EV sales likely to jump by over 4X by 2025 in India: Deloitte Touche

Fuelled by the government’s policy intervention and entry of a flurry of new players with multiple models, electric vehicles (EV) sales in India have been growing at a rapid pace.

The overall sales of EVs are likely to jump to 1,644,000 units in FY25 and go up further to 15,331,000 units by 2030, according to  Deloitte Touche Tohmatsu India.

It will be largely led by two-wheelers, followed by three-wheelers and commercial vehicles and passenger vehicles, respectively.

Albeit on a low base, the overall sales jumped to 428,213 units in the year that ended in FY22, up from 134,463 units the year before. In FY17, the overall sales were a mere 56,399 units.

Emerging Asia markets represent the largest micro-mobility markets, according to a recent Mckinsey report titled ‘Future of Asia’.

With the increasing cost-competitiveness of electric models and regulators incentivising consumer adoption, e-two-wheelers will become a predominant mode of transport in the region. By 2030, India and Indonesia will become the second- and third-largest e-two wheeler markets in the world after China, growing at more than 60 percent annually, according to the Mckinsey report.