Government said, 1 crore EVs can be sold per year in India by 2030
New Delhi: Road Transport and Highways Minister Nitin Gadkari has said that 1 crore electric vehicles (EVs) can be sold annually in the country by 2030, which will create about 5 crore jobs.
The minister said during the 19th EV Expo 2023 that as per the vehicle database, 34.54 lakh EVs are already registered in the country.
The country has the potential to become the world’s top EV player with the government’s efforts, Gadkari stressed, adding that the Center has allowed retrofitting of existing polluting vehicles into hybrid and fully EVs.
If policymakers address some key challenges, India’s EV market has the potential to achieve over 40 percent penetration with $100 billion revenue by 2030, much higher than the current 5 percent penetration.
This growth is expected to be driven by strong adoption (over 45 per cent) in both two-wheeler (2W) and three-wheeler (3W) categories, with penetration of four-wheelers (cars) projected to grow by over 20 per cent. According to a recent report by Bain & Company and Bloom Ventures.
However, several structural challenges need to be addressed to achieve this potential across five themes – new product development, go-to-market/distribution, customer segment prioritization, software development and charging infrastructure, the findings revealed. .
“India needs slow and fast charging infrastructure through installing more charging points in existing EV areas as well as increasing pin-code coverage to reduce range anxiety,” the report said.
Electric two-wheeler (e2W) market penetration could increase from 5 per cent to 45 per cent by 2030, provided original equipment manufacturers (OEMs) enable more than 50 per cent penetration in the scooter segment and initiate breakthrough entry of mid-segment scooter products. Develop. level motorcycle offering.
The electric four-wheeler (E4W) is expected to initially take off with fleets before the passenger segment arrives in the market.
This will require fleet-specific EV models (largely entry-level cars) to be priced on par with related ICE products, the report said.
