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Indian EV Market
Indian EV Market – Overview 2
 Indian automotive industry is expected to be the third largest by 2030


EV market in India will be a US$206 billion opportunity by 2030 - CEEW Centre for 21% Two-wheelers EV

Sales increased in
Energy Finance (CEEW-CEF)
India (FY2020)

The Indian EV market is projected to grow at a CAGR of 36% by 2026. The EV battery market is also
EV Buses Sales
30% during the same period. - India Energy Storage Alliance (IESA)
50%
expected to grow at a CAGR of increased in India

(FY2020)

EV sales penetration in India at 70% for commercial cars, 30% for private cars, 40% for buses,
80% for two- and three- wheelers by 2030. Electric vehicles sold until 2030 can cumulatively save
and

474 million tons of oil equivalent over their lifetime, worth US$207.33 billion. – Niti Aayog 15,910 EVs sold in India (Jan

2021)

Units
Indian EV Market – Development & Prospects 3

Feb 2021: Ather Energy, India’s first intelligence EV manufacturer moved its US$86.5
million factory from Bengaluru (Karnataka) to Hosur (Tamil Nadu). The factory would have an annual Expansion of charging
production capacity of 0.11 million two-wheelers.
infrastructure across
the country – states like

Feb 2021: Delhi government started the process to set up 100 vehicle battery charging points across the state to
Andhra Pradesh, Uttar
push adoption of electric vehicles.
Pradesh, Bihar, and
 Mar 2021: Ola Electric announced setting up the world’s largest electric scooter plant in Hosur, at a cost of
Telangana
US$330 million , with an aim to produce 2 million units a year
 Apr 2021: Sterling and Wilson Pvt Ltd (SWPL) has signed a 50-50 joint venture with Enel X to launch and create
innovative charging infrastructure in India
 Apr 2021: Mahindra & Mahindra announced a three-year investment plan in the electric vehicles segment of Rs.

3,000 crore (US$ 403 million)

 May 2021: Government approved a Production-Linked Incentive Scheme (PLI) for ACC Battery Storage
Manufacturing, with an aim to encourage the domestic production and reduce the reliance on imports
Indian EV Market – Development & Prospects 4
 Sep 2021: Government approved a PLI Scheme for the automobile and drone industry, with an aim to
promote high value advanced automotive technology vehicles and products, including green automotive
manufacturing

 Sep 2021: Greaves Cotton announced its entry into the multi-brand electric vehicle retail segment under Launch of ‘e-
the brand name AutoEVMart
AMRIT’ portal:
 Sep 2021: Hero Electric announced plans to expand production capacity at its facility in Ludhiana, Punjab, One-stop platform for
to >5 lakh units by March 2022, up from the existing capacity of 1 lakh units per year. information on electric
vehicles, at the COP26
 Nov 2021: Indian Oil Corporation (IOC) and two other public sector oil firms announced that they will Summit in Glasgow
install 22,000 electric vehicle (EV) charging stations over the next 3–5 years
 Nov 2021: Skoda Auto announced plans to locally manufacture electric cars in India. However, the firm
may bring its first EV, the Enyaq, through the CBU route, before committing to local manufacturing

 Nov 2021: Hero Motor (HMC) entered a joint venture partnership with Yamaha, a Japanese two-wheeler
major, to make electric motors for e-bicycles for the global market.