​India’s Electric Vehicle Market Set to Grow Significantly by 2030

India’s electric vehicle (EV) market is experiencing notable growth, with projections indicating a substantial increase in the coming years. Hyundai Motor India’s Chief Operating Officer, Tarun Garg, has stated that EVs are expected to account for approximately 12-13% of the domestic passenger vehicle market within the next four to five years, a significant rise from the current 2.5%.

This anticipated growth is supported by several factors, including favorable government policies, increased investment in charging infrastructure, and the introduction of new EV models by major automobile manufacturers. Companies like Tata Motors, Mahindra, and Maruti Suzuki are expanding their EV portfolios, contributing to a more diverse and accessible market for consumers.

Hyundai itself is actively participating in this transition by planning to launch new battery electric models and investing in the development of public fast-charging stations across the country. These initiatives aim to enhance the convenience and feasibility of owning an EV in India.

The combination of industry commitment and policy support is creating a favorable environment for EV adoption. As infrastructure improves and more vehicle options become available, consumers are likely to consider electric vehicles as a viable alternative to traditional internal combustion engine vehicles.

In summary, India’s EV market is on an upward trajectory, with expectations of significant growth in the near future. The collaborative efforts of the government and automotive industry are paving the way for a more sustainable and electrified transportation landscape in the country.