India’s EV market to hit Rs 20 trillion by 2030, 50 million jobs projected, says Nitin Gadkari
New Delhi: India’s electric vehicle (EV) market is projected to grow to Rs 20 trillion by 2030, potentially generating around 50 million jobs within the EV ecosystem, according to Road Transport and Highways Minister Nitin Gadkari.
Speaking via video conference at the ‘8th Catalyst Conference on Sustainability of E-Vehicle Industry-Evexpo 2024’ on Thursday, he highlighted the sector’s rapid development, reported Business Standard.
He also noted that the electric vehicle finance market is anticipated to reach Rs 4 trillion by 2030, the report said.
Pointing out that 40 percent of India’s air pollution originates from the transport sector, Gadkari urged EV manufacturers to scale up production while maintaining high-quality standards to meet the increasing demand both domestically and for export.
“The global focus on green energy presents enormous opportunities for India’s EV industry,” Gadkari was quoted as saying by Business Standard.
He stressed the importance of advanced technology and quality standards to capture international markets.
Call to boost EV manufacturing
Addressing the shortage of electric buses, Gadkari mentioned that India requires one lakh units but currently has the capacity to produce only 50,000. He appealed to manufacturers to increase production.
He highlighted the role of EV adoption in reducing India’s dependence on fossil fuel imports, which cost Rs 22 trillion annually.
He reiterated the government’s commitment to green energy, noting that 44 percent of India’s energy production now comes from solar, with further developments underway in hydro and biomass energy.
India’s current EV market
Electric two-wheelers dominate the market with a 59 percent share of the 217,716 EVs reported in October 2024, followed by electric three-wheelers at 35 percent.
In the electric car segment, Tata Motors leads with a 65 percent market share, while Tata Motors, JBM Auto, and Olectra Greentech together account for over 75 percent of the electric bus market.
According to Fortune Business Insights, the Indian EV market was valued at $3.21 billion in 2022 and is expected to soar to $113.99 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 66.52 percent.
Similarly, the Indian EV battery market is predicted to grow from $16.77 billion in 2023 to $27.70 billion by 2028.
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