Summary:

India aspires to be a global leader in electric vehicles (EVs), driven by its vast market and commitment to sustainable mobility. As the world’s fourth-largest automaker, India’s EV market is projected to grow from Rs. 27,417 crore (US$ 3.21 billion) in 2022 to Rs. 9,73,589 crore (US$ 113.99 billion) by 2029. By 2030, India aims to capture a 30% EV market share with 80 million EVs on the road, supported by initiatives like the PM E-Drive scheme.

The government’s 7C vision—Common, Connected, Convenient, Congestion-free, Charged, Clean, and Cutting-edge—promotes low-cost financing and strong charging infrastructure, essential for EV growth. S&P Global Mobility forecasts electric car penetration to reach 19% by 2030 and 32% by 2035. Major companies like Tata Motors and Mahindra & Mahindra are advancing electrification, backed by investments from JSW and Reliance. With over 12,000 charging stations currently operational, India will need 1.32 million by 2030, presenting significant growth opportunities. Collaboration, battery innovation, local manufacturing, and skill development are crucial to India’s rise as an EV leader.

Source: IBEF

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