India's battery electric vehicle market to grow threefold next year: S&P
- IBEF
- December 11, 2024
Battery electric vehicles (BEVs) are expected to experience a nearly threefold increase in production by calendar year (CY) 2025, following a period of subdued demand in India during CY 2024. According to S&P Global Mobility, BEV production is projected to reach 377,000 units in CY 2025, up from an estimated 130,000 vehicles in CY 2024, capturing a market share of 6.6% of overall light vehicle production. This growth is fueled by significant launches from major automakers such as Maruti Suzuki, Hyundai, Mahindra & Mahindra, Tata Motors, and JSW MG Motor, marking a pivotal moment for electric passenger vehicles in India.
In addition to the anticipated production increase, the industry is preparing for the introduction of up to 19 new electric vehicle models in 2025. Notable launches include Maruti Suzuki's eVitara, which is expected to be available domestically in mid-2025, and Hyundai’s electric version of the popular Creta. S&P's projections hinge on the production-linked incentive scheme's success, charging infrastructure improvements, and battery technology advancements. By CY 2030, light electric vehicle production is forecasted to reach 1.4 million units, achieving a 19.8% market share, with the government’s target of 30% expected to be met by 2035.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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