Indian EV market set to lead globally; may peak USD 200 billion by 2030
BENGALURU: The electric vehicle market in India is poised to emerge as the leading market in the world, and it might be over $200 billion by 2030. Electric vehicle manufacturers and experts in the field said that the country needs to focus on renewable energy, charging stations and strengthening its supply chain.
Given the number of EV manufacturers in India and also consumers’ readiness for EV adoption, the mobility landscape has been evolving over the years. A report by India Energy Storage Alliance estimated that the EV market in India is likely to increase at a CAGR of 36% until 2026. Also, the EV battery market is forecast to expand at a CAGR of 30% during the same period.
