The Indian electric vehicle (EV) sector is poised for significant expansion over the next five years. Union Minister Nitin Gadkari has reiterated the anticipated growth in EV sales in India, projecting a substantial increase that could lead to the creation of millions of jobs. Currently, electric vehicle sales in India remain in their early stages, accounting for a single-digit percentage of total vehicle sales. Between April and December of this year, over 1.8 million EVs were registered, representing less than 10 percent of overall vehicle sales across various segments.

During a conference held on December 19, Gadkari stated that the Indian EV industry could potentially reach a valuation of ₹20 lakh crore by 2030, nearly five times the current valuation of ₹4.50 lakh crore. He expressed optimism that the EV sector in India would generate approximately five crore jobs within the next five years, as the country aspires to establish itself as a global hub for electric vehicles.

Gadkari emphasized the significance of increasing EV sales in India as part of a broader strategy to promote alternatives to internal combustion engine (ICE) vehicles that rely on traditional fossil fuels such as petrol and diesel. In light of the escalating pollution levels in various regions of the country, he remarked, "We import fossil fuels worth ₹22 lakh crore, which poses a considerable economic challenge. This reliance on fossil fuel imports is causing numerous issues within our nation." In addition to promoting EVs, Gadkari is also advocating for alternative fuels, including hybrid, ethanol, and hydrogen options.

EV sales in India in 2024

India currently ranks as the third largest automotive market globally, boasting a market size of ₹22 lakh crore. It follows the United States and China in the automotive sector. Despite its significant market position, the penetration of electric vehicles (EVs) in India remains relatively low. Recent reports indicate that EV penetration has experienced a slight increase, reaching approximately 7.40 percent in 2024, with over 18 lakh vehicles, including commercial EVs, sold by mid-December. Notably, India has not been impacted by the global trend of declining EV sales. From January to November of this year, the industry recorded a 30 percent rise in EV sales compared to the same timeframe in the previous year.

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