Electric Vehicle Industry - Infographic

The Indian EV market is forecasted to expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a 66.52% CAGR.

Advantage India

Robust
Demand

*The Indian EV market is forecasted to expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a 66.52% CAGR.

*The Indian EV battery market is projected to surge from US$ 16.77 billion in 2023 to a remarkable US$ 27.70 billion by 2028.

*India is on track to become the largest EV market by 2030, with rise in investment over the next 8-10 years.

Opportunities

*A cost-effective manufacturing base keeps costs lower by 10-25% relative to operations in Europe and Latin America.

*The imperative highlighted by a recent Confederation of Indian Industry (CII) report to set up 1.32 million charging stations by 2030 presents a significant growth opportunity for the electric vehicle sector.

*Presence of a large pool of skilled & semi-skilled workforce amidst a strong educational system.

Policy
support

*In Phase-II of the FAME India scheme, the Ministry of Heavy Industries (MHI) approved a capital subsidy of Rs. 800 Crore (US$ 96.13 million) to set up 7,432 Electric Vehicle Public Charging Stations (EVPCS).

*A dedicated policy FAME II with a budgetary outlay of Rs. 10,000 crore (US$ 1.43 billion), to incentivize electric vehicle consumption and support manufacturing.

*Electric Mobility Promotion Scheme with a Rs. 500 crore (US$ 60.18 million) budget to enhance green mobility and stimulate electric vehicle manufacturing in the country.

Investments

*India is emerging as a global hub for auto component sourcing and the industry exports over 25% of its production annually.

*Hyundai Motor intends to invest US$ 2.45 billion in Tamil Nadu over the next decade to enhance its electric vehicle initiatives in India. Also, the company is planning to assemble EV battery packs and install 100 charging stations for EVs.

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Last updated: Oct, 2024

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