Indian electric vehicle (EV) market could be worth around Rs 14.42 lakh crore if the country were to achieve its 2030 EV ambitions but would need cumulative investment of about Rs 12.50 lakh crore for the same, according to a study by CEEW Centre for Energy Finance (CEEW-CEF).
According to the study, an initiative of think tank Council on Energy, Environment and Water (CEEW), although at the end of March 2020 the total number of registered EVs in India stood at only half a million, the cumulative EV sales in all vehicle segments could cross over 100 million units by FY30, 200 times its current market size.
The study also said realising India’s EV ambition would require an estimated annual battery capacity of 158 GWh by FY30, thereby presenting a massive market opportunity for domestic manufacturers.
