India's battery electric vehicle market to grow threefold next year: S&P

Battery electric vehicle production is projected to hit 377K units in 2025, says S&P Global Mobility

Battery electric vehicles (BEVs) are projected to see nearly a threefold increase in production in calendar year (CY) 2025, driven by major electric car launches. This marks a rebound after muted demand in India in CY 2024.

 

According to S&P Global Mobility estimates, BEV production in CY 2024 is expected to reach 130,000 vehicles, capturing a market share of only 2.6 per cent of overall light vehicle (LV) production (including internal combustion engine, electric, and other types), up from 2.1 per cent in CY 2023, when BEV production stood at just over 100,000.

 

S&P projects that BEV production will rise