Road Transport and Highways Minister Nitin Gadkari stated in a video conference during the “8th Catalyst Conference on Sustainability of E-Vehicle Industry-Evexpo 2024” that the EV market in India is anticipated to grow to a value of Rs 20 trillion by 2030 and generate approximately 50 million jobs in the EV ecosystem.
According to him, the electric car finance market is expected to grow to a value of Rs 4 trillion by 2030. He urged EV producers to increase manufacturing capacity while upholding high quality standards in order to fulfill the rapidly increasing demand both domestically and internationally, citing the transportation industry as the cause of 40% of India’s air pollution.
“The global focus on green energy presents enormous opportunities for India’s EV industry,” Gadkari stated, adding that in order to take advantage of foreign markets, cutting-edge technology and adherence to quality standards are necessary.
In reference to India’s present need for one lakh electric buses, he stated that the country can only build 50,000 of them. He called on producers to increase output. Additionally, he emphasized that India’s dependence on fossil fuel imports, which currently total Rs 22 trillion crore a year, will be lessened with the use of EVs. He reaffirmed the government’s commitment to green energy, noting that 44% of India’s energy currently comes from solar power. Additionally, efforts are underway to generate biomass and hydro energy.
Electric two-wheelers grabbed the lead with a 59 per cent share of the 217,716 EVs reported in October 2024, with electric three-wheelers in a close second at 35 per cent in the count. About 65% of the electric vehicle market is owned by Tata Motors, while over 75% of the electric bus market is owned by JBM Auto, Olectra Greentech, and Tata Motors.
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