According to Union Minister of Commerce and Industry Piyush Goyal, India may surpass all other EV markets globally by 2030 as the country’s adoption of electric vehicles picks up steam.
With the speed at which we are advancing cutting-edge technologies like green hydrogen, e-mobility, and superior energy storage, India is now becoming recognized on a global scale. At the opening of Bharat Mobility Global Expo 2024, Goyal stated that India might overtake all other countries as the global leader in the electric car market by 2030.
The public policy think tank Niti Aayog has set a 2030 aim of 30% of all sales in India to be electric vehicles (EVs), with a 49% compound annual growth rate predicted for the market between 2022 and 2030.
India’s future in the EV market
Right now, India has the third-biggest car market globally. India has been branded the fastest-growing market for electric vehicles, with EV sales already accounting for three to five percent of overall sales. Sales of electric cars increased to 1.53 lakh units in 2023, a 49 percent year-over-year increase, with two-wheelers leading the pack. It is estimated that 7.6 lakh electric vehicles have been registered in the nation up to this point.
The government’s Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) plan is providing demand subsidy support for the adoption of electric vehicles at an early stage. Additionally, there is a production-linked incentive program for the creation of advanced chemistry cells, which should lower battery costs.
Finance Minister Nirmala Sitharaman stated: “Our Government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure” in the interim budget for 2024–2025 (FY25), which was announced on February 1. With payment security mechanisms, e-bus use for public transportation networks will increase.
