Abstract:

As globalization is increasing, so is the demand for oil-based energy, which ultimately results in the rapid fluctuation of the market prices of crude oil due to the basic principle of economics 'Law of Demand.' This volatility and uncertainty in the crude oil demand and prices create pressure upon the governments and policymakers to look for alternatives, one of them being the adaptation of green technologies. In line with the developed countries, India, as a developing economy, is all set to plunge into this new innovative market of electric vehicles (EVs) and aims to become a major producer of EVs for India and the global markets. So, this research paper aims to explore the expected demand for EVs, the market share, and the EVs' contribution and associated technologies to foreign trade.