Indian Economy News

Indian EV market to hit annual sales of 17 million units by 2030: Report

  • IBEF
  • August 24, 2022

According to a report by the India Energy Storage Alliance (IESA), the market for electric vehicles in India is expected to grow at a CAGR of 49% between 2021-30, with annual sales in the segment estimated to surpass 17 million units by 2030.

This projected expansion is likely to be fueled by a variety of factors including growing fuel prices, the entry of new competitors, advancements in EV technology, continuous support for subsidies from the central and state governments, as well as the planned implementation of emission standards.

Due to the growing demand for e-rickshaws, lead-acid batteries continued to dominate the Indian EV ecosystem in 2021, accounting for 81% of the market.

More than 1.8 million automobiles have benefited from the FAME II incentives scheme, which was launched by the government to look into ways to make EVs more affordable and appealing to end users, according to the report.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.