EV market in India to hit annual sales of 17 mn units by 2030

Many Industry specialists are now saying that the Indian EV market is close to hitting annual sales of 17 million units by the coming of 2030.

This enormous growth of the EV market is driven by the continuous price rising of petrol, diesel and other necessary fuels. The constant decreasing subsidy rates on power with the sub-standard of other Storage Alliance of India cause this market growth to its peak.

The EV market is fast-growing after the Covid-19 pandemic, which is also the up-growing giant market nowadays. Many market researchers now assume that the EV market is growing voraciously in the two-wheeler segment by more than 50% from the past 5 years, and it is now coming to touch the amount of 4.67 Lakhs EV sales in both in the two and three-wheeler markets.

According to the sources, the Indian EV market will touch its overall 49% growth within 2022-2027. The total sales will reach around 15-17 million in the two-wheeler and three-wheeler EV industry.

This calculative figure is assumed because the giant lithium-ion battery sales sold by more than 49% yearly.  This sell figure will reach more in the coming 2024-2025 year. The production of this battery will increase more due to the high demand for Electric two-wheeler bikes. The general fuel rise of these consecutive years influences more production of these batteries.

As per other top reports, these lithium-ion batteries will dominate more from 2025-2030 when more four-wheeler electric car arrives in the market, and two-wheeler electric bikes will dominate the fuel bikes. The dominance rate will thrive to 81% at that time now.

Moreover, the reducing cost of these lithium batteries makes more production of two-wheelers in coming years, and the price of these two-wheelers also will be in the range of everyone’s budget, that’s why these EV vehicles will fully dominate the market. People will get the same mileage from these two-wheeler electric bikes or cars, just like the fuel-used bikes and vehicles.

So, in near future, it will only be conducted with these EV vehicles for price efficiency and better mileage services.