Electric vehicle (EV) sales in India are expected to cross 9 million units by 2027 and the industry is seen creating more than 10 million direct and 50 million indirect jobs by 2030, says an IVCA-EY-Induslaw report.
The EV industry attracted $6 billion in investment in 2021. This could grow to $20 billion by 2030. In a sign that the EV market is drawing the attention of private equity/venture capital investors in India, such investments are estimated to grow from $181 million to $1,718 million during the same period – an annual growth rate of 849%. “This (PE/VC investment) has reached about $666 million in 2022 so far,” said Rajat Tandon, president of the Indian Private Equity and Venture Capital Association (IVCA).
