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As electric cars are about to see a boom by the end of this decade, the former CEO of the NITI Aayog has urged Indian automakers to raise their ambitions. In his message, Kant has urged the Indian automobile industry to be more ambitious to capture a substantial share of the global electric car market. He makes this comment at a time when all the major automakers are fiercely competing against one another to capture a portion of the rapidly expanding EV market. There has also been an increasing trend among Indian automobile manufacturers to construct and sell electric vehicles.
It was noted by the former CEO of NITI Aayog that China currently holds the leading position in the global electric vehicle market, followed by the United States. As Kant further elaborated, nearly half of all-electric vehicles sold worldwide are produced by Chinese manufacturers. On his social media platform X (formerly Twitter), he wrote that BYD was the leader in the global electric car market with 18 percent, followed by Tesla with 12 percent. The Indian car companies, on the other hand, are responsible for just one percent of global electric car sales, he stated in a social media post.
A few data points about the global electric vehicle market were shared by Kant. According to him, Tata Motors currently dominates the Indian electric car market, followed by SAIC-owned MG Motor India at 13 percent, and Mahindra & Mahindra holds five percent of the Indian electric car market.
Additionally, Amitabh Kant asserted that the world is undergoing a rapid transition toward electric vehicles, with sales of pure electric cars expected to increase substantially by 2030. Electric vehicles will be the most prevalent in China, where 65 percent of the market will be accounted for by electric vehicles, while the European Union and the United States will see 60 percent and 50 percent market penetration, respectively.
By the report of Fortune Business Insights predicts that the electric vehicle market in India will grow from USD 3.21 billion in 2022 to USD 113.99 billion in 2029, growing at a compound annual growth rate of 66.52 percent. Considering the rapid rise of the industry in the past few years, it can be concluded that the industry is capable of transforming the automotive landscape in the country. There has been strong growth in the industry over the past few years, which has been facilitated by favorable policies and programs implemented by the government. The Indian EV battery market is also expected to skyrocket, from $16.77 billion in 2023 to an impressive $27.70 billion by 2028, according to a joint report by GameChanger Law Advisors and Speciale Invest.
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