Indian EV market set to grow at over 40% CAGR until 2027
ECONOMY & POLICY

Indian EV market set to grow at over 40% CAGR until 2027

The Indian Electric Vehicle (EV) market is projected to grow at a compound annual growth rate (CAGR) of 35-40% until 2027, according to a report released by Niveshaay. The report highlights that India's EV sales volume could reach 3-4 million units by 2025 and 10 million by 2030.

Currently, two- and three-wheelers dominate the Indian EV market, making up around 80% of the segment. The report also noted the government's efforts to enhance local manufacturing and reduce import reliance through Production Linked Incentive (PLI) schemes and reduced customs duties on essential minerals.

Arvind Kothari, Founder, Niveshaay, commented that a balanced approach to policy and market development is helping India emerge as a key player in the global EV sector, despite challenges like limited charging infrastructure.

EV adoption is expected to account for 10-15% of new vehicle sales by 2030, with electric buses, commercial vehicles, and passenger cars contributing to the projected sales of over 10 million units. The report forecasts that India will have more than two million public charging stations by 2030.

The expansion of EV adoption, infrastructure, and manufacturing is linked to increased budget allocations for the sector. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, introduced in 2015, has continued to receive government support, with Rs 26.71 billion allocated for FAME II in the 2024-25 Union Budget. Additionally, the government has launched Rs 5 billion Electric Mobility Promotion Scheme (EMPS) to boost the adoption of electric two- and three-wheelers.

India’s potential to become a significant player in the global EV market is supported by key initiatives such as FAME, EMPS, and the PLI scheme. As urbanisation and population growth drive demand, the country is poised to compete on the global stage.

(ET)

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

The Indian Electric Vehicle (EV) market is projected to grow at a compound annual growth rate (CAGR) of 35-40% until 2027, according to a report released by Niveshaay. The report highlights that India's EV sales volume could reach 3-4 million units by 2025 and 10 million by 2030. Currently, two- and three-wheelers dominate the Indian EV market, making up around 80% of the segment. The report also noted the government's efforts to enhance local manufacturing and reduce import reliance through Production Linked Incentive (PLI) schemes and reduced customs duties on essential minerals. Arvind Kothari, Founder, Niveshaay, commented that a balanced approach to policy and market development is helping India emerge as a key player in the global EV sector, despite challenges like limited charging infrastructure. EV adoption is expected to account for 10-15% of new vehicle sales by 2030, with electric buses, commercial vehicles, and passenger cars contributing to the projected sales of over 10 million units. The report forecasts that India will have more than two million public charging stations by 2030. The expansion of EV adoption, infrastructure, and manufacturing is linked to increased budget allocations for the sector. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, introduced in 2015, has continued to receive government support, with Rs 26.71 billion allocated for FAME II in the 2024-25 Union Budget. Additionally, the government has launched Rs 5 billion Electric Mobility Promotion Scheme (EMPS) to boost the adoption of electric two- and three-wheelers. India’s potential to become a significant player in the global EV market is supported by key initiatives such as FAME, EMPS, and the PLI scheme. As urbanisation and population growth drive demand, the country is poised to compete on the global stage. (ET)

Next Story
Infrastructure Urban

India, US to promote sustainable aviation fuel and hydrogen in buses

India and the United States have agreed to promote sustainable aviation fuel (SAF), electrification of medium and heavy-duty vehicles, and the use of hydrogen in buses, tractors, and heavy equipment. This decision came during the Strategic Clean Energy Partnership (SCEP) dialogue between US Energy Secretary Jennifer Granholm and Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri in Washington, DC. Both nations also encouraged increased investments in each other's clean energy markets. The joint statement emphasised the importance of a "just, orderly, and sustainable energy trans..

Next Story
Infrastructure Transport

Tuticorin Airport upgradation set for December completion

Tuticorin Airport in Tamil Nadu is undergoing a significant upgrade, with an expected completion date in December 2024. The project, valued at Rs 3.81billion, is being carried out by the Airports Authority of India (AAI) and involves the extension of the runway to accommodate A-321 type aircraft, construction of a new apron, a new terminal building, a technical block with a control tower, and a new fire station. The new terminal building, covering 17,500 square meters, will significantly enhance the airport's capacity, enabling it to serve 1,440 passengers during peak hours and handle up to 2 ..

Next Story
Infrastructure Transport

Airfare hike not tied to increased airport charges; ACI

The Airports Council International (ACI) stated that rising airfares are not linked to increased airport charges. Airport charges are crucial for infrastructure development within the commercial aviation ecosystem, but they remain a minimal part of the overall airfare. Stefano Baronci, Director General of ACI Asia Pacific & Middle East, emphasized that airports are infrastructure-intensive businesses, with costs dominated by maintaining essential infrastructure such as runways, taxiways, aprons, and terminal buildings. He noted that neglecting the capital expenditure needed to support future g..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000