EV Shift May Save ₹1 Lakh Crore By 2030
India’s electric vehicle adoption is gaining momentum, with a new SBI report estimating that a 20 percent EV share by 2030 could help India save nearly ₹1 lakh crore in crude oil import costs.
India EV Adoption Gains Momentum
Electric vehicles have crossed more than 8 percent market share in 2026, according to the report. The rise has been supported by higher consumer interest, government incentives, fuel price concerns and wider availability of EV options across segments.
The report estimates that around 35 lakh additional electric vehicles could replace petrol vehicles between 2027 and 2030. If EVs reach 20 percent of the vehicle market by 2030, India could reduce its crude oil import bill by nearly ₹1 lakh crore.
EV Registrations Rise In 2026
Average monthly EV registrations rose to about 2.3 lakh during March-June 2026, compared with an average of 1.3 lakh per month in 2025. Based on the current trend, total EV registrations are expected to cross 25 lakh units in 2026.
The increase has been seen across passenger vehicles, two-wheelers and three-wheelers, showing broader acceptance of electric mobility among consumers and fleet operators.
Charging Infrastructure Remains Key Challenge
The report said charging infrastructure must expand faster to sustain EV adoption. India currently has 29,151 public charging stations, with Karnataka and Maharashtra together accounting for about 35 percent of the network.
Fast chargers make up only around 30 percent of India’s charging infrastructure. The report recommended a long-term EV roadmap covering charging networks, battery manufacturing, regulatory support and vehicle adoption targets.
It also suggested measures such as an EV Credit Guarantee Fund, concessional land for public charging stations and higher government procurement of electric vehicles to strengthen the green mobility ecosystem.
