Download ETEnergyworld App Get Realtime updatesSave your favourite articles Scan to download AppNew Delhi: India 's electric vehicle (EV) market is projected to reach $48.6 billion by 2030, according to a report by Forvis Mazars . This significant growth is driven by the rapid expansion of public Battery Electric Vehicle (BEV) charging stations, which increased nearly ninefold from 1,800 in February 2022 to 16,347 in March 2024. "India needs to scale up public charging infrastructure to meet the growing demand and reduce range anxiety. By 2030, electric vehicles are projected to make up almost one-third of India's passenger vehicle market, highlighting the significant infrastructure requirements," he said.By 2030, India is projected to have around 50 million EVs on its roads, with a market size expected to reach $48.6 billion. To meet this demand, India will need to install over 400,000 chargers annually, totaling 1.32 million chargers by 2030.

Source: Economic Times August 09, 2024 03:29 UTC