India could be the largest electric vehicle market by 2030, says Piyush Goyal
India is now being recognised across the world with the pace at which we are doing pioneering work in technologies like advanced energy storage and e-mobility and green hydrogen, said Piyush Goyal.
With the adoption of electric vehicles picking up in the country, India could become the largest electric vehicle market in the world by 2030, Minister of Commerce and Industry Piyush Goyal today.
“India is now being recognised across the world with the pace at which we are doing pioneering work in technologies like advanced energy storage and e-mobility and green hydrogen. By 2030, India could become the world’s largest electric vehicle market," Goyal said at the inauguration of Bharat Mobility Global Expo 2024.
Public policy think tank Niti Aayog has set a target of 30% electric vehicle penetration in India by 2030, with the market expected to grow at a compound annual growth rate of 49 percent between 2022 to 2030.
India is currently the third-largest automobile market in the world. Electric vehicle penetration is now at around 3-5% and India is dubbed as the fastest-growing electric vehicle market. In 2023, sales of electric vehicles grew around 49% on year to 1.53 lakh units, with two-wheelers leading the race. Around 7.6 lakh electric vehicles are expected to have been registered in the country till now.
Early-stage electric vehicle adoption is being aided by the government’s demand subsidy through the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme. There is also a production-linked incentive scheme for advanced chemistry cell manufacturing, which is expected to reduce the cost of batteries.
In the interim budget for 2024-2025 (FY25) that was presented yesterday, Finance Minister Nirmala Sitharaman said: “Our Government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism.”
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The initial phase of this expansion plans will begin from the north and south regions.