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India’s electric vehicle sector is witnessing rapid expansion, with EV sales rising from about 50,000 units in 2016 to 2.3 million units in 2025. The government said the EV market could reach $191.04 billion by 2034, supported by charging infrastructure, battery growth, exports and schemes like FAME and PLI for Advanced Chemistry Cells.

New Delhi, Aug 5: India’s shift to electric vehicles is becoming a key economic driver, with EV sales rising 46-fold from about 50,000 units in 2016 to 2.3 million units in 2025 and the market is projected to grow to $191.04 billion by 2034 at a CAGR of 54.94 per cent, the government said on Wednesday.

India’s growth has outpaced global trends, where EV sales increased roughly 20 times - from 9.18 lakh in 2016 to 18.78 million in 2024, an official statement said.

EV market growth projections

The EV battery market is likely to grow from $2.71 billion in 2025 to $15.90 billion by 2034 at a CAGR of 21.70 per cent. India aims for 30 per cent of all vehicle sales to be electric by 2030 and plans 1.32 million charging stations by 2030 to strengthen the ecosystem.