India’s EV Market to Reach US$ 209.55 billion by 2030, Will Create 5 Cr Jobs: Union Minister Mr. Nitin Gadkari
- IBEF
- August 28, 2026
India's electric vehicle (EV) market is expected to grow to Rs. 20 lakh crore (US$ 209.55 billion) by 2030, with the potential to create five crore jobs, Union Minister Mr. Nitin Gadkari said, addressing a summit organised by the CII-ITC Centre of Excellence for Sustainable Development. He noted that 57 lakh electric vehicles are currently registered in India, with 7% market penetration. Mr. Nitin Gadkari highlighted that India's two largest two-wheeler manufacturers, Bajaj Auto and Hero MotoCorp, export more than 50% of the vehicles they produce and pointed out that while there is annual demand for one lakh electric buses in India, manufacturing capacity stands at only 50,000-60,000 units annually. He said the government aims to make India's automobile industry the world's number one within five years, citing the country's trained manpower, good vehicle quality and competitive costs as key strengths.
Mr. Nitin Gadkari said the Indian automobile industry has grown from Rs. 14 lakh crores to Rs. 22 lakh crores (US$ 230.51 billion) since he took charge as transport minister, with India's industry size now at Rs. 23 lakh crore (US$ 240.99 billion), behind the US at Rs. 78 lakh crore (US$ 817.29 billion) and China at Rs. 47 lakh crore (US$ 492.44 billion). He noted India spends Rs. 22 lakh crore (US$ 230.51 billion) annually on fossil fuel imports, contributing to pollution, and stressed that good highways, alternative fuels and bio-fuel represent the future. On logistics, Mr. Gadkari said a report by IIT Chennai, IIT Kanpur and IIM Bangalore found that expressway and economic corridor development has helped cut India's logistics cost from 16% to 10%, with the government targeting a further reduction to 8% to boost global competitiveness.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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