G20 Sherpa and former NITI Aayog CEO Amitabh Kant highlight the critical importance of India adopting green mobility, stressing that failure to do so soon could mean missing out on becoming the world’s leading electric vehicle (EV) manufacturer. Projections suggest that by 2030, India could secure a 30% market share in EVs, aiming to have 80 million EVs in circulation. Additionally, the Indian EV battery market is expected to see a significant increase, growing from USD 16.77 billion in 2023 to USD 27.70 billion by 2028.
India is poised to emerge as a global leader in sustainable transportation, leveraging its vast population and status as the fourth-largest automaker. The country’s electric vehicle (EV) market is forecast to grow exponentially, from USD 3.21 billion in 2022 to USD 113.99 billion by 2029. The ambitious government and industry initiatives are supporting this surge, aiming to achieve a 30% market share in EVs by 2030, with 80 million EVs on the road.
Amitabh Kant, G20 Sherpa and former CEO of NITI Aayog, has underscored the critical importance of transitioning to green mobility to maintain global competitiveness. Similarly, the Indian EV battery market is expected to expand significantly, targeting USD 27.70 billion by 2028. The national strategy, termed the 7C vision, focuses on promoting sustainable mobility through low-cost financing, robust charging infrastructure, and cooperation among all stakeholders.
Challenges such as establishing sufficient charging stations are being addressed through governmental and private efforts, including innovative approaches like battery swapping. The government has also introduced incentives such as the PM E-Drive scheme to accelerate EV adoption, reflecting strategies that have proven successful in countries like China and Norway.
The recent growth in the EV market is also facilitated by industry leaders and new entrants in the automotive sector, all aiming to create a comprehensive ecosystem for electric mobility in India. The concerted push towards electrification, backed by significant investments and collaborative efforts between the government and private sectors, underscores India’s commitment to becoming a principal player in the global EV industry.
