By 2030, the Indian EV market to reach over Rs 20 trillion
By MYBRANDBOOK
According to Union Minister Nitin Gadkari, the potential market for electric vehicles in India is expected to reach Rs 20 trillion by 2030, encompassing the entire EV ecosystem, with an annual sales volume of 10 million units. The Minister for Road Transport and Highways emphasised the potential for the automobile industry to create 50 million employment during his speech at the Society of Indian Automobile Manufacturers' (SIAM) annual conference. He further forecasted that the market for electric vehicle (EV) financing could expand to an estimated Rs 4 trillion by 2030.
Presently, there are 30 lakh electric vehicles registered in India with two wheelers making up 56 per cent of total sales. In 2023-24 there was a 45 per cent increase in sales of EVs, the minister noted.
During his address, Gadkari also asked the automakers to boost their efforts in promoting old vehicle scrappage. While some companies are currently offering discounts of up to 3 per cent on new vehicles for those who scrap their old ones, Gadkari said that more is expected from the industry.
Earlier, Gadkari had said that the cost of EVs is expected to match that of petrol and diesel vehicles within the next two years.
In March, the Centre approved a policy for the EV sector to attract investments in domestic manufacturing. As part of the policy, companies that are willing to set up manufacturing facilities for EV in India, will be allowed limited imports of cars at lower customs duty. This along with several other initiatives is being taken to leverage the growth of the EV sector in India, which is part of the Centre’s broader strategy to expand the sector and integrate it with the renewable energy industry.
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