India’s EV market to be worth $206 billion by 2030

According to a CEEW-Centre for Energy Finance (CEEW-CEF) study, India’s electric vehicle (EV) market could be worth nearly $206 billion (Rs 14,420 billion) in the coming decade, if India were to achieve its 2030 EV ambitions.

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. The study also estimates a cumulative investment need of over $180 billion (Rs 12,500 billion) in vehicle production and charging infrastructure until 2030 to meet India’s EV ambition.

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