The recently announced electric vehicle (EV) incentives by India along with high fuel prices will be supporting factors for stronger adoption of EVs over 2020-2023, leading to an average annual growth rate of 26%, Fitch Solutions said on Tuesday.<\/p>\n
However, it said the economic impact of Covid-19 pandemic and limited domestically produced EVs will prove a challenging barrier to overcome.<\/p>\n
“We believe the focus on EV promotion in Union Budget will improve longer-term outlook for EV sales but will continue to fall way short of the country’s goal of electrifying all new vehicles sold by 2032,” said Fitch.<\/p>\n
The key autos related elements include an additional excise duty of Re 1 per litre of diesel and petrol, lowering of Goods and Service Tax on EVs to 5% from 12% previously and other income tax incentives given to individuals who purchase EVs.<\/p>\n
In the overall Asia region, EV market will continue to grow at a fast pace as more countries look to support EV uptake, reduce emissions and attract EV related manufacturing investment.<\/p>\n
Fitch forecast that EV sales in Asia will expand by 78.1% in 2021, up from estimated growth of just 4.8% in 2020.<\/p>\n
It said total EV sales in the region will reach a high of just under 10.9 million units by the end of 2030, up from an estimated sales volume of just over 1.4 million units in 2020.<\/p>\n
Over 2021-2029, the majority of EV demand will stem from the three most advanced economies in the region- China, Japan and South Korea- given their financial strength and commitment to reducing their emissions.<\/p>\n","protected":false},"excerpt":{"rendered":"
The recently announced electric vehicle (EV) incentives by India along with high fuel prices will be supporting factors for stronger adoption of EVs over 2020-2023, leading to an average annual growth rate of 26%, Fitch Solutions said on Tuesday. However, it said the economic impact of Covid-19 pandemic and limited domestically produced EVs will prove a challenging barrier to overcome. “We believe the focus on EV promotion in Union Budget will improve longer-term outlook for EV sales but will continue to fall way short of the country’s goal of electrifying all new vehicles sold by 2032,” said Fitch. The key […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[132],"tags":[],"class_list":["post-421812","post","type-post","status-publish","format-standard","hentry","category-power"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/421812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=421812"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/421812\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=421812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=421812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=421812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}