Indian EV market may surge to $120 billion by 2030
Currently, there are 3 million electric vehicles registered in India, with two-wheelers making up 56% of total sales. In 2023-24 there was a 45% increase in sales of EVs.
The Indian EV market is projected to increase from USD 34.8 billion in 2024 to USD 120 billion by 2030, with batteries boosting advancements in EVs and renewable energy storage, industry experts say.
“India’s economic growth and focus on clean energy are driving a surge in battery demand,” Informa Markets in India MD Yogesh Mudras said during a media roundtable, as reported in the Hindu. “Government initiatives such as relaxed FDI norms and the establishment of Khanij Bidesh India [a joint venture between three PSUs to ensure mineral security of the nation] to secure critical minerals, are reducing reliance on imports and strengthening the country’s position in the global market,” he said.
The speakers also said the southern state of Tamil Nadu had emerged as India’s leading automobile manufacturing hub, contributing to 40% of the nation’s EV production last year.
Of the one million EVs sold across India, more than 400,000 were produced in Tamil Nadu, accounting for 68% of all EV two-wheelers sold.
Currently, there are 3 million electric vehicles registered in India, with two-wheelers making up 56% of total sales. In 2023-24 there was a 45% increase in sales of EVs.
In March, the central government approved a policy for the EV sector to attract investments in domestic manufacturing. As part of the policy, companies willing to set up manufacturing facilities for EVs in India will be allowed limited imports of cars at lower customs duty.
