Unlocking a $200 Billion Opportunity: Electric Vehicles in India
Electric Vehicles in India,’ which presents a timely and comprehensive assessment of current challenges while highlighting major unlocks essential to accelerate India’s Electric Mobility transition.
Major Findings
Current Electric Vehicle (EV) Market Trends
- EV sales in India have increased sharply from 50,000 units in 2016 to 2.08 million in 2024.
- The share of EVs in overall vehicle sales grew from 0.5% in 2018 to 7.7% in 2024.
- By 2024, India’s EV penetration reached over 40 percent of the global average, despite its slower early start.
- More than 6.5 million EVs are currently on Indian roads, with 1.2 million added in 2024 alone.
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