EVs likely to hit 30-35% of annual vehicle sales in India by FY30
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India is catching the EV wave, with penetration rising from less than 1 per cent in 2019 to 7.4 per cent in 2024.
«With low vehicle ownership and unique growth drivers, India has a chance to leapfrog, making EVs the first car for many, just as it skipped 3G for 4G. By FY30, EVs could hit 30-35 per cent of annual sales,» predicted the report by SBI Capital Markets (SBICAPS).
Batteries and electronic drive units, making up 50 per cent of an EV's cost, are key differentiators from ICEs.
India's PLI for Advanced Chemistry Cell (ACC) aims to address this. Currently, OEMs outsource 75 per cent of their battery needs, but backward integration is set to push this to 50 per cent by FY30, driven by alliances and JVs rather than purely organic efforts, the report predicted.
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