Domestic EV segment may see sales of 10 million by 2030: Study

A study conducted recently showed sales in the domestic electric vehicle (EV) segment may increase by more than 10 million by 2030. The study also suggested that there are chances of an overall adoption of more than 30 per cent across different categories of electric vehicles. The study has been conducted by Arthur D Little, a management consulting company.

By: HT Auto Desk
| Updated on: 17 Jun 2022, 10:56 AM
Follow us on:
Follow us on:
File photo used for representational purpose. (Bloomberg)
File photo used for representational purpose.

The study showed that the adoption of electric vehicles in the passenger vehicle segment is likely to be at 10 per cent by the end of the decade, amounting to a small increment of five per cent in the total sales of EVs. The study highlighted the point that for the country to have more than 30 per cent of the EV adoption, the country will need approximately 800 GWh of batteries by 2030.

India is focusing on its plans to produce lithium-ion cells within the country. It is also expecting $2.3 billion in government subsidies and more than $7.5 billion in investment potential. According to the study, India received Foreign Direct Investment (FDI) of around $6 billion last year and it is being expected that it can attract around $20 billion by 2030 which will help in pushing the country's economic growth and achieve the required scale in this segment.

Also Read : Hyundai eyes compact affordable EV for India: Report )

Managing Partner and CEO, India & South Asia at Arthur D Little Barnik Chitran Maitra said the country can build a strong EV segment by engaging in innovation and reliable charging infrastructure. “We can build on this position by acting to support product innovation, create reliable charging infrastructure, and provide subsidies to buyers and additional incentives to startups involved in battery R&D, among others," Maitra said. He further added if India achieves its true EV potential of 50 per cent electrification, every 10th EV sold globally could be manufactured in India, making India a global EV powerhouse.

Also Read : Toyota to produce electric vehicle components in India: Details )

Given the massive size of the Indian market, there is a huge opportunity for EV demand, shared the study. It also added that by increasing awareness of environmental benefits and support from the government in the form of its flagship FAME-II policy, aimed to boost EV adoption, this segment will push the Indian market towards many positives.

(With inputs from PTI)

First Published Date: 17 Jun 2022, 10:56 AM IST
Shopping Bag Shop Now
5% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Cool Aqua (7.5g)
Rs. 94 Rs. 99
70% OFF
VENO Portable High Power 2 in 1 Car Vacuum Cleaner | USB Rechargeable Wireless Handheld Car Vacuum Cleaner Traveling, Camping Reusable and Sustainable (2 in 1 Vacuum Cleaner)
Rs. 899 Rs. 2,999
4% OFF
Godrej aer O – Hanging Car Air Freshener | Car Accessories | Musk After Smoke (7.5g)
Rs. 95 Rs. 99
SHAYONAM Dent Removal Kit - Powerful Car Dent Repair Kit - Suction Cup Dent Puller Handle Lifter and Dent Repair Puller for Car Body Dent, Glass, Tiles and Mirror (Plastic)
Rs. 349

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking "View Offers" you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.