CURRENT SCENARIO, GROWTH, AND FORECASTING OF ELECTRIC VEHICLES IN INDIA

The Department of Heavy Industry is administering the scheme “Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India”, popularly known as the FAME India scheme since 01st April 2015. Electric Vehicles are those which are getting power from the batteries installed inside the vehicles instead of fossil fuel. There are four types of electric vehicles in the market, Battery Electric Vehicles (BEVs), Plug-in-Hybrid (PHEVs), Hybrid Electric Vehicles (HEVs), and Fuel cell electric vehicles. This study is based on secondary data which were collected from the Ministry of Road Transport &Highway, Government of India and data are classified into regions for our study. From the study, it is found that Uttar Pradesh had the highest number of electric vehicles registered in the north zone in the last nine years i.e. 214663. In the west- zone, Gujarat has a high volume of vehicles registered i.e.176156 and it is followed by Goa (62722) during the last nine years. At present, Maharashtra has the highest number of vehicles. It is surprising that all states in the south region have an increasing number of registrations of electric vehicles. Bihar is the state having the highest number of vehicles registered in 2014 i.e. 424 and positive 9-year change results in West Bengal (549100). It is also observed from the central region that Madhya Pradesh has the highest number of electric vehicles registered in the last nine-year and has a positively changed 85827 as compared to Chhattisgarh (18518). It is well-known that Delhi has registered the highest number of electric vehicles in the Union Territory whereas Jammu and Kashmir showed positive changes in 9 years as compared to others. It is also seen that the number of customers of e-vehicles in Jammu & Kashmir and Chandigarh has increased in 2022. The overall study examined, that the North region consumers are interested to purchase electric vehicles having 363592 registered in the last nine years followed by the south-region i.e. 244983. It is estimated that during the last 10 years, registered electric vehicle users have increased at the rate of 10 percent. It indicates that awareness among consumers regarding the environment is increasing and sustainable development.
Keywords: Electric Vehicles, Consumer, Vehicles Registered, Forecasting, Compound Annual Growth Rate.