India to have 87% EVs by 2047 with policy boost: FICCI-YES Bank report

India will have 87 per cent electric vehicle (EV) penetration in new vehicle sales and 85 per cent localisation of the XEV value chain by 2047, the FICCI-YES Bank report’s on e-mobility said on Tuesday.

“The projected segment-wise penetration is 91 per cent for three-wheelers, 90 per cent for two-wheelers, 79 per cent for passenger vehicles, and 67 per cent for buses by 2047,” FICCI-YES Bank report ‘India@2047: Electric Mobility’ said.

Terming the global shift towards electrification as a huge opportunity for India’s current market of over 20 million domestic vehicles, the report described high upfront costs, constraints on vehicle finance, safety concerns, nascent global inroads, and limited access to key raw materials,