India’s EV Market To Be Worth $206 Billion By 2030: CEEW-CEF

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  • India’s EV ambition would require an estimated annual battery capacity of 158 GWh by FY30
  • Even if 50 per cent of the battery manufacturing capacity were indigenous, investments would amount to as much as $6.1 billion (Rs 42,900 crore) by FY30

India’s electric vehicle market could be worth nearly $206 billion (Rs 14,42,000 crore) in the coming decade, if India were to achieve its 2030 electric vehicle (EV) ambitions as per an independent study released today by the CEEWCentre for Energy Finance (CEEW-CEF). It estimates that a cumulative investment need of over $180 billion (Rs 12,50,000 crore) in vehicle production and charging infrastructure until 2030 to meet India’s EV ambition.

As per the study, the cumulative EV sales in all vehicle segments could cross over 100 million units by FY30 which is 200 times its current market size. Vaibhav Pratap Singh, senior analyst at CEEW-CEF, and lead author of the study said that availability and affordability of capital for OEMs, battery manufacturers, charge point operators, and end consumers would be key.

The CEEW-CEF study also estimates that realising India’s EV ambition would require an estimated annual battery capacity of 158 GWh by FY30. This presents a massive market opportunity for domestic manufacturers.

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Network of over 2.9 million public charging points by FY30

It adds that even if 50 per cent of the battery manufacturing capacity were indigenous, investments would amount to as much as $6.1 billion (Rs 42,900 crore) by FY30 says the study. The cumulative investments required would exceed $12.3 billion (Rs 85,900 crore) in case of 100 per cent indigenisation of battery manufacturing.

As per the study, India would also need a network of over 2.9 million public charging points by FY30, beyond the in-home charging points. This could create another massive market opportunity requiring cumulative investments of up to $2.9 billion (Rs 20,600 crore) until 2030. At the moment, there are just 1800 public charging points across the country.

The EV market also presents a huge opportunity for India’s automobile loan market. if 50 per cent of the EV upfront costs – $103 billion (Rs 7,21,000 crore) required through FY21 —FY30 were to be financed through debt, the banking sector would have to more than triple its current advances of $31 billion (Rs 2,17,000 crore) towards vehicle loans in the next 10 years.

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