When a US EV giant announced it was opening its first showroom in Mumbai recently, all eyes were on India’s skies. Indian cities have some of the most polluted air on this planet, and as India is the world’s fourth-largest automotive market by volume, much of it comes from cars. The market for EVs is growing steadily: it accounted for 4% of new car sales in May this year. With government incentives and moves such as that of the US company, many industry experts expect the number of EVs to rise much more substantially, helping to bring down CO₂ emissions and reduce air pollution.

The rise in EV adoption in India is following global trends. According to the International Energy Agency (IEA), in 2024, more than 17 million electric cars were sold worldwide, a rise of over 25% on the previous year and making up more than 20% of new cars sales.

In India, there were nearly 2 million new EVs in 2024, up 27% on 2023. According to government estimates, the EV market is tipped to grow to over USD 110 billion by 2029, from USD 3,21 billion in 2022, driven by major launches from Korean and Indian companies. In addition, there has been a significant rise in the number of startups and micro, small and medium enterprises (MSMEs) developing electric two- and three-wheelers as well as commercial vehicles, buses and trucks.

As part of the Indian government’s commitment to achieve net zero emissions by 2070, the goal is to have 80 million EVs on the road by 2030, with EV sales to make up 30% of private cars, 70% of commercial vehicles, 40% of buses and 80% of two- and three-wheelers.

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