India's electric car penetration projected to surge to 9 per cent by FY30: Report

India's electric passenger vehicle market is projected to witness rapid growth in this decade with new models, advanced technologies and premium featu
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Electric vehicle
India's electric passenger vehicle market is projected to witness rapid growth in this decade with new models, advanced technologies and premium features being introduced. (Getty Images via AFP)
Electric vehicle
India's electric passenger vehicle market is projected to witness rapid growth in this decade with new models, advanced technologies and premium features being introduced.

Indian electric vehicle industry has been so far led by electric two-wheelers and three-wheelers. While the penetration of EVs in the country's passenger vehicle segment has grown significantly over the last few years, it is still lacklustre compared to electric two-wheelers. However, the situation is likely to change over the next few years, as the Indian passenger vehicle market is projected to see EV penetration surging to nine per cent by FY30.

Currently, the share of electric vehicles in the Indian passenger vehicle market is two per cent, which remained stagnant for the last two years. By FY30, this share is slated to grow to nine per cent, claims a report by Nomura. The study further stated that this shift is part of the country's broader transition towards sustainable and environment-friendly mobility solutions. The report also stated that the adoption of electric two-wheelers will rise from the current 5.8 per cent in FY25 to 10 per cent by FY27 and 20 per cent by FY30.

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The report emphasized that success in the electric vehicle segment is crucial for automakers to meet future Corporate Average Fuel Efficiency (CAFE) norms and maintain long-term competitiveness and sustainability in the market. Auto companies are now focusing on developing production-ready, affordable EV models to drive adoption. It stated that as the Indian automotive market evolves, vehicle launches at the recently concluded Bharat Mobility Global Expo 2025 signal a dynamic shift toward eco-friendly and technologically advanced vehicles. Additionally, the Auto Component Expo underscored advancements in newer technologies such as Advanced Driver Assistance Systems (ADAS) and EV components.

The report also noted that the content per vehicle is expected to increase significantly due to premium features and innovations. These include advanced lighting systems, interior plastics, touch-based switches, gear shifters, and more sensors for ADAS.

The report highlights that India's automotive industry is gearing up for a transformative decade, with electric mobility taking centre stage in shaping a sustainable future.

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.

First Published Date: 26 Jan 2025, 09:38 AM IST
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