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India Vs China Turns Electric: How The Two Markets Stack Up For Electric Vehicles

India Vs China Turns Electric: How The Two Markets Stack Up For Electric Vehicles

The two most populated nations in the world have set course towards transitioning to electric vehicles

The adoption of EVs is expected to reduce India’s dependence on oil imports and meet climate goals

How does India stack up to China in terms of EV adoption?

India’s transport sector has predominantly been driven by the growth of the internal combustion engine (ICE) vehicles, but this is slowly changing. The growing middle-income class, its rising aspirations and the availability of easier financing were some of the key factors that led to increased demand for personal mobility and proliferation of two and four-wheelers in recent decades. However, all that changed this year as car sales plummeted and the government’s push for EVs nudged manufacturers into changing their strategy and manufacturing.

India expressed its interest towards the usage of electric vehicles (EVs) back in 2017, when the then transport minister, Nitin Gadkari, announced that India would move to 100% electric cars by 2030.

China, a country known for being a manufacturing hub and the most populated country is also known for its excellent implementation of electric vehicles. In 2018, more electric cars were sold in China than in the rest of the world combined. The Chinese government has spent nearly $60 Bn in the last decade to create an industry that builds electric cars, while also reducing the number of licenses available for gasoline-powered cars to increase demand for electric cars.

The two most populated nations in the world have signed environment agreements to reduce their carbon emissions. It then becomes interesting to understand the developments towards the adoption of EVs in the two nations.