India’s EV market to be worth $206 bn by 2030: Study

Chennai: India’s electric vehicle market could be worth nearly $206 billion (Rs 14,42,000 crore) in the coming decade, if India were to achieve its 2030 electric vehicle (EV) ambitions, according to an independent study released today by the CEEWCentre for Energy Finance (CEEW-CEF). The study also estimates a cumulative investment need of over $180 billion (Rs 12,50,000 crore) in vehicle production and charging infrastructure until 2030 to meet India’s EV ambition.
According to the CEEW-CEF study, the cumulative EV sales in all vehicle segments could cross over 100 million units by FY30 which is 200 times its current market size. At the end of March 2020, the total number of registered electric vehicles in India stood at only half a million. Said Vaibhav Pratap Singh, senior analyst at CEEW-CEF, and lead author of the study, “Availability and affordability of capital for OEMs, battery manufacturers, charge point operators, and end consumers would be key.”