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India's EV sales likely to grow 55% annually through 2034
India is switching to vehicles that run on electricity instead of petrol, called electric vehicles, or EVs.
A few years ago, very few people in India bought EVs.
Now, many more people are buying them — sales grew from about 50,000 in 2016 to 2.3 million in 2025.
India's growth has been faster than the rest of the world's.
The government says the EV market will keep growing and be worth a huge amount of money by 2034.
India wants 30 out of every 100 vehicles sold to be electric by 2030.
To help with that, the country plans to build a very large number of charging stations where EVs can recharge.
Much of the growth comes from electric scooters and three-wheelers.
India is also starting to sell its EVs to other countries like Nepal, Indonesia, and Japan.
India's EV sales rose 46-fold from about 50,000 units in 2016 to 2.3 million units in 2025.
The EV market is projected to reach $191.04 billion by 2034 at a CAGR of 54.94%.
India aims for 30% of all vehicle sales to be electric by 2030 and plans 1.32 million charging stations.
Growth in 2025 was driven by motorised two-wheelers (12.8 lakh units) and three-wheelers (8 lakh units), while exports rose from $1.2 million in 2020 to $84 million in 2024.
The sector raised about $1.4 billion in FY25, nearly 27% higher than 2024, with Delhi emerging as the top city for EV investments.
- Who
- The Government of India, which released an official statement on electric vehicle market growth.
- What
- Announced that India's EV market is projected to grow to $191.04 billion by 2034 at an annual growth rate of 54.94%, with EV sales at 2.3 million units in 2025.
- Where
- New Delhi, India.
- When
- Wednesday (August 5, 2026).
- Why
- Electric mobility has become a key economic driver, with the government promoting it since 2015 through schemes such as FAME and PLI for Advanced Chemistry Cells.
Key facts
- Projected EV market size (2034)
- $191.04 billion
- Projected CAGR (2025-2034)
- 54.94%
- EV sales 2025
- 2.3 million units (up from about 50,000 in 2016)
- EV sales target by 2030
- 30% of all vehicle sales
- Planned charging stations by 2030
- 1.32 million
- Public charging stations (July 2026)
- 52,718 total, of which 16,561 have fast charging (per BHEL)
- EV battery market (2034)
- $15.90 billion, growing from $2.71 billion in 2025 (CAGR 21.70%)
- EV exports and investments
- Exports grew from $1.2 million (2020) to $84 million (2024); about $1.4 billion raised in FY25, up 27% from 2024











