Rs 1 lakh crore on crude imports will be saved by 2030, as 35 lakh EVs will replace petrol vehicles: SBI Report

New Delhi [India], July 2 (ANI): Around 35 lakh more electric vehicles (EVs) are expected to replace petrol vehicles during 2027-2030, helping India save nearly Rs 1 lakh crore in crude oil import bills if EVs account for 20 per cent of the vehicle market by 2030, according to a report by the State Bank of India (SBI).
The report said EV adoption has accelerated significantly following the onset of the West Asia conflict in February 2026, with registrations witnessing a sharp rise.
It stated, "Our estimate indicates that during the four-year period of 2027-2030, 35 lakh more EVs are expected to replace the petrol vehicles.... EV vehicles have now reached more than an 8 per cent share in 2026. A 20 per cent share by 2030 could save Rs 1 lakh crore of the import bill."
According to the report, average monthly EV registrations increased to 2.3 lakh during March-June 2026 from an average of 1.3 lakh in 2025, an increase of around 1 lakh vehicles per month.
Based on the current trend, SBI expects total EV registrations to cross the 25 lakh mark in 2026.
SBI said the growing market share of EVs in passenger cars, two-wheelers and three-wheelers after February 2026 indicates that the impact of the West Asia conflict has accelerated consumer interest in electric mobility.
To support faster adoption, the report stressed the need to expand charging infrastructure, particularly fast chargers. At present, fast chargers account for only around 30 per cent of the country's charging network.
The report called for a comprehensive 10-15-year EV roadmap with clear targets covering vehicle segments, charging infrastructure, regulatory policies and battery manufacturing.
It also suggested measures such as creating an EV Credit Guarantee Fund, providing concessional land for public charging stations, increasing government procurement of electric vehicles and introducing a dedicated green mobility category to strengthen the EV ecosystem.
SBI observed that the burden on charging stations varies widely across states. In some states, each charging station serves more than 200 EVs, while in others, the number is around 50 vehicles per charging station.
According to the report, India currently has 29,151 charging stations, with Karnataka and Maharashtra together accounting for 35 per cent of the total charging infrastructure.
The report noted that states such as Tamil Nadu, Telangana, Andhra Pradesh and Goa have performed better in terms of fast charging infrastructure, with fast chargers accounting for more than 50 per cent of their total charging stations.
It also highlighted that the Delhi government plans to install 32,000 charging points over the next four years under its new EV policy.
The report said the long-term success of electric vehicles in India will largely depend on the availability of adequate charging infrastructure across the country. (ANI)

(This article was generated from news agency ANI without modifications to the text.)