- Bain & Co, Blume Ventures carried out study
- Over 45% growth in 2&3-wheeler segments
- 20% growth in 4-wheeler space
- India lags in EV charging infra
New Delhi: India’s electric vehicle (EV) market has the potential to achieve over 40 per cent penetration with $100 billion revenue by 2030, a substantial increase from the current five per cent penetration, if the policymakers address some key challenges, a new report showed on Thursday.
This growth is expected to be driven by strong adoption (over 45%) in both two-wheeler (2W) and three-wheeler (3W) categories, with four-wheelers (cars) penetration projected to grow to more than 20 per cent, according to the report by Bain & Company and Blume Ventures. However, several structural challenges need to be addressed to achieve this potential across five themes - new product development, go-to-market/distribution, customer segment prioritisation, software development, and charging infrastructure, the findings showed.
