India could reduce its crude oil import bill by nearly Rs 1 lakh crore by 2030 if electric vehicles (EVs) account for 20% of the country’s vehicle market, according to a report by the State Bank of India.
The report estimates that around 35 lakh additional electric vehicles will replace petrol-powered vehicles between 2027 and 2030, significantly reducing fuel imports, ANI reported.
SBI said EV adoption has accelerated sharply since the onset of the West Asia conflict in February 2026, with vehicle registrations rising substantially during the period.
According to the report, electric vehicles now account for more than 8% of the vehicle market in 2026. If this share increases to 20% by 2030, India could save nearly Rs 1 lakh crore on crude oil imports.
The report also noted a sharp rise in monthly EV registrations, which increased to an average of 2.3 lakh during March-June 2026, compared with an average of 1.3 lakh per month in 2025.
Based on the current trend, SBI expects total EV registrations to exceed 25 lakh by the end of 2026.
The report said the growing share of electric passenger cars, two-wheelers and three-wheelers after February 2026 suggests that the West Asia conflict has accelerated consumer interest in electric mobility, ANI stated.
To sustain the momentum, SBI stressed the need to strengthen the country’s charging infrastructure, particularly the installation of fast chargers, which currently account for only about 30% of India’s charging network.
The report recommended preparing a comprehensive 10-15-year roadmap for electric mobility with clear targets for vehicle adoption, charging infrastructure, regulatory policies and battery manufacturing.
It also suggested creating an EV Credit Guarantee Fund, providing concessional land for public charging stations, expanding government procurement of electric vehicles and introducing a dedicated green mobility category to support the sector.
According to the report, the availability of charging infrastructure varies significantly across states. In some states, a single charging station serves more than 200 electric vehicles, while in others the number is around 50 vehicles per station.
India currently has 29,151 charging stations, with Karnataka and Maharashtra accounting for 35% of the country’s total charging infrastructure.
The report highlighted that Tamil Nadu, Telangana, Andhra Pradesh and Goa have developed relatively stronger fast-charging networks, with fast chargers making up more than half of their charging stations.
It also noted that the Delhi government plans to install 32,000 charging points over the next four years under its new electric vehicle policy.
SBI said the long-term growth of electric mobility in India will depend largely on the availability of a robust and widespread charging infrastructure across the country.
