India Could be Among World's Largest EV Markets: World Economic Forum

Following a strong central government push towards EVs, India has the potential to become one of the largest EV markets in the world, a report by World Economic Forum said.

The report by the World Economic Forum and the Ola Mobility Institute highlights the opportunities for the sector and builds a common framework for analysing state EV policies through trend analysis of value chains.

Interestingly, the report - EV Ready India - Part 1: Value Chain Analysis of State EV Policies -- shows that there are 10 states and UTs that are building momentum for EV usage in three sectors namely manufacturing, infrastructure and services.

According to the report, given India's role as part of the global big four automotive players (alongside China, Japan and the US), large-scale changes to the Indian market would affect the industry's global footprint.

It reveals emerging trends such as states' aspirations to be manufacturing hubs for EV and EV components.

The report was released at the World Economic Forum's 33rd India Economic Summit which is taking place in New Delhi from October 3-4.