Scope of electric vehicles and the automobile industry in Indian perspective

Abstract

The fast changes in the market price of crude oil are a direct outcome of the fundamental concept of economics known as the “Law of Demand,” which states that as globalization progresses, the demand for oil-based energy rises. Because of the wild swings in crude oil prices and demand, governments and policymakers are being pushed to explore new options, such as the use of environmentally friendly technology. The future of business and the marketplace seems to be green alternatives. Large corporations are increasingly allocating resources to research and development (R&D) to keep up with the competition, with a lot of attention being paid to green technology. With the objective of becoming a major manufacturer of electric vehicles (EVs) for the Indian and worldwide markets, India, a rising country, is ready to dive headfirst into this new creative sector. This article’s goal is to investigate the forecasted interest in EVs, the EV market share, and the EVs’ and related technologies’ contribution to international commerce.