Techno Blender
Digitally Yours.

Indian EV market to hit annual sales of 17 mn units by 2030: Report

0 33


India’s electric vehicle market is reportedly expected to expand at a compounded annual growth rate of 49 per cent between 2021-2030, with the segment’s volumes set to cross annual sales of 17 million by 2030.

According to a report by India Energy Storage Alliance (IESA), this projected growth is expected to be driven by factors such as rising fuel prices, entry of new players, advancement in EV technology, continued subsidy support from both the central and state governments as well as anticipated implementation of emission standards.

Moreover, the EV industry in India experienced one of the quickest recoveries from the pandemic-induced slowdown in 2020, the report observed. Notably, the electric two-wheeler segment accounted for 50 per cent of the total over 4.67 lakh EV sales in the domestic market followed by the low-speed e-three-wheelers in 2021, suggests the report.

The report further said that with a Business as Usual (BAU) scenario, the Indian EV market would expand at a CAGR of 49 per cent between 2021 and 2030 and is predicted to reach annual sales of 17 million units by that time, with almost 15 million of those projected to be electric two-wheelers.

Additionally, between 2021 and 2030, the yearly battery demand is expected to increase at a compounded annual growth rate (CAGR) of 41 per cent, reaching 142 GWh, as per the forecast.

The report highlighted that the market is of 6.5 GWh, just like in 2021 and added that the EV segment is anticipated to grow quickly after 2024–2025, as the initial cost of these vehicles are predicted to be comparable to those of internal combustion engine-powered vehicles on the back of falling battery prices, advancements in EV technology, domestic production and economies of scale.

It is noteworthy that lead-acid batteries continued to dominate the Indian EV ecosystem in 2021, accounting for 81 per cent of the market, due to the high demand for e-rickshaws, as per the report.

Moreover, the FAME II incentives scheme, launched by the government to look into ways to make EVs cheaper and attractive to the end-users and has now been extended to 2024, has benefited more than 1.8 million automobiles, IESA said in the report.

(With inputs from PTI)

Catch all the Auto News and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.

More
Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.


India’s electric vehicle market is reportedly expected to expand at a compounded annual growth rate of 49 per cent between 2021-2030, with the segment’s volumes set to cross annual sales of 17 million by 2030.

According to a report by India Energy Storage Alliance (IESA), this projected growth is expected to be driven by factors such as rising fuel prices, entry of new players, advancement in EV technology, continued subsidy support from both the central and state governments as well as anticipated implementation of emission standards.

Moreover, the EV industry in India experienced one of the quickest recoveries from the pandemic-induced slowdown in 2020, the report observed. Notably, the electric two-wheeler segment accounted for 50 per cent of the total over 4.67 lakh EV sales in the domestic market followed by the low-speed e-three-wheelers in 2021, suggests the report.

The report further said that with a Business as Usual (BAU) scenario, the Indian EV market would expand at a CAGR of 49 per cent between 2021 and 2030 and is predicted to reach annual sales of 17 million units by that time, with almost 15 million of those projected to be electric two-wheelers.

Additionally, between 2021 and 2030, the yearly battery demand is expected to increase at a compounded annual growth rate (CAGR) of 41 per cent, reaching 142 GWh, as per the forecast.

The report highlighted that the market is of 6.5 GWh, just like in 2021 and added that the EV segment is anticipated to grow quickly after 2024–2025, as the initial cost of these vehicles are predicted to be comparable to those of internal combustion engine-powered vehicles on the back of falling battery prices, advancements in EV technology, domestic production and economies of scale.

It is noteworthy that lead-acid batteries continued to dominate the Indian EV ecosystem in 2021, accounting for 81 per cent of the market, due to the high demand for e-rickshaws, as per the report.

Moreover, the FAME II incentives scheme, launched by the government to look into ways to make EVs cheaper and attractive to the end-users and has now been extended to 2024, has benefited more than 1.8 million automobiles, IESA said in the report.

(With inputs from PTI)

Catch all the Auto News and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.

More
Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment