Around 35 lakh more electric vehicles (EVs) are expected to replace petrol vehicles during 2027-2030, helping India save nearly Rs 1 lakh crore in crude oil import bills if EVs account for 20 per cent of the vehicle market by 2030, according to a report by the State Bank of India (SBI). The report said EV adoption has accelerated significantly following the onset of the West Asia conflict in February 2026, with registrations witnessing a sharp rise. It stated, "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."