Electric Vehicle Market in India Set to Exceed 7% Sales by FY28: CareEdge Report, ETAuto

Public charging points have expanded fivefold in three years—from 5,151 in CY22 to over 26,000 by early FY25—helping address one of the key challenges to wider EV acceptance.

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Electric car sales in India are projected to surpass 7 per cent of total passenger vehicle sales by FY28, according to CareEdge Advisory, as reported by PTI. The forecast is contingent on the timely resolution of global supply disruptions in rare earth elements (REEs) and the continued rollout of new models and charging infrastructure. The report highlights that India’s electric car segment, though still small in comparison to two- and three-wheeler electric vehicles, has seen significant growth—from just over 5,000 units in FY21 to more than 1.07 lakh units in FY25.

EV infrastructure, a game changer?

CareEdge noted that public and private efforts to expand EV infrastructure and reduce battery dependence on imports will be crucial for maintaining momentum. “India is well-positioned to accelerate EV adoption, supported by model launches, improved charging facilities, and battery localisation under the PLI scheme,” said Tanvi Shah, Senior Director & Head, CareEdge Advisory & Research.Public charging points have expanded fivefold in three years—from 5,151 in CY22 to over 26,000 by early FY25—helping address one of the key challenges to wider EV acceptance. Policy incentives such as the FAME III scheme and customs duty exemptions on key battery minerals are also expected to play a role in reducing production costs and supporting domestic supply chains.While challenges remain in terms of affordability and infrastructure uniformity, the report suggests that with the right policy and industry measures, electric four-wheelers are on a path to stronger adoption in India’s evolving vehicle landscape.

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