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India's Electric Mobility Market Poised to Hit $250 Billion by 2030
POWER & RENEWABLE ENERGY

India's Electric Mobility Market Poised to Hit $250 Billion by 2030

India's electric mobility sector is on track to become a $250 billion market by 2030, fueled by substantial investments in sustainable transportation, according to the ELECTRIFY30 report by Praxis Global Alliance. The report forecasts a significant rise in electric vehicle (EV) adoption, with the product opportunity expected to reach $94 billion and EV penetration to hit 23% by FY30.

Both passenger and commercial vehicles, including two-wheelers and four-wheelers, are driving this growth. The services segment is also set to expand, growing from $26 billion in FY24 to $144 billion by FY30, with services like E-Buses, E-Cabs, and E3Ws leading the way.

India's focus on building EV infrastructure is evident, with a current EV-to-charging station ratio of 9:1, and government initiatives aiming to achieve a 4:1 ratio, aligning with global standards.

Technological advancements are further boosting the appeal and cost-effectiveness of EVs. The software solutions market is expected to grow from $0.4 billion in FY24 to $1.6 billion by FY30. Additional growth opportunities include India's potential as a manufacturing hub, the development of connected and autonomous vehicles, Mobility as a Service (MaaS), battery recycling, EV exports, and carbon credit initiatives.

Aryaman Tandon, Managing Partner - Mobility, Energy, and Transportation at Praxis Global Alliance, emphasized the dual economic and environmental benefits of this shift, highlighting the report?s insights as key to driving India's electric mobility transformation.

India's electric mobility sector is on track to become a $250 billion market by 2030, fueled by substantial investments in sustainable transportation, according to the ELECTRIFY30 report by Praxis Global Alliance. The report forecasts a significant rise in electric vehicle (EV) adoption, with the product opportunity expected to reach $94 billion and EV penetration to hit 23% by FY30. Both passenger and commercial vehicles, including two-wheelers and four-wheelers, are driving this growth. The services segment is also set to expand, growing from $26 billion in FY24 to $144 billion by FY30, with services like E-Buses, E-Cabs, and E3Ws leading the way. India's focus on building EV infrastructure is evident, with a current EV-to-charging station ratio of 9:1, and government initiatives aiming to achieve a 4:1 ratio, aligning with global standards. Technological advancements are further boosting the appeal and cost-effectiveness of EVs. The software solutions market is expected to grow from $0.4 billion in FY24 to $1.6 billion by FY30. Additional growth opportunities include India's potential as a manufacturing hub, the development of connected and autonomous vehicles, Mobility as a Service (MaaS), battery recycling, EV exports, and carbon credit initiatives. Aryaman Tandon, Managing Partner - Mobility, Energy, and Transportation at Praxis Global Alliance, emphasized the dual economic and environmental benefits of this shift, highlighting the report?s insights as key to driving India's electric mobility transformation.

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