India on Course for 1 Cr Annual EV Sales by 2030: SIAM's Sushant Naik

India’s electric vehicle market is on track to cross 10 million (1 crore) sales volume annually by the end of this decade, with the country moving from early adoption to broad-based electrification across segments, according to  Sushant Naik, chairman of SIAM Electric Mobility Group.

“We are clearly entering a new phase, moving from early adoption to mainstreaming electrification across all segments and regions,” Naik said, while speaking at the 5th Global Electrification Mobility Summit on Tuesday. Naik is also the head of government and corporate affairs and chief corporate affairs officer at Tata Motors.

Citing official projections, Naik said the Economic Survey of India also expects a 49% CAGR in EV sales till 2030, with annual EV sales climbing to 1 crore plus by the end of the decade.

Highlighting the pace of adoption, Naik said, “India is moving with a similar momentum from a time when EV adoption was around 50,000 in 2016. Today, in the last calendar year, 23 lakh EVs have been sold. It means every 50 seconds we are selling one EV, led by rapid uptake in two-wheeler, three-wheeler and buses.”

He added that EV penetration in the country has risen sharply. “In 2019, EV penetration was around 0.9% and now it has been increased to over 7%.”

Naik also underlined that electrification is a structural shift rather than a narrow technology change. “Electric mobility is not just a change in the power trend, it represents a shift in how societies move, breed and grow sustainably,” he said.

On India’s role in building a competitive EV ecosystem, Naik said, “To achieve scales, domestic demand will play a central role, driving affordability, improving quality and strengthening localization. India brings strong foundation to this effort, a robust manufacturing base, a deep supplier ecosystem and growing capabilities in software, electronics and system integration.”

He cautioned that faster scaling will depend on coordinated policy action. “Policy predictability is vital for long-term investment. Inter-ministerial alignment on grid readiness and urban planning will determine the pace of adoption.”

Charging infrastructure has expanded rapidly, Naik said. “We have around 5,000 chargers in 2022 and now more than 29,000 chargers we have installed. A rapid growth in the small span due to government support.”

Financing remains another key constraint. “Batteries, charging network and power electronics require a heavy upfront capital. And access to long-term affordable finance is essential for manufacturing and grid operators,” Naik said.

As the ecosystem scales, workforce readiness will be critical. “Our workforce must scale with its skills in engineering, diagnostics, software and safety will be fundamental to sustain growth,” he said.

Naik said the focus now must be on execution. “Our collective focus must be on practical, scalable solutions that strengthen India’s EV ecosystem and accelerate sustained growth.”