Indian Economy News

Indian mobility market set to double by 2030, exceeding Rs. 51,92,400 crore (US$ 600 billion): Report

  • IBEF
  • January 21, 2025

The Indian mobility industry is set to experience rapid growth, with projections indicating it will surpass Rs. 51,92,400 crore (US$ 600 billion) by 2030, according to a Google and Boston Consulting Group report. Emerging sectors like electric shared and connected mobility are expected to contribute Rs. 8,65,400 crore (US$ 100 billion) to the market by then. At the same time, traditional revenue streams such as internal combustion engine (ICE) vehicles, finance, and insurance will continue dominating most of the market. The growing share of electric vehicles (EVs) is a key driver of this shift, with the share of four-wheeler EVs expected to rise from 2.2% in FY24 to 15-17% by FY30, and two-wheeler EVs projected to grow from 5.4% to 35-40% during the same period.

The report highlights key challenges and trends within the EV market, with 51% of respondents citing concerns over the lack of EV charging infrastructure and 45% mentioning high vehicle costs. Notably, consumer preferences are evolving, with electric four-wheeler buyers focusing on sophistication and advanced technology. In contrast, two-wheeler buyers prioritize practicality and affordability. Additionally, women increasingly influence EV purchasing decisions, accounting for 52% of decision-making, surpassing their influence in the traditional ICE vehicle segment. The demand for connected vehicle features, such as infotainment and real-time parking assistance, remains strong, underscoring the importance of high-tech solutions that cater to diverse consumer needs as the market matures.

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

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