Indian EV market set to grow at over 40% CAGR until 2027

13 Sep 2024 CW Team

Currently, two- and three-wheelers dominate the Indian EV market, making up around 80% of the segment. The report also noted the government's efforts to enhance local manufacturing and reduce import reliance through Production Linked Incentive (PLI) schemes and reduced customs duties on essential minerals.

Arvind Kothari, Founder, Niveshaay, commented that a balanced approach to policy and market development is helping India emerge as a key player in the global EV sector, despite challenges like limited charging infrastructure.

EV adoption is expected to account for 10-15% of new vehicle sales by 2030, with electric buses, commercial vehicles, and passenger cars contributing to the projected sales of over 10 million units. The report forecasts that India will have more than two million public charging stations by 2030.

The expansion of EV adoption, infrastructure, and manufacturing is linked to increased budget allocations for the sector. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, introduced in 2015, has continued to receive government support, with Rs 26.71 billion allocated for FAME II in the 2024-25 Union Budget. Additionally, the government has launched Rs 5 billion Electric Mobility Promotion Scheme (EMPS) to boost the adoption of electric two- and three-wheelers.

India’s potential to become a significant player in the global EV market is supported by key initiatives such as FAME, EMPS, and the PLI scheme. As urbanisation and population growth drive demand, the country is poised to compete on the global stage.

(ET)

The Indian Electric Vehicle (EV) market is projected to grow at a compound annual growth rate (CAGR) of 35-40% until 2027, according to a report released by Niveshaay. The report highlights that India's EV sales volume could reach 3-4 million units by 2025 and 10 million by 2030. Currently, two- and three-wheelers dominate the Indian EV market, making up around 80% of the segment. The report also noted the government's efforts to enhance local manufacturing and reduce import reliance through Production Linked Incentive (PLI) schemes and reduced customs duties on essential minerals. Arvind Kothari, Founder, Niveshaay, commented that a balanced approach to policy and market development is helping India emerge as a key player in the global EV sector, despite challenges like limited charging infrastructure. EV adoption is expected to account for 10-15% of new vehicle sales by 2030, with electric buses, commercial vehicles, and passenger cars contributing to the projected sales of over 10 million units. The report forecasts that India will have more than two million public charging stations by 2030. The expansion of EV adoption, infrastructure, and manufacturing is linked to increased budget allocations for the sector. The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, introduced in 2015, has continued to receive government support, with Rs 26.71 billion allocated for FAME II in the 2024-25 Union Budget. Additionally, the government has launched Rs 5 billion Electric Mobility Promotion Scheme (EMPS) to boost the adoption of electric two- and three-wheelers. India’s potential to become a significant player in the global EV market is supported by key initiatives such as FAME, EMPS, and the PLI scheme. As urbanisation and population growth drive demand, the country is poised to compete on the global stage. (ET)

Resources

05 May 2026

IGBC Hyderabad Chapter Appoints Cybercity MD as Co-Chairman

Indian Green Building Council has appointed Venu Vinod, Managing Director of Cybercity Builders and Developers, as Co-Chairman of its Hyderabad Chapter.The appointment comes as Hyderabad continues to strengthen its position as a key hub for sustainable urban development and green building adoption. With over two decades of experience in real estate and a broader business career spanning multiple sectors, Vinod has been associated with promoting environmentally responsible development practices.Under his leadership, Cybercity Builders has integrated sustainability principles aligned with IGBC�..

Resources

05 May 2026

Hettich Ludhiana HeX Store Expands North India Presence

Hettich India has launched a Hettich Exclusive (HeX) store in Ludhiana, expanding its experiential touchpoints in North India during its silver jubilee year in the country.The new store offers an integrated, solution-led retail experience with curated walk-throughs of contemporary furniture featuring German fittings, architectural hardware, lighting systems and built-in kitchen appliances. It also provides free design services, enabling customers to visualise and customise furniture solutions for their living spaces.Rahul Thakkar, Director – Sales, Hettich India, said, “Ludhiana’s transf..

Infrastructure Urban

05 May 2026

JSW One Acquires BuildNext to Strengthen Home Platform

JSW One Platforms has acquired BuildNext Construction Solutions to strengthen its presence in India’s home construction and renovation segment.The acquisition builds on JSW One’s existing platform, JSW One Homes, enhancing its ability to offer integrated services spanning materials procurement, design, execution and project management to individual home builders, contractors and homeowners.As part of the transaction, Pidilite Ventures will transfer its stake in BuildNext to JSW One through a share-swap arrangement, while continuing to participate in the company’s growth.The integration c..