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Exploring the macroeconomic drivers to electric vehicles sales in India- A panel data-based approach

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  • Singh, Vijeta
  • Nerlekar, Varsha
  • Kumar, Jitendra

Abstract

India has committed to achieving net-zero emissions by 2070, and promoting non-fossil fuel-based transport mechanisms is one of the key ways to accomplish this goal. In this context, electric vehicles (EVs) can make a positive contribution to reducing air pollution and mitigating greenhouse gas (GHG) emissions. India has a dynamic electric vehicle (EV) market, and the Economic Survey for 2023 predicts that India's EV market will experience a 49 % compounded annual growth rate (CAGR) between 2022 and 2030. The present study aims to investigate the macroeconomic determinants driving EV sales in India. Using panel data from 19 states/union territories (UTs)for two-wheeler EVs between 2015 and 2021 and applying the dynamic panel and two-stage least squares (2SLS) estimators, the study concluded that state net domestic product (SNDP) per capita, number of bank branches, per capita power availability, and presence of EV policy had a positive impact on two-wheeler EV sales while higher motor spirit consumption and inflation had a negative bearing on the two-wheeler EV sales. Based on the empirical results obtained, policy implications have been discussed.

Suggested Citation

  • Singh, Vijeta & Nerlekar, Varsha & Kumar, Jitendra, 2025. "Exploring the macroeconomic drivers to electric vehicles sales in India- A panel data-based approach," Transport Policy, Elsevier, vol. 174(C).
    • Handle: RePEc:eee:trapol:v:174:y:2025:i:c:s0967070x25003610
    DOI: 10.1016/j.tranpol.2025.103818
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    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q47 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy Forecasting

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