India's electric vehicle market could be worth nearly USD 206 billion in the coming decade, if India were to achieve its 2030 electric vehicle (EV) ambitions, according to a study by CEEW Centre for Energy Finance (CEEW-CEF). Citing NITI Aayog's target, the CEEW-CEF study said India's 2030 EV ambition "states that 70 per cent of all commercial cars, 30 per cent of private cars, 40 per cent of buses, and 80 per cent of two-wheeler (2W) and three-wheeler (3W) sales in 2030 would be electric".
However the covid-19 pandemic seemed to have slowed things down a bit for India.
According to a report by Hyundai, passenger car sales in India was around 2.5 million last year. Out of this, only around 3,500 units were EVS. Even if the market continues to grow to 4 million units in the next three years, Hyundai expects actual sales of EVs to be less than 40,000 units or 1 percent.
But other experts are far more positive.
Arvind Kakru, Country Head, Rockwell Automation, told Moneycontrol, "Innovative projects were announced in the last 6-8 months of the pandemic, something we haven’t witnessed before. The investor contribution is likely to flow down in this direction, and things will move forward aggressively.”