Majority of Indian car buyers are ready to switch to new energy vehicles (NEVs), including electric vehicles (EVs), as their primary mode of transportation by 2030, a recent study by Urban Science and The Harris Poll revealed. The study based on insights gathered from 1,000 prospective Indian buyers as a part of global survey has shown continued interest in EVs since the infrastructure and governmental support have been expanding.

Willingness to pay a premium

The study indicated that 83 per cent of Indians are open to opt for NEVs by the end of the decade. Interestingly, these consumers are also willing to pay a premium for these NEVs. In general, they are willing to spend up to 49 per cent more for an electric vehicle compared to a traditional petrol or diesel-powered car. 

This indicates an increasing demand for electric mobility in India: more and more consumers are being driven by sustainability and environmental concerns to lower long-term costs. 

Growing EV infrastructure

Moreover, fast-paced expansion in public EV charging infra across the country is a significant driver of rapidly increasing interest in electric vehicles. A report by PTI stated that while at present there are more than 6,000 such stations available in most cities and highway corridors, the count is going to hit 100,000 by 2027, making the task more tenable for the majority of people, not to mention in many tier-2 cities, where the challenge is now firmly being entrenched.

Challenges and opportunities

However, there’s a catch. While the situation seems all positive, the study highlighted some of the challenges that India faces in its EV journey. While India is making significant strides, it is still lagging behind the more advanced EV technology as well as on the scale of production of China.

China is way ahead of India in lithium-ion battery production, electric motors, and extensive charging infrastructure. The survey suggested that perhaps India could collaborate with Chinese companies on improving affordability and accelerating development to avoid such mistakes. By leveraging China’s expertise, India could fast-track its transition to electric mobility, ensuring the widespread adoption of EVs in the coming decade.

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