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New Delhi: An SBI Research report on Thursday says the West Asia crisis is speeding up India’s shift to electric vehicles (EV), with 20% EV adoption by 2030 potentially saving Rs 1 lakh crore in import costs.
With the onset of the US-Iran war on February 28, the registration of EVs has jumped significantly in India. From an average 1.3 lakh registrations in 2025, the March-June period exhibited an average of 2.3 lakh registrations — a whopping 1 lakh more compared to the 2025 average.
“At the current rate, we believe total EV registrations may cross the 25 lakh mark in 2026,” said the report.
The penetration of pure EV is continuously rising in overall registration. From merely less than 2 per cent share in 2024, the registration share of pure EV has reached more than 8 per cent share in 2026 to date. In some states, the penetration of pure EV has crossed more than 10 per cent share
India has 29,151 charging stations. Two states (Karnataka and Maharashtra) accounted for 35 per cent of overall charging stations, said the report.
As per new EV policy, the Delhi government plans to install 32,000 charging points infrastructure within the next four years.
“The success of EV will largely depend upon the availability of charging stations,” said the report.
From the current level of 2.86 crore vehicle registered in India (2025), “our projections indicate that by 2030, 4 crore vehicles are going to register. We also estimate that out of these 4 crore vehicles, 20 per cent are EVs (80 lakh from the 2025 level of 15.7 lakh),” the report projected.
“Our estimate indicates that during the four years of 2027-2030, 35 lakh more EVs are expected to replace the petrol vehicles (as compared to the current BAU scenario),” it added.
In this regard, Delhi’s new EV policy is commendable.
A purchase incentive will be provided to two-wheeler vehicles in the first three years (cumulative: Rs 60,000). For three-wheelers, the incentives are Rs 120,000 cumulatively. N1 commercial trucks will be provided with a subsidy of Rs 1 lakh in the first year. Delhi also offers a 100 per cent waiver on road tax and one-time registration fees for eligible EVs.
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—IANS
