Domestic EV Industry To See 10 Million Vehicle Sales By 2030: Study

Introduction :

As per a report Domestic EV Industry To See 10 Million Vehicle Sales By 2030.According to one survey, the domestic industry will reach 10 million vehicle sales by 2030, with an overall adoption rate of over 30% in various vehicle categories.

To meet this growing demand, India is accelerating plans to manufacture lithium-ion batteries domestically. With government subsidies of $ 2.3 billion and investment potential of over $ 7.5 billion.

The Big Story :

In terms of investment, nearly US $ 6 billion in foreign direct investment (FDI) will flow in 2022. India’s EV industry will attract another US $ 20 billion in FDI by 2030 to drive the country’s economic growth. According to research, this industry. “In spite of obstacles, India is one of the largest EV markets in Asia, surprisingly ahead of Japan after China. ” Supporting product innovation and reliable charging We can build this position by creating infrastructure. Also subsidizing buyers, and providing additional incentives for start-ups involved in battery research and development, “said Managing Director Partner. Barnik Chitran Maitra says. CEO of Arthur D. Little India and South Asia.

If India achieves EV potential of 50% electrification, 1/10 of the EVs sold worldwide will be manufactured in India. It could become the world’s EV powerhouse, he said. Said. Recently, government support by established automakers in the EV ecosystem has also increased private equity (PE) and venture capital (VC) . In this survey, EV passenger cars in the country have higher initial costs compared to traditional vehicles. It lists several factors that cause low penetration. Product safety is a composite glitch.

Given India’s vastness as a general vehicle market, research reveals that demand for electric vehicles also has great potential, and heightened awareness of environmental benefits has led to private sector innovation and government innovation. He added that he is further accelerating support. The purpose is to promote the adoption of electric vehicles.