Recently, according to a report from the Indian Energy Storage Alliance (IESA), after the implementation of the FAME plan, the Indian electric vehicle market has developed rapidly. The report states that India's total electric vehicle sales in 2018 reached 365,920 units, with the support of the government, it will grow 36% annually by 2026 to achieve the goals under the FAMEIl plan and the 2020 national electric vehicle mission plan.
State governments will also accelerate the deployment of electric vehicles to achieve the goals set by electric vehicle policies.
The report estimates that the size of the Indian electric vehicle battery market reached USD 520 million in 2018, and is expected to grow at an annual rate of 30% by 2026. The total amount of MWh added in 2018 will reach 4.75GWh, and it will increase to 28GWh by 2026.
In 2018, the Indian public charging infrastructure market was worth about US $ 520 billion, and it is expected that the compound annual growth rate of this market will reach 60% by 2026. By 2026, the total sales of charging piles will increase from less than 1,000 units in 2018 to 50,000 units.
The second phase of the FAMEIndia program started on April 1, 2019, for a period of three years and provided total budget support of Rs 100 crore.
This phase focuses on supporting the electrification of public transportation and shared transportation. It is planned to support about 7,000 electric buses, 500,000 electric tricycles, 55,000 electric four-wheelers and 1 million electric two-wheelers. In addition, it will support the establishment of a charging infrastructure to address mileage anxiety of electric vehicle users. In addition, consumers will be rewarded for purchasing electric vehicles for public transportation or for three- and four-wheel electric vehicles (including hybrid vehicles) registered for commercial use.