A faster shift to electric vehicles could help India cut its import bill by Rs 1 lakh crore by 2030, according to an SBI Research report. The report says EV adoption is accelerating, helped by rising registrations, expanding charging infrastructure and policy support from states such as Delhi.
EV Adoption Is Rising
The report notes that EV registrations have jumped sharply in recent months, with average monthly registrations between March and June 2026 higher than the 2025 average. SBI Research believes total EV registrations could cross 25 lakh in 2026 if the current pace continues.
Pure EV penetration is also rising steadily. Its share in total registrations has grown from less than 2% in 2024 to more than 8% in 2026 so far, with some states already crossing the 10% mark. The report suggests this trend is being supported by both market demand and policy momentum.
Charging Infrastructure Matters
Charging availability remains one of the biggest factors shaping EV adoption. India currently has 29,151 charging stations, with Karnataka and Maharashtra accounting for 35% of the total.
Delhi’s new EV policy stands out in this context because it aims to install 32,000 charging points over the next four years. The report says the success of EVs will depend heavily on whether charging infrastructure grows fast enough to support rising demand.
Delhi’s Incentives Stand Out
The report highlights Delhi’s purchase incentives as a strong policy signal. The city is offering support for two-wheelers, three-wheelers and commercial vehicles, along with a full waiver on road tax and registration fees for eligible EVs.
These measures could help accelerate adoption in one of India’s largest vehicle markets. The broader expectation is that policy support, lower running costs and better charging access will make EVs more attractive for both consumers and businesses.
2030 Outlook
SBI Research projects that India’s vehicle stock could reach 4 crore by 2030, with EVs making up 20% of that total. That would mean around 80 lakh EVs on the road, far above current levels.
The report also estimates that between 2027 and 2030, 35 lakh more EVs could replace petrol vehicles than under a business-as-usual scenario. If that happens, the economic and environmental impact could be substantial, especially for fuel import dependence and urban mobility.