India’s Electric Mobility Sector Set to Become a $250 Billion Market by 2030
India’s electric mobility sector is projected to witness remarkable growth, with the market expected to reach a value of $250 billion by 2030, according to the ELECTRIFY30 report by Praxis Global Alliance. This surge is fueled by significant investments in sustainable transportation, propelling the adoption of electric vehicles (EVs).
Rise in EV Adoption and Product Opportunity
The report predicts a substantial increase in the adoption of EVs, with a predicted product opportunity of $94 billion. By FY30, EV penetration is set to exceed 23% across various segments including both passenger and commercial vehicles, including two-wheelers and four-wheelers.
Expansion of Services Segment
The services segment of the electric mobility market is expected to undergo significant expansion. Forecasts indicate that the segment, currently valued at $26 billion, will grow to a whopping $144 billion by FY30. E-Buses, E-Cabs, and E3Ws are expected to drive this growth, offering promising platforms for sustainable transportation services.
Focus on EV Infrastructure
India is demonstrating a strong focus on developing a robust EV infrastructure. Currently, the ratio of EVs to charging stations stands at 9:1, and the government aims to achieve a 4:1 ratio in alignment with global standards. This emphasis on infrastructure development aligns with the country’s commitment to promoting sustainable transportation options.
Technological Advancements and Market Luminary
Technological advancements play a critical role in enhancing the appeal and cost-effectiveness of EVs. The report highlights that the software solutions market is anticipated to grow from $0.4 billion in FY24 to $1.6 billion by FY30. This significant growth indicates a positive trajectory for the electric mobility market.
Aryaman Tandon, Managing Partner – Mobility, Energy, and Transportation at Praxis Global Alliance, has underlined the dual benefits of the impending shift to electric mobility. Citing the report’s analysis as crucial drivers of India’s electric mobility transformation, Tandon shed light on the economic and environmental upsides associated with this transition.
Expanding Growth Opportunities
The growth potential in India’s electric mobility sector extends to multiple avenues. The country’s automotive industry has the opportunity to position itself as a manufacturing hub for EVs, edging closer to self-reliance in this sector. Moreover, the development of connected and autonomous vehicles offers even more potential for expansion within the market. Other areas of growth include battery recycling, EV exports, and carbon credit initiatives.
The ELECTRIFY30 report by Praxis Global Alliance serves as a crucial guide for both industry players and policymakers looking to tap into the expanding electric mobility market in India. The potential economic growth, coupled with the positive environmental impact, underscores the significance of this transformation and solidifies India’s position as a key player in the global sustainable mobility landscape.
