According to the Economic Survey 2022–23, the Indian market for electric cars (EVs) is anticipated to increase to one million units annually by 2030 and generate five million direct and indirect jobs. By 2030, the EV sector might support 5 crore employment, according a recent economic study.
“The domestic electric vehicle (EV) market is expected to grow at a compound annual growth rate (CAGR) of 49 percent between 2022 and 2030 and is expected to hit one crore units of annual sales by 2030,” it stated.
According to industry projections, total EV sales in India in 2022 will be close to 10 lakh units.
It reported, “The EV industry will create 5 crore direct and indirect jobs by 2030.” To support and nurture this development, the government has taken multiple steps.
“By December 2022, India will have surpassed Japan and Germany in terms of automobile sales,” it continued.
Top producer of two and three-wheelers
India was the world’s top producer of two- and three-wheelers as well as the fourth-largest producer of passenger automobiles in 2021.
According to a survey, the industry would create 3.7 million direct and indirect jobs by the end of 2021, contributing 7.1 percent to the total GDP and 49 percent to the manufacturing GDP.
According to the survey, the government’s Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme, which has a budget outlay of Rs 10,000 crore between 2019 and 2024, has encouraged the production of 7.1 lakh EVs and sanctioned 7,210 e-buses, of which 2,172 have been put into service as of December 2022.
The plan called for supporting 55,000 vehicles, 7,090 buses, 0.5 million three-wheelers, 1 million two-wheelers, and 1 million four-wheelers.
The Automotive Component Manufacturers Association of India (ACMA) reports that domestic demand, notably from the passenger car sector, helped the auto components industry increase by 34.8 percent to Rs 2.65 lakh crore in the first half of 2022–23.