Key Highlights:
- The global EV market will grow from $255 billion to $2,108 billion by 2033.
- India’s EV market is expected to reach 10 million units annually by 2033.
- ₹10,900 crore in subsidies allocated by the Indian government to promote EV adoption.
- ₹2,000 crore to be invested in public EV charging stations across India.
Global EV Market Poised for Massive Growth
The global electric vehicle (EV) market is projected to expand significantly, growing from $255 billion in 2023 to $2,108 billion by 2033. This forecast comes from a recent Axis Securities report. A key factor driving this growth will be the increasing global demand for sustainable transportation, resulting in a compound annual growth rate (CAGR) of 23% between 2024 and 2033.
Indian EV Market Growth Forecast
The report also highlights the potential of the Indian EV market, which is expected to witness remarkable growth. India’s EV market is predicted to increase from 1.7 million units in FY2023-24 to 10 million units per year by 2033. Government policies, reduced bill of materials (BoM) costs, and rapid technological advancements will be instrumental in driving this transformation.
Government Support Driving EV Adoption in India
India is set to emerge as a leader in the global EV revolution. The Axis Securities report forecasts major EV adoption across various segments, including two-wheelers (2W), three-wheelers (3W), electric buses, and passenger vehicles over the next decade. Government incentives, such as allocating ₹10,900 crore in subsidies over the next two years, will further bolster the shift to electric mobility.
EV Infrastructure Expansion
The establishment of adequate EV charging infrastructure is crucial to the success of India’s EV industry. The government has allocated ₹2,000 crore towards developing public EV charging stations nationwide. This effort is expected to fuel the expansion of the EV category, making electric vehicles more accessible and affordable for consumers.
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ELCTRIK Speaks
The global EV market is on the brink of unprecedented growth, with a tenfold increase forecast by 2033. India is positioned to play a crucial role in this revolution, driven by supportive policies and growing consumer demand. As the market expands, improvements in affordability, charging infrastructure, and innovation will only accelerate the adoption of electric vehicles worldwide.