EV market likely to be Rs 50,000-cr opportunity in India by 2025: Report

The report also said it expects 9 per cent penetration by 2024-25 in the two-wheeler segment and with the right macroeconomic environment, the number can further go up to 16 per cent

The electric vehicle (EV) market is likely to be a Rs 50,000-crore opportunity in India by 2025, with two- and three-wheelers expected to drive higher electrification of the vehicles in the medium term in the wake of Covid-19, according to a report.

The report by Avendus Capital, which is an investment banking arm of financial services provider Avendus Group, also said the total cost of ownership (TCO) in case of low- and medium-speed electric two-wheelers is already lower than internal combustion engine vehicles.

"With the present and projected level of EV penetration in the country, EVs in India could represent