![]() ![]() Launch of ‘e-AMRIT’ portal: One-stop platform for information on electric vehicles India is also witnessing the rise of a sizeable EV financing market, with Niti Aayog projecting it to be worth US$50 billion by 2030. Overall, by 2030, the EV industry is set to create 10 million direct jobs and 50 million indirect jobs ( IVCA-EY-Induslaw report). Meanwhile, India’s EV market is estimated to grow at 49 percent CAGR in the 2022-2030 period in a business as usual scenario as per the IESA report. ![]() The EV battery market is also projected to grow at a CAGR of 30 percent during the same period. In 2021, the Indian EV industry attracted US$6 billion in investment and is becoming steadily more attractive to private equity/venture capital investors.Īnother report by India Energy Storage Alliance (IESA) projects that the Indian EV market will grow at a CAGR of 36 percent till 2026. This would require a cumulative investment of over US$180 billion in vehicle production and charging infrastructure. In an effort to address this, federal policymakers are developing a mobility option that is “ Shared, Connected, and Electric” and have projected an ambitious target of achieving 100 percent electrification by 2030.īy making the shift towards electric vehicles (EVs), India stands to benefit on many fronts: it has a relative abundance of renewable energy resources and availability of skilled manpower in the technology and manufacturing sectors.Īccording to an independent study by CEEW Centre for Energy Finance (CEEW-CEF), the EV market in India will be a US$206 billion opportunity by 2030 if India maintains steady progress to meet its ambitious 2030 target. Catering to a vast domestic market, reliance on the conventional modes of fuel intensive mobility will not be sustainable. The Indian automotive market is slated to be the third largest by 2030 in terms of volume. Electric vehicle industry in India: Growth targets The burden of oil imports, rising pollution, Russia-Ukraine war escalating price inflation, as well as international commitments to combat global climate change are key factors motivating India’s policies to speed up the transition to e-mobility on one hand and growing consumer appetite on the other. India, too, is investing in this electric mobility shift. The global automotive industry is undergoing a paradigm shift at present in trying to switch to alternative/less energy intensive options. Federal subsidies and policy favoring deeper discounts for Indian-made electric two-wheelers as well as a boost for localized ACC battery storage production are other growth drivers for the Indian EV industry.ĮV sales have surged more than 2,218 percent over the past three years, with over 4,42,901 electric cars sold in FY 2023 (till December 9), as compared to 19,100 sold in FY 2020. The electric vehicle industry in India is picking pace with 100% FDI possible, new manufacturing hubs, and increased push to improving charging infrastructure. ![]()
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