The 21st EV EXPO 2024 commenced at Pragati Maidan, New Delhi, featuring the 8th Catalyst Conference on the sustainability of the electric vehicle (EV) industry. Organized in collaboration with the International Centre for Automotive Technology (ICAT), the event brought together industry representatives, regulatory authorities, and entrepreneurs to discuss the future of electric mobility.
Hon’ble Minister for Road Transport & Highways, Mr. Nitin Gadkari, inaugurated the conference via video link from Nagpur. Addressing the gathering, he emphasized India’s commitment to combating rising pollution levels and reducing its dependency on fossil fuel imports, which currently amount to ₹22 lakh crore annually. He reiterated the government’s focus on transitioning mass transportation systems to electric vehicles and achieving carbon neutrality by 2070.
Key Highlights from Mr. Gadkari’s Address:
- Market Growth: In 2023-24, India registered 30 lakh EVs, marking a 45% increase in sales with a 6.4% market penetration. Notably, 56% of total two-wheeler sales were electric, driven by over 400 startups in the EV sector.
- Future Projections: By 2030, the Indian EV market is expected to reach a potential of ₹20 lakh crore, creating 5 crore jobs. Hybrids and EVs are projected to account for 8% of the market by 2028, with the EV finance market size estimated at ₹4 lakh crore.
- Lithium Reserves: India’s reserves of 6 million tonnes of lithium in Jammu & Kashmir represent 6% of the global stock, sufficient to support the production of 60 crore EVs. Efforts are underway to expedite the utilization of these reserves.
- Cost Reductions: The lifecycle cost of lithium-ion batteries currently stands at $115 per kilowatt-hour, with expectations to drop below $100 within six months.
- Recycling Opportunities: The lithium-ion battery recycling market is projected to reach ₹50,000 crore by 2030.
- Potential to be World Leader in EVs: Mr. Gadkari urged industry leaders to seize the opportunity to expand production tenfold and position India as a global leader in the EV market. He emphasized that the Indian EV industry must compete effectively with countries like China by leveraging superior technology and uncompromising quality standards. He underscored the importance of proven technology, economic viability, raw material availability, and marketability as key principles for success.
He concluded by envisioning India’s automobile industry becoming the world’s largest within five years, with significant contributions from the EV sector.