One In Every Two EVs Sold Will Have Electric Powertrain By 2030

Highlights :

India is aiming to have 30 per cent of its passenger vehicle sales as EVs by 2030.

Electric vehicles are gaining share so fast in China that one in every two cars sold will have an electric powertrain by 2030. The EV sales in China are projected to cross six million units by the end of this year. India is aiming to have 30 per cent of its passenger vehicle sales as EVs by 2030. Counterpoint Research published a report on May 30 elaborating that the electric powertrain includes main components which generate and deliver power to the road surface for fully electric, hybrid electric and plug-in hybrid electric vehicle applications.

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Main components of its powertrain are engine, transmission and driveshaft. The increase in environmental awareness among buyers, favourable carbon emission norms, support from governments and the collaborative efforts of ecosystem players are all helping electric vehicle (EV) adoption across the world, added the Counterpoint Research.

“China is leading the global EV market, followed by Europe and the US. The rest of the world will be the fastest growing region in terms of EV adoption, driven by India, Vietnam, Singapore, Thailand and Canada,” said senior research Analyst Soumen Mandal said. Europe is aiming to reduce emission levels by 15 per cent in 2025 and by 37.5 per cent in 2030 from the 2021 levels. EV sales in the US increased by nearly 100 per cent YoY in 2021. The Biden government has set an ambitious target of 50 per cent of sales being EVs by 2030.

Homegrown players such as Tata Motors NSE 0.24% and Mahindra Electric and a few foreign players like MG Motor and Hyundai are competing for the Indian passenger EV market, said the report. “The EV market is getting more competitive as new companies, including smartphone ecosystem players, are entering the field. Companies such as Foxconn and Xiaomi have already announced their entry into the smart electric car field to diversify business opportunities. Sony has partnered with Honda to produce affordable EVs,” said associate director Brady Wang.

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