India's EV Market to Hit 1 Crore Annual Sales by 2030, Says Nitin Gadkari

India's electric vehicle market is projected to reach an annual sales milestone of one crore units by 2030, potentially generating 5 crore jobs, according to Union Minister Nitin Gadkari. Speaking at the annual convention of the Society of Indian Automobile Manufacturers (SIAM), Gadkari, the Minister for Road Transport and Highways, also expressed optimism that India could become the leading automotive manufacturing hub globally in the future.

According to a report of PTI, "India's EV market is expected to grow to one crore annual sales by 2030 and create five crore jobs," he said. The minister also highlighted that the potential of the Indian EV market is expected to reach Rs 20 lakh crore by 2030 across the entire ecosystem, with the EV finance market estimated to be Rs 4 lakh crore.

He also said the cost of lithium-ion batteries is expected to come down further thereby helping in affordability and thus fuelling mass adoption. "Today, about 30 lakh electric vehicles are registered in India," Gadkari said, adding electric two-wheelers accounted for 56 per cent of total sales.

In the 2023-24 period, there was a 45 percent increase in electric vehicle sales, and 400 startups have already begun manufacturing electric two-wheelers, Gadkari noted. He expressed confidence that the government's efforts to promote battery cell manufacturing in India through the PLI scheme will further boost the sector.