Global discussions on clean mobility has fuelded the electric car market. Sales of electric vehicles (EVs) doubled in 2021 from the previous year to a new record of 6.6 million. Back in 2012, just 120 000 electric cars were sold worldwide. In 2021, more than that many are sold each week. Nearly 10% of global car sales were electric in 2021, four times the market share in 2019. This brought the total number of electric cars on the world’s roads to about 16.5 million, triple the amount in 2018. Global sales of electric cars have kept rising strongly in 2022, with 2 million sold in the first quarter, up 75% from the same period in 2021. five times more new EV models were available in 2021 than in 2015, increasing the attractiveness for consumers.

The success of EVs globally is being driven by multiple factors. Sustained policy support is the main pillar. Public spending on subsidies and incentives for EVs nearly doubled in 2021 to nearly USD 30 billion. While a number of countries have pledged to phase out internal combustion engines or have ambitious vehicle electrification targets for the coming decades, yet the renewed interest by the global carmakers to electrify their fleets in line with the policy target have lead to the zooming of the electric vehicle sales.

India automobile sector’s EV market is also heating up as strong push by Government (both central and states) with various fiscal and non-fiscal incentives are being given to EV industry for vehicle transition. Policy release by the state government followed by the aggregation model from the Public sector companies has lead to change in manufacturing strategies of many leading automobile companies.