NITI Aayog Releases Report on ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’

NITI Aayog today released a comprehensive report titled ‘Unlocking a $200 Billion Opportunity: Electric Vehicles in India’, aimed at assessing the current state of electric mobility in the country and identifying key strategies to accelerate the transition to electric vehicles (EVs).

The report was launched by Rajiv Gauba, Member, NITI Aayog, in the presence of B. V. R. Subrahmanyam, CEO, NITI Aayog, Kamran Rizvi, Secretary, Ministry of Heavy Industries, O. P. Agarwal, Distinguished Fellow, NITI Aayog, and Sudhendu Sinha, Programme Director – E-Mobility, NITI Aayog, along with other officials and stakeholders.

India has set a target to achieve a 30% share of electric vehicles in total vehicle sales by 2030. According to the report, EV sales in the country have grown from 50,000 units in 2016 to 2.08 million in 2024. Over the same period, global EV sales increased from 918,000 to 18.78 million. While India’s EV adoption began at a slower pace compared to global trends—reaching only about one-fifth of global penetration levels in 2020—the domestic market has since improved, with EV penetration now exceeding two-fifths of the global average as of 2024. Despite this progress, the growth trajectory remains relatively gradual, indicating the need for stronger policy and market interventions.

The report was developed through extensive consultations with stakeholders, including seven dedicated sessions hosted by NITI Aayog. It outlines key challenges facing the EV ecosystem in India, such as infrastructure gaps, affordability, supply chain constraints, and consumer awareness. In response, the document proposes a set of strategic interventions and actionable recommendations to scale up EV adoption across various vehicle segments.

Positioned as a strategic roadmap, the report emphasizes the importance of data-driven policymaking and cross-sector collaboration among government, industry, and financial institutions. It highlights the potential for the Indian EV market to grow into a $200 billion opportunity, contingent on timely and coordinated action.

Speaking at the launch, Rajiv Gauba noted that India is at a critical juncture in its clean mobility transition. He stated that the report offers policy-relevant insights and recommendations to address existing bottlenecks and support large-scale EV adoption.

B. V. R. Subrahmanyam, CEO of NITI Aayog, emphasized the organization’s ongoing role in supporting India’s EV transformation. He described the report as a timely assessment of current challenges and a source of practical recommendations to expedite the country’s shift toward sustainable mobility.

The report is expected to serve as a reference point for policymakers, industry leaders, and investors engaged in India’s evolving electric mobility landscape.