1、For updated information,please visit www.ibef.orgAugust 2025ELECTRIC VEHICLE2Executive Summary3Advantage India 6Market Overview 8Recent Trends and Strategies12Growth Drivers14Opportunities 18Key Industry Contacts22Appendix24Table of Contents3 The government has notified the PM E-DRIVE scheme with a
2、budget of Rs.10,900 crore(US$1.30 billion),set to run from October 1,2024,to March 31,2026.It aims to boost electric vehicle adoption,charging infrastructure,and EVmanufacturingin India.The Indian electric vehicle(EV)market is poised for strong and steady growththrough 2030 as companies increasingly
3、 shift focus to this segment,supportedby robust governmentleadership.Total automotive sales in Q1 FY26 were around 6.57 million vehicles,of whichapproximately 549,736 were electric vehicles,representing about 8.36%EVpenetration in the quarter.The EV sector is dominated by two-wheelers and three-whee
4、lers,constitutingroughly 91.41%of total EV sales in Q1 FY26.Electric passenger vehicles(4Ws)showed an 87.72%YoY growth,reachingaround 35,000 units sold in Q1 FY26.In 2024,the global electric vehicle market was valued at US$755 billion.It isforecasted to reach approximately US$4,360 billion by 2033,g
5、rowing at asignificant CAGR of 21.5%from 2025-33.According to IMARC Group,the Indian electric vehicle market was valued at US$2.36 billion in 2024 and is projected to grow to US$164.42 billion by 2033,registeringa CAGR of 57.23%during2025-33.India has established an objective to increase the proport
6、ion of electric vehicle(EV)sales to 30%in private cars,70%in commercial vehicles,40%in buses,and 80%in two-wheelers and three-wheelers by the year 2030.This equates to anambitious objective of 80 million EVs on Indian roads by 2030 as per the estimatesof CII.Indias electric vehicle(EV)battery market