India's share in electric vehicles expected to reach seven percent in 16 years

Mumbai: India's share in the global market for electric-powered off-road vehicles may be 1 per cent today, but within the next 16 years, i.e. by 2040, this share is expected to increase to 7.10 per cent, Goldman Sachs said in a report.

Sales of e-passenger cars may be around one lakh in 2024 but in 2030 it will cross the 10 lakh mark for the first time. This figure is expected to reach 13 lakh in 2030 and 55 lakh by 2040.

The penetration of electric vehicles in India is much lower than the global average but will see growth by 2040. The number of electric vehicles in India is expected to reach seven percent in 2026, 21 percent in 2030 and 57 percent by 2040.

Whereas at the global level this figure is expected to increase by 20 percent, 34 percent and 62 percent. It has been told in the report that apart from India, the global average has been calculated based on the estimates of America, Japan, China, Europe and other countries.

In Japan, hybrid vehicles are still preferred, although the growth rate of electric vehicles is expected to be 80 percent in 2040.