 "India's EV market to reach Rs 20 trn by 2030, create 50 mn jobs: Gadkari")
India’s electric vehicle market is likely to reach Rs 20 trillion by 2030, and is expected to create around 50 million jobs in the EV ecosystem, said Road Transport and Highways Minister Nitin Gadkari in his message on Thursday on video conference while addressing the ‘8th Catalyst Conference on Sustainability of E-Vehicle Industry-Evexpo 2024’.
He said that by 2030, the finance market for electric vehicles is estimated to reach Rs 4 trillion.
Attributing 40 per cent of India’s air pollution to the transport sector, he appealed to the EV manufacturers to expand the production capacity while maintaining high-quality standards to meet the fast-growing domestic as well as export demand.
“The global focus on green energy presents enormous opportunities for India’s EV industry,” Gadkari said, adding the need for advanced technology and quality adherence in order to corner international markets.
Call to boost EV manufacturing
Regarding the shortage of electric buses, he said that India currently requires one lakh units, but has the capacity to produce only 50,000. He urged manufacturers to ramp up production. He also emphasised that the adoption of EVs will help India reduce its reliance on fossil fuel imports, which currently amount to Rs 22 trillion crore annually. He reiterated the government’s direction for green energy, whereby India’s energy now comprises 44 per cent of its production coming from solar. Further, work is in hand to develop hydro and biomass energy.
India’s current EV market
Electric two-wheelers took the lead with a 59 per cent share of the 217,716 EVs reported in October 2024, with electric three-wheelers at a close second at 35 per cent in the tally. Tata Motors holds around 65 per cent in the electric cars business; the three of Tata Motors, JBM Auto, and Olectra Greentech account for more than 75 per cent in electric buses.
According to the Fortune Business Insights, the size of the Indian EV market is projected to reach $3.21 billion in 2022 but will reach as high as $113.99 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 66.52 per cent. Additionally, the Indian EV battery market is estimated to rise from $16.77 billion in 2023 to $27.70 billion in 2028.