- The global electric vehicle market is projected to grow from 3,269,671 units in 2019 to reach 26,951,318 units by 2030
- India’s electric vehicle market will be worth $300 billion in 2030, says Anil Srivastava – principal adviser – NITI Aayog
In order to realise its electric vehicle goals, the Indian government is now focusing on setting up the required infrastructure for the EVs.
According ET, the Ministry of Heavy Industries is likely to announce incentives for EV infrastructure shortly.
Anil Srivastava, director general – DMEO & adviser (Infrastructure Connectivity) NITI Aayog, mentioned about the government’s plan of providing incentives for infrastructure development at the recent ETAuto Tech Summit.
Citing the example of companies such as NTPC, which is working on developing charging infrastructure for electric vehicles, he hinted at the provision of some incentives for infrastructure development.
“NTPC is going big on infrastructure for charging stations and what kind of incentives should be there, and they will be pronounced shortly by the Department of Heavy Industries,” Srivastava was quoted as saying.
Govt encourages local manufacturing of batteries
Srivastava further highlighted the need for the industry to invest in building a battery capacity of 50-60 GWh by 2025 to meet the future mobility plans in electric space.
He also asserted that the reliance on lithium is not necessary and one needs to explore other chemistry to de-risk the dependence on one material.
The investment on battery is estimated to be about $40 billion in the next three years.
Srivastava is confident that India would have two-fifths of the global battery demand by 2027-28. He said, “When we look into the battery storage and transformation which is going to take place, India’s electric vehicle market will be worth $300 billion in 2030, as per the projections by leading consultants and experts.”
Electric Vehicle Market to Reach 26,951,318 Units by 2030
The global electric vehicle market is projected to grow from 3,269,671 units in 2019 to reach 26,951,318 units by 2030, according a research report by MarketsandMarkets.
Asia Pacific is expected to be the largest electric vehicle market. The rising demand for greener transportation along with several initiatives by private organizations as well as government will influence the market growth in the region, the report said.
The governments of the developing economies, like Chine and India, have recognized the growth potential of the electric vehicle market, and hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets.
In March 2019, the Indian government announced the second phase of FAME – II, which envisages setting up of about 2700 charging stations across the country.