By 2030, 35–40% of all vehicles sold in India likely to be battery EVs
- IBEF
- December 16, 2022
Looking at the upward trajectory of the electric vehicle (EV) market in the country, a recent report by Bain & Co suggests a 40-45% EV adoption for two-wheelers and 15-20% adoption for four-wheeler passenger vehicles by 2030.
The report also pointed out that with the growth of electric vehicles in the country, creation of material new revenue and profit pools will take place, which would generate US$ 76 billion - US$ 100 billion of cumulative revenue opportunity and US$ 8 billion - US$ 11 billion of profit across the EV value chain.
The report mentioned certain factors for growth of EV which include government initiatives, improved cost competitiveness, emerging EV supply chains, and ecosystems. However, it also pointed out the key areas to focus on, which include: the price of batteries, the need for sustainable EV-specific business models to be built by the Original Equipment Manufacturer (OEM), and the charging infrastructure.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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