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Indian EVs market to hit $300 billion by 2030 finds RMI reports

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India could be one of the world’s top countries for manufacturing batteries according to two new reports released by the Rocky Mountain Institute and Indian think tank Niti Ayaog
Indian EVs market to hit $300 billion by 2030 finds RMI reports

The growth of India’s battery market is in line with its aspiration to achieve 100 percent electric vehicle (EV) sales by 2030. The Indian market for EV batteries alone would be worth as much as $300 billion from 2017-2030, with the country expected to represent more than one third of global EV battery demand if the country meets its goals for a rapid transition to shared, connected, and electric mobility.

The ‘India Leaps Ahead’ report released in May 2017 and produced by NITI Aayog and RMI, established a vision for the future of India’s mobility system by outlining a set of actionable solutions to realise this goal. The report also estimates the impact of such a transformation. The twelve recommendations identified in the report included establishing a robust domestic battery manufacturing industry and designing a well-constructed feebate programme.

The two reports are the first in a series of research papers planned for release over the coming months, focused on the techno-economic and policy developments that are required to allow India to hit its 'All EVs by 2030' ambition. Other papers will cover topics such as the potential for the design and implementation of a national feebate policy to drive vehicle efficiency in India and a grand challenge competition for India’s state governments to apply to be the country’s first so-called ‘lighthouse city’, serving as the host site for the implementation of pilot initiatives in support of India’s mobility ‘leapfrog’ vision for a world-leading electric, shared, and connected mobility system.

Image: The Reva electric car, manufactured by Mahindra 

For additional information:

Rocky Mountain Institute (RMI)

Niti Aayog

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