The electric vehicle (EV) market in India is growing rapidly and this industry will restructure the automobile sector in the coming years. Pollution control, rising fuel prices and government incentive schemes are accelerating this change. Let's know 5 important things related to this industry:

1. Tremendous growth in the EV industry
The share of EV passenger vehicles in India was just 0.03% in 2016. This reached 1.3% in 2023 and 2% in 2024. It is estimated that this would reach 4% by 2025 and would become one-third of passenger vehicles by 2030. The compound annual growth rate (CAGR) of 150% reflects the rapid growth of the sector.

2. Explosive growth of JSW MG Motor India
JSW MG Motor India has registered significant growth in the EV market. The company's sales grew 98% to 29,035 units in 2024, taking its EV market share to 26%. At the same time, TPEM (Tata Passenger Electric Mobility) remains the leader with 61% market share, but companies like MG Motor are emerging rapidly.
 
3. India's EV market is growing at the rate of 11% annually
The electric car market in India grew by 11% in 2024 and this momentum is expected to continue going forward. Schemes like FAME (Faster Adoption and Manufacturing of Electric Vehicles) by the government are further boosting this industry. Self-reliance in battery manufacturing will reduce investment costs and accelerate EV adoption.

4. There is no RTO fee in many states on buying EV
To encourage the sale of e-vehicles, many states waived RTO charges. RTO charges have been reduced to 0% in Maharashtra, Uttar Pradesh, Rajasthan, Chandigarh, Uttarakhand, Goa, Telangana, Andhra Pradesh and Karnataka. However, the fee is still applicable in states like Gujarat (6%), Haryana (2.5%), Kerala (5%), Madhya Pradesh (4%) and West Bengal (Rs 25,000).

5. By 2028, over 50 new EV models and 9 lakh units expected to be sold
Experts believe that more than 50 new EV models will enter the market by 2028, because of which the annual sales will increase to over 9 lakh units. This will not only transform the Indian automobile industry but will also lead the country towards a green and self-reliant future.

The e-vehicle industry in India is not only contributing to environmental protection but is also making the automobile industry globally competitive. Due to government policies, new technology and increasing interest of consumers, this market will grow even faster in the coming years.