The Indian electric vehicle (EV) market is on an electrifying rise, marking a pivotal phase in the country's journey towards sustainable mobility. With impressive growth statistics, ground-breaking technological developments, and global attention through events like the Ride Asia EV Expo 2025, India is firmly accelerating towards an eco-conscious transportation future. Here’s a deep dive into the major highlights from 2023–2024 and what lies ahead for the EV industry in India.
A Surge in EV Sales
and Market Penetration
India’s EV industry recorded remarkable progress in the
fiscal year 2023–2024, registering 30 lakh (3 million) electric vehicles, which
signifies a 45% year-on-year increase in sales. This rapid adoption has pushed
EVs to constitute 6.4% of the overall vehicle market, reflecting growing
consumer confidence and robust industry support.
Two-Wheeler
Revolution
The electric two-wheeler segment is at the forefront of this
revolution, accounting for 56% of total two-wheeler sales. This growth is
fueled by the efforts of over 400 start-ups, innovating and catering to the
demand for cost-effective and sustainable personal mobility.
Future of the EV
Market: Ambitious yet Achievable
·
India’s EV roadmap for the coming years is both
bold and promising:
·
The market is projected to reach ₹20 lakh crore
by 2030.
·
There is a potential to generate 5 crore (50
million) new jobs.
·
EV and hybrid vehicles are expected to achieve
8% market penetration by 2028.
·
The EV finance sector is poised to grow to ₹4
lakh crore (~$48 billion).
·
India has discovered 6 million tonnes of lithium
reserves in Jammu & Kashmir, capable of supporting production for up to 60
crore EVs.
·
The lithium-ion battery lifecycle cost has come
down to $115 per kWh, with expectations to dip below $100 in the next six
months.
·
The battery recycling market is projected to be
worth ₹50,000 crore (~$6 billion) by 2030.
EV Charging
Technology: Innovation at Full Throttle
As vehicle numbers rise, the focus is shifting toward EV
charging infrastructure. The market is expected to grow to ₹70,000 crore (~$8
billion) by 2025. Start-ups like Clean Electric are leading the charge with
15-minute universal and interoperable EV charging technology, enhancing
convenience and efficiency for users.
Spotlight on Ride
Asia EV Expo 2025
One of the most anticipated events in the EV calendar,
RideAsia EV Expo 2025, is shaping up to be a game-changer:
Event Overview
·
300+ exhibitors
·
20,000+ trade visitors
·
Participants from 10+ countries
Vehicle Highlights
Launches of cutting-edge electric vehicles across
categories: two-wheelers, three-wheelers, four-wheelers, e-tractors, and
utility vehicles.
Key reveals include Khalsa EV’s L5 model with a 203 km per
charge range and Citius’s electric tractors suited for 2–5 ton loads.
Key Focus Areas
Breakthroughs in battery technology and fast-charging
solutions
Emphasis on sustainability and carbon footprint reduction
In-depth policy discussions and investment opportunities in
the EV ecosystem
No comments:
Post a Comment