Indian EV industry to grow to ₹20 lakh crore by 2030, create 5 crore jobs: Gadkari

The Indian EV industry is set to grow at a rapid pace in the next five years. Union Minister Nitin Gadkari reaffirmed EV sales growth in India in coming days with projection that it could multifold with millions of job creation. Electric vehicles sales in India is still at a nascent stage with single digit market share in overall vehicle sales. More than 18 lakh EVs were registered between April and December this year, less than 10 per cent of overall vehicles sales across segments.

While addressing a conference on Thursday (December 19), Gadkari said that the Indian EV industry could reach up to ₹20 lakh crore in size by 2030, almost five times from ₹4.50 lakh crore presently. Gadkari is also positive that the EV industry in India will also create around five crore jobs in the next five years as India aims to become global EV hub in near future.

Gadkari highlighted the importance of EV sales growth in India in an effort to promote alternatives to ICE vehicles that run on conventional fossil fuel like petrol and diesel. Referring to rising pollution levels in different parts of the country, Gadkari said, "We import fossil fuels worth ₹22 lakh crore, that is a big economic challenge. And this import of fossil fuels is creating a lot of problems in our country." Besides EVs, Gadkari has been also pushing for alternative fuel like hybrid, ethanol and hydrogen.

EV sales in India in 2024

India is currently the third largest automotive market in the world with a market size of ₹22 lakh crore. India is placed after the United States and China auto industry. Despite being one of the largest auto markets, electric vehicle penetration remains low in India. According to latest reports, EV penetration has grown marginally to around 7.40 per cent in 2024 with a little over 18 lakh vehicles, including commercial EVs, sold till mid-December. However, India has been one of the markets which has not been affected by global EV sales slowdown trend. Between January and November this year, the industry has seen 30 per cent increase in EV sales compared to the same period last year.

Check out Upcoming EV Cars in India, Upcoming EV Bikes in India.