EV market likely to cross 1 crore sales mark per annum by 2030: Economic Survey
India’s electric vehicles (EV) market is expected to grow to one crore units annual sales by 2030 and create 5 crore direct and indirect jobs, according to the Economic Survey 2022-23.
The survey tabled in Parliament on Tuesday said that in December 2022, India became the third-largest automobile market, surpassing Japan and Germany in terms of sales.
“The automotive industry is expected to play a critical role in the transition towards green energy. The domestic electric vehicles (EV) market is expected to grow at a compound annual growth rate (CAGR) of 49 per cent between 2022 and 2030 and is expected to hit one crore units of annual sales by 2030,” it said.
