India's share in global electric PV market may rise to 7% by 2040

Penetration likely to remain lower than global average

India’s share of the global electric passenger vehicle market might be a miniscule 1 per cent in 2024 but it is projected to go up to 7.1 per cent by 2040, according to the latest estimate by Goldman Sachs.

In 2024, Sachs estimates that electric passenger car sales will remain at more or less the same levels as 2023, namely, around 0.1 million. But in 2030 they will cross the million mark for the first time, hitting 1.3 million in 2030 and then 5.5 million by 2040.