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India's Electric Mobility Market Poised to Hit $250 Billion by 2030

2024-08-14

India's electric mobility sector is on track to become a $250 billion market by 2030, fueled by substantial investments in sustainable transportation, according to the ELECTRIFY30 report by Praxis Global Alliance. The report forecasts a significant rise in electric vehicle (EV) adoption, with the product opportunity expected to reach $94 billion and EV penetration to hit 23% by FY30.

Both passenger and commercial vehicles, including two-wheelers and four-wheelers, are driving this growth. The services segment is also set to expand, growing from $26 billion in FY24 to $144 billion by FY30, with services like E-Buses, E-Cabs, and E3Ws leading the way.

India's focus on building EV infrastructure is evident, with a current EV-to-charging station ratio of 9:1, and government initiatives aiming to achieve a 4:1 ratio, aligning with global standards.

Technological advancements are further boosting the appeal and cost-effectiveness of EVs. The software solutions market is expected to grow from $0.4 billion in FY24 to $1.6 billion by FY30. Additional growth opportunities include India's potential as a manufacturing hub, the development of connected and autonomous vehicles, Mobility as a Service (MaaS), battery recycling, EV exports, and carbon credit initiatives.

Aryaman Tandon, Managing Partner - Mobility, Energy, and Transportation at Praxis Global Alliance, emphasized the dual economic and environmental benefits of this shift, highlighting the report?s insights as key to driving India's electric mobility transformation.