India, Feb. 28 -- India is one of the leading electric vehicle markets in the world, led majorly by electric two-wheeler manufacturers. Over the last few years, several EV startups have been driving the growth in the Indian electric vehicle market, while legacy players too have started joining in. However, while the electric two-wheeler segment is growing at a rapid pace, penetration of battery electric propulsion technology is sluggish in the passenger vehicle segment.

According to a study by consultancy agency Bain & Company, electric vehicles accounted for about five per cent of total vehicle sales in India between October 2022 and September 2023. The study projected that India's electric vehicle sales could reach more than 40 per cen...