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

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

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)

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)

Next Story
Resources

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Next Story
Real Estate

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Next Story
Real Estate

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement