to 25 per cent by 2022. A major thrust will be needed from the government to sell 6 million EVs by 2020 as the first step to attain the larger vision of EVs for all by 2030.

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