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EVs have gained popularity over the last few years due to their environmentally cleaner and more efficient nature than traditional fossil fuel-driven automobiles. With advancements in battery technology and an expanding network of charging stations, EV sales are gaining momentum globally.
India ranks 3rd in global automobile sales. The automotive sector is a key contributor to India’s economy, making up 7.1% of its GDP and offering substantial employment opportunities. Within this market, the electric vehicle (EV) segment is projected to hit $34.80 billion in 2024 and grow at a rate of 26.05% annually to reach $110.74 billion by 2029.
India aims to boost EV sales significantly by 2030. It is aiming for private cars to make up 30% of the total market, commercial vehicles 70%, buses 40%, and two-wheelers and three-wheelers 80%. India is also looking for 100% of EVs to be produced locally through the ‘Make in India’ initiative.
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