Recently, according to a report of the Indian Energy Storage Alliance (IESA), after the implementation of the FAME plan, the Indian electric vehicle market has developed rapidly. The report pointed out that India’s total sales of electric vehicles in 2018 reached 365,920, and with the support of the government, it will increase by 36% every year by 2026 to achieve the goals under the FAME Il plan and the 2020 National Electric Vehicle Mission Plan.
The state governments will also accelerate the deployment of electric vehicles to achieve the goals set by the electric vehicle policy.
The report estimates that the size of India's electric vehicle battery market reached 520 million U.S. dollars in 2018, and is expected to grow at an annual rate of 30% by 2026. The total amount of MWh increased in 2018 reached 4.75 GWh and will increase to 28 GWh by 2026.
In 2018, the Indian public charging infrastructure market was valued at approximately US$520 billion. It is estimated that by 2026, the compound annual growth rate of this market will reach 60%. By 2026, the total sales of charging piles will increase from less than 1,000 units in 2018 to 50,000 units.
The second phase of the FAME India plan will start on April 1, 2019, and will last for 3 years, with a total budget of Rs 100 billion.
This phase focuses on supporting the electrification of public transportation and shared transportation. It is planned to support about 7,000 electric buses, 500,000 electric tricycles, 55,000 electric four-wheelers, and 1 million electric two-wheelers. In addition, it will support the establishment of charging infrastructure to solve the mileage anxiety of electric vehicle users. In addition, incentives will be provided to consumers who purchase electric vehicles for public transportation or three- and four-wheel electric vehicles (including hybrid vehicles) registered for commercial use.
