India is projected to save nearly Rs 1 lakh crore in crude oil import bills by 2030, as around 35 lakh electric vehicles (EVs) are expected to replace petrol vehicles during 2027-2030, according to a report by the State Bank of India (SBI). The report estimates that if EVs account for 20 per cent of the vehicle market by 2030, the savings on crude imports could reach Rs 1 lakh crore.
EV Adoption Accelerates After West Asia Conflict
The SBI report highlights that EV adoption has accelerated significantly following the onset of the West Asia conflict in February 2026. Registrations have witnessed a sharp rise, with average monthly EV registrations increasing 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 current trends, SBI expects total EV registrations to cross the 25 lakh mark in 2026.
According to the report, "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."
Growing Market Share Across Vehicle Segments
The report notes that the growing market share of EVs in passenger cars, two-wheelers, and three-wheelers after February 2026 indicates that the West Asia conflict has accelerated consumer interest in electric mobility. The shift is driven by rising fuel prices and increased awareness of energy security.
Need for Expanded Charging Infrastructure
To support faster adoption, the SBI report stresses 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 calls for a comprehensive 10-15-year EV roadmap with clear targets covering vehicle segments, charging infrastructure, regulatory policies, and battery manufacturing.
Suggested Measures for EV Ecosystem
The report suggests several measures to strengthen the EV ecosystem: 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.
State-wise Charging Infrastructure Disparities
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.
Long-Term Success Depends on Infrastructure
The report concludes that the long-term success of electric vehicles in India will largely depend on the availability of adequate charging infrastructure across the country.
