‘Transition to electric vehicles by 2030 can save $330 billion on oil imports alone’
Overcoming key barriers to vehicle electrification presents an enormous challenge and also a tremendous opportunity for the Indian economy, says a Ficci-Rocky Mountain Institute report
New Delhi:The country’s transition to a shared, electric and connected mobility system can save $330 billion (Rs20 trillion) by 2030 on avoided oil imports alone, a report by Federation of Indian Chambers of Commerce and Industry (Ficci)-Rocky Mountain Institute said on Tuesday.
Even under a shared mobility paradigm, over 46,000,000 vehicles (two, three, and four wheelers) could be sold by 2030, it said. “This annual market size would present an opportunity for Indian companies to become leaders in EV (electric vehicle) technology on a global scale,” it added.
The report said overcoming key barriers to vehicle electrification in the country’s passenger mobility sector presents an enormous challenge for India and also a tremendous economic opportunity. “India can leapfrog the western mobility paradigm of private-vehicle ownership and create a shared, electric and connected mobility system, saving 876 million metric tons of oil equivalent, worth $330 billion and 1 gigatonne of carbon dioxide emissions by 2030,” it said.
It added that the main barriers to adoption of electric vehicles include price, charging and consumer awareness. Electric car charging stations, battery swapping and manufacturing are some of the areas which can help overcome these barriers, the report said.