The country’s electric vehicle market will be more than 1 crore units by 2030, 5 crore jobs will be generated

Electric vehicle (EV) sales have grown rapidly in the country in recent years. This market can increase to Rs 1 crore units annually by 2030. There is potential to gain around five million direct and indirect jobs from this. According to the Economic Survey, in December, India became the world’s third largest car market in terms of sales, behind Japan and Germany.

According to the Economic Survey, “The auto industry can play an important role in moving toward green energy. The country’s electric vehicle market is expected to grow at a compound annual growth rate (CAGR) of approximately 49 percent between 2022 and 2030. It can reach one million units. Last year it was around one million units.” This industry can create about five million direct and indirect jobs by 2030. The central government has taken various measures to help the electric vehicle industry. As of 2021, India was the largest manufacturer of two- and three-wheelers and the fourth-largest manufacturer of passenger cars in the world.

The automotive sector accounts for 7.1 percent of the country’s total GDP and about 49 percent of manufacturing GDP. By the end of 2021, approximately 3.7 million people had obtained direct and indirect employment in this sector. Tata Motors is the largest company in the electric vehicle segment. By the end of last year, Tata Motors had achieved the milestone of delivering 50,000 electric cars. Electric vehicle sales are rapidly increasing in the country. To reduce carbon emissions and reduce fuel imports, the central government has taken steps to promote electric vehicles. Many state governments are also giving people subsidies on the purchase of electric vehicles. Tata Motors sells three electric cars, the Tiago EV, the Tigor EV and the Nexon EV.

Tata Group plans to establish electric vehicle (EV) battery cell plants in India and Europe. Tata Motors, the auto company of the Tata Group, has sold more than 50,000 electric cars in the country. It plans to launch 10 electric vehicles by March 2026. Tata Motors expects electric vehicles to account for around 25 percent of its total sales by 2025. This figure is now around eight percent.