Indian EV market set to lead globally; may peak USD 200 billion by 2030

Indian EV market set to lead globally; may peak USD 200 billion by 2030

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.

Speaking at the Bengaluru Tech Summit (BTS 2021), Meher Energy Ventures CEO Mustafa Wajid said, “We need to get our ecosystem of supply chain right. India can be the largest market for electric vehicles and also a hub for the light vehicle industry worldwide. There is a billion-dollar opportunity and we need to focus on renewable energy.”

Experts pointed out the country’s renewable energy capacity stands at 100 GW and it has plans to add 400 GW by 2030. Ather Energy, which is planning for an IPO in two years, has set up over 20 fast-charging points, and is growing rapidly.

Ather Energy Co-founder and CEO Tarun Mehta said OEMs (Original Equipment Manufacturers) supply chain capability is very strong but the missing piece is, unfortunately, most of the supply chain has not been taught how to build anything new. “It takes on average 5-6 times longer to introduce a new design in India compared to China,” he said.

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