India’s EV market to generate 5 crore jobs by 2030; Gadkari pushes for accelerated J&K lithium utilisation

By Pune Media On Dec 19, 2024 18

India’s electric vehicle (EV) market is expected to reach ₹20 lakh crore by 2030, generating five crore jobs across the EV ecosystem. Additionally, the EV finance market is projected to grow to ₹4 lakh crore by 2030, according to Nitin Gadkari, who addressed the 8th Catalyst Conference on the Sustainability of the E-Vehicle Industry – Evexpo 2024, New Delhi.

He pointed out the time is ripe for transitioning to EVs, with strong societal support. The domestic market for EVs is growing rapidly, and there is also an increasing demand for exports. In 2023-24, 30 lakh EVs were registered in India, recording a 45per cent increase in sales and a market penetration of 6.4 per cent. Two-wheelers make up 56 per cent of total EV sales, and over 400 start-ups are thriving in the electric two-wheeler segment. The three-wheeler EV market is also flourishing, with more than 300 models available and operational costs as low as 90 paise per km. By 2028, hybrids and EVs are expected to capture 8 per cent of the market share.

The future of the EV industry looks bright. However, to remain competitive, especially in the EV and battery sectors against countries like China, India must focus on cutting-edge technology and maintain the highest quality standards, Gadkari stressed.

Growing EV ecosystem

He highlighted the growing EV ecosystem in India. Over 16,000 EV charging stations have already been established, with 2,800 more planned, creating significant job opportunities for the country’s youth. A key factor driving the success of EVs is the lithium-ion battery, a critical component in the transformation of the industry.

A lithium-ion battery’s current life cycle cost is $115 per kilowatt-hour, but Gadkari predicts it will drop below $100 within six months. As a result, lithium-ion manufacturing has become a focal point. Companies such as Adani, Tata, Maruti, LG, and Samsung are actively involved in developing lithium-ion cells to meet the growing demand for these batteries.

India is also positioning itself to leverage its domestic lithium reserves. With six million tonnes of lithium discovered in Jammu and Kashmir, accounting for 6 per cent of the global reserves, this resource has the potential to power the production of 60 crore EVs. Efforts are underway to accelerate the utilization of this lithium.

In addition to lithium-ion technology, there is significant progress in alternative chemistries such as sodium-ion, zinc-ion, and aluminium-air batteries, with research led by Indian Oil Corporation Ltd targeting a range of 450 km. “These advancements in battery chemistry could prove to be a valuable national asset for India. Furthermore, the reduction in customs duty on lithium-ion batteries from 21 per cent to 13 per cent has made EVs more affordable,” he stated.

India faces an economic burden of ₹22 lakh crore annually due to fossil fuel imports, with about 85 per cent of the country’s energy needs being met by fossil fuels. The transport sector contributes significantly, releasing 330 million tonnes of CO2 emissions every year. The government has pledged to make India carbon-neutral by 2070, focusing on the widespread adoption of electric vehicles, including scooters, cars, trucks, buses, tractors, and construction equipment, he stated.

Published on December 19, 2024

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}

_{Aggregated From –}

_{Source link}