The imperative for independent growth in India’s EV sector beyond FAME 2 subsidies
Sustainable options are becoming more and more popular as mindful consumption gains momentum. Promoting a natural lifestyle, a rising number of people have grown more aware of their actions, stressing environmental conservation. A Bain & Company report shows that sustainability is becoming more popular in India, with 49% of customers prioritising their health and 20% prioritising social and environmental concerns.
Amongst cutting-edge sustainable alternatives, one option that has gained tremendous popularity is electric vehicles. The size of the India electric vehicle market is projected to hit $34.80 billion in 2024 and is anticipated to grow at a compound annual growth rate (CAGR) of 26.05% to reach $107.74 billion by 2029, according to a report by Mordor Intelligence.
