Demand for electric vehicles will increase rapidly in the country, 17 million EVs will be sold annually by 2030
domestic electric vehicle The (EV) industry is expected to grow at 49 percent annually between 2021 and 2030. This information came from a report released on Tuesday. The report estimates that the sales of this segment will cross the figure of 17 million units annually by 2030. India Energy Storage Alliance (IESA) said in its report that this projected growth will be due to rising fuel prices, entry of new companies, advancement in EV technology, continuous subsidy support from central and state governments. Along with this, the implementation of emission standards will also give a boost to them.
EV industry bounces back after pandemic
The report said that the EV industry in India has made a rapid comeback in 2020 after the slowdown caused by the Kovid-19 pandemic. Electric two-wheelers accounted for a total of 50 per cent share in the domestic EV market in 2021 with total sales exceeding 4.67 lakh units. This was followed by slow speed e-three wheelers. As per the report, the EV segment is expected to grow rapidly after 2025.
The share of EVs will be 9-11 percent
Electric vehicle (EV) devices are expected to account for 9-11 per cent of the vehicle component industry’s revenue by 2027. Analyst firm Crisil has given this estimate. Crisil has said in a report that the share of EV equipment will also increase with the continuation of growth in the supply of conventional vehicle equipment. At present, EVs account for just one per cent of the total auto component market. CRISIL estimates that the revenue of electric vehicle equipment is expected to grow 76 per cent year-on-year to reach Rs 72,500 crore in FY2026-27. In the financial year 2021-22, it stood at Rs 4,300 crore. The battery segment alone is likely to account for around 60 per cent of the increased revenue. With this, two-wheelers and passenger vehicles could account for 90 per cent of the EV equipment supply. CRISIL, based on an analysis of 220 companies engaged in EV equipment manufacturing, has said that with the increase in EV usage, there will be opportunities as well as challenges for domestic auto equipment manufacturers.
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