Energizing the Future: Assessing India's Electric Vehicle Ecosystem, Policies, and Market Dynamics

Abstract

This study explores the evolution of India's electric vehicle (EV) ecosystem, highlighting both accomplishments and persistent challenges. It delves into significant government initiatives such as the FAME II and Production Linked Incentive (PLI) programs, which promote market growth and enhance infrastructure [1]. The research assesses the present condition of India's charging infrastructure, local manufacturing capabilities, and the supply chains for essential raw materials needed for EV production [2]. It also examines market trends, including the rising popularity of luxury electric vehicles and two-wheelers, to understand consumer adoption patterns [9]. The study identifies hurdles such as high battery costs, inadequate charging facilities, and dependence on imported components [5]. Furthermore, it reviews significant investments and partnerships that are shaping the industry landscape [10]. The necessity of establishing domestic battery production and recycling systems for supply chain resilience is emphasized [4]. The paper identifies consistent policy frameworks, technological progress, and active private sector participation as crucial elements for success. Recommendations are provided to enhance the ecosystem's resilience in achieving the target of 30% electric vehicle sales by 2030. This research aims to guide policymakers, manufacturers, and investors committed to advancing sustainable transportation in India.