This report “Unlocking a $200 Billion Opportunity: Electric Vehicles in India” by NITI Aayog highlights that India seeks to attain a 30% share of electric vehicles, in the total vehicles sold, by 2030. Sales of EVs in India went up from 50,000 in 2016 to 2.08 million in 2024 as against global EV sales having risen from 918,000 in 2016 to 18.78 million in 2024. Thus, India’s transition has been slow to start, but it is picking up. India’s EV penetration was only about one-fifth of the global penetration in 2020, but has picked up to over two-fifth of the global penetration in 2024. It continues to show an increasing trend, though relatively slow.
Statistics show that:
1. Adoption of EV has been increasing in India but has been slower than the pace in some of the leading countries like the US, EU and China.
2. India is doing well with electric two-wheelers and electric-three wheelers. With regard to electric buses, it has made some progress but with electric cars it has been slow. Long haul electric trucks have virtually not taken off. India has progressed to only about 7.6 % of the sales in 2024 being electric, which is far behind its target of 30% by 2030. Thus, it has taken nearly 10 years to reach a penetration level of 7.6% and now needs to increase this share by over 22% in the next 5 years alone.
This report seeks to assess how far India has progressed on the strength of the initiatives taken so far, identify current barriers/challenges and present a way forward to accelerate the pace in the years ahead.
Access the report here
