Indian EV market may touch 1 cr units annual sales by 2030: Gadkari

India's electric vehicles market is expected to grow to one crore units annual sales mark by 2030 creating 5 crore jobs, Union Minister Nitin Gadkari said on Tuesday. Addressing the annual convention of Society of Indian Automobile Manufacturers (SIAM) Gadkari, the Minister for Road Transport and Highways, also expressed hope that India will become the number one automotive manufacturing hub in the world in future. "India's EV market is expected to grow to one crore annual sales by 2030 and create five crore jobs," he said.

The minister further said the Indian EV market potential is likely to touch Rs 20 lakh crore by 2 0 3 0 across the entire EV ecosystem, with an estimated EV finance market size is Rs 4 lakh crore. He also said the cost of lithium-ion batteries is expected to come down further thereby helping in affordability and thus fuelling mass adoption. " T o d a y, about 30 lakh electric vehicles are registered i n India," Gadkari said, adding electric two-wheelers accounted for 56% of total sales. In 2023-24 there was a 45 per cent increase in sales of EVs, and 400 startups in electric two-wheelers have already started manufacturing, he added.

Gadkari expressed confidence in the government's efforts to encourage battery cell manufacturing in India through the PLI scheme. Acknowledging the importance of the auto industry in India's economic development, the minister said the sector will play a key role in the mission of Prime Minister Narendra Modi and the government to make the Indian economy the third largest in the world.