India To Become the Largest Electric Vehicle Market in the World

India is expected to become the largest electric vehicle market in the world with its market share of electric cars expected to rise to 30% by 2030. The country’s EV market is expected to grow at ~49% CAGR between 2021-2030. Yearly sales of 17 million units are estimated with electric two-wheelers leading the charge with sales of ~15 million.

Also, read Green Hydrogen Catches Momentum in India.

Rising population, increasing consumerism, growing income base, urbanization, and increasing awareness of clean technologies are major factors supporting this growth trend in India. The country witnessed recent developments by large multinationals expanding their bases. Government policies like ‘Make In India‘ and the ease of doing business index have acted as tailwinds. The western state of Gujarat has been chosen by Suzuki Motor Corporation’s upcoming lithium battery plant and Vedanta-Foxconn setting up a 1,000-acre semiconductor plant. This will also encourage other countries and companies to establish bases in India and develop the country’s software, electronics, and other ancillary industry among others.

As a result, we expect investment and technological growth in the industry. India is one of the largest auto markets in the world. All these moves could make India completely ‘Atmanirbhar’ in the auto sector. Electrifying India’s fleet will go a long way in curbing vehicular emissions in the long run. India has also committed to achieving net zero emissions by 2070. The government is looking at launching flex-fuel and hydrogen-powered vehicles soon on Indian roads. India is expected to introduce its first flex-fuel car this month itself. Remember the last time Road and Transport Minister Nitin Gadkari made a grand entry to the Parliament in the new shiny hydrogen-powered car?

Also, read Why Green Hydrogen has become the Next Big Thing in Clean Tech