India’s electric mobility sector is set to transform into a USD 250 billion market by 2030, driven by substantial investments in sustainable transportation. The ELECTRIFY30 report by Praxis Global Alliance forecasts a significant rise in electric vehicle (EV) adoption across various segments, projecting the product opportunity to reach approximately USD 94 billion with a penetration of about 23% by FY30. This growth is anchored in both passenger and commercial vehicles, including two-wheelers and four-wheelers.
The services segment in the electric mobility sector is also showing robust growth, valued at around USD 26 billion in FY24, and expected to surge to USD 144 billion by FY30, expanding at a compound annual growth rate of approximately 33%. This includes services like E-Buses, E-Cabs, and E3W. India’s strategic focus on building a conducive EV infrastructure is evidenced by its current EV-to-charging station ratio of 9:1, with government initiatives aiming to achieve the globally accepted standard of 4:1.
Technological advancements in the sector are enhancing the appeal and cost-effectiveness of EVs, with the software solutions market projected to grow from USD 0.4 billion in FY24 to USD 1.6 billion by FY30 at a CAGR of 27%. Additional opportunities identified include India’s potential as a manufacturing hub, the development of connected and autonomous vehicles, Mobility as a Service (MaaS), air taxis, used electric cars, battery recycling, EV exports, and sustainability initiatives involving carbon credits.
Aryaman Tandon, Managing Partner – Mobility, Energy and Transportation, Praxis Global Alliance, highlighted the economic and environmental potential of this shift: “India’s journey towards electrifying its transportation sector is not just a leap towards a sustainable future but also a significant economic opportunity. Our report highlights that with strategic policies and investments, the electric mobility ecosystem can become a USUSD 250+B market by FY30. At Praxis Global Alliance, we are committed to providing insights that drive this transformation and support India’s vision for a cleaner, greener tomorrow.”
