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India's EV sales likely to grow 55% annually through 2034

India's EV sales likely to grow 55% annually through 2034
India’s EV sales likely to grow 55 pc annually through 2034 · thehansindia.com

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.

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

Sources

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