India’s EV Sector Set to Hit USD 114 Billion by 2029

New Delhi, May 19 (KNN) India is poised to become a global leader in electric vehicles (EVs), driven by ambitious government policies, rapid market growth, and a strong push for sustainable mobility.

According to ET, the Indian EV market is projected to expand from USD 3.21 billion in 2022 to USD 113.99 billion by 2029. 

G20 Sherpa and former NITI Aayog CEO Amitabh Kant emphasised the urgency for India to embrace green mobility, stating, “If we don’t shift now, we risk missing the opportunity to become the world’s largest EV manufacturer.” Projections indicate that by 2030, India could achieve a 30 per cent market share for EVs, with a target of 80 million EVs on the road. 

The government’s 7C vision—Common, Connected, Convenient, Congestion-free, Charged, Clean, and Cutting-edge—aims to establish low-cost financing, robust charging infrastructure, and collaborative frameworks among stakeholders.

Ashim Sharma from NRI suggests that India could achieve 12 per cent-15 per cent vehicle penetration by 2030, positioning itself alongside the US, Europe, and China as a top EV market. 

To support this growth, the Indian EV battery market is expected to rise sharply, from USD 16.77 billion in 2023 to USD 27.70 billion by 2028.

Additionally, the government has set ambitious targets for EV penetration by 2030, including 30 per cent in private cars, 70 per cent in commercial vehicles, 40 per cent in buses, and 80 per cent in two-wheelers and three-wheelers. 

As of February 2024, there are 12,146 operational public EV charging stations nationwide. However, a recent Confederation of Indian Industry (CII) report emphasised the necessity of establishing at least 1.32 million charging stations in India by 2030 to facilitate the rapid growth of electric vehicles, requiring over 400,000 installations annually. 

With supportive policies, technological advancements, and increasing consumer demand, India is well-positioned to drive the global transition to sustainable transportation. 

(KNN Bureau)

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