India could be the largest electric vehicle market by 2030: Piyush Goyal

India is poised to emerge as the global leader in electric vehicles by 2030, according to Piyush Goyal, the Union Minister of Commerce and Industry. Speaking at the inauguration of the Bharat Mobility Global Expo 2024, Goyal highlighted India’s rapid progress in cutting-edge technologies such as advanced energy storage, e-mobility, and green hydrogen.

With ambitious targets set by the public policy think tank Niti Aayog aiming for 30 percent of total vehicle sales to be electric by 2030, India is on track for remarkable growth. The electric vehicle market is projected to witness a staggering compound annual growth rate of 49 percent between 2022 and 2030.

Presently ranking as the third-largest automobile market globally, India is already witnessing substantial growth in electric vehicle adoption, with sales comprising 3-5 percent of the total market. Notably, sales surged by 49 percent in 2023, reaching 1.53 lakh units, with two-wheelers leading the charge. It is estimated that approximately 7.6 lakh electric vehicles have been registered in the country to date.

The government’s proactive measures, including subsidies under the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme and production-linked incentives for advanced chemistry cell manufacturing, have bolstered early-stage electric vehicle adoption. Additionally, the recent interim budget for FY25 underscores the government’s commitment to expanding and fortifying the e-vehicle ecosystem, with a focus on manufacturing and charging infrastructure. Emphasis is also placed on encouraging the widespread adoption of e-buses for public transportation networks through innovative payment security mechanisms.

As India continues to accelerate its efforts towards sustainable mobility, it is well-positioned to lead the global transition towards electric vehicles by the end of the decade.

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