India’s EV market to reach Rs 20 lakh crore by 2030: Union Minister Nitin Gadkari

New Delhi: The electric vehicle market in India is projected to grow to a value of approximately Rs 20 lakh crore rupees by the year 2030, Union Road Transport and Highways Minister Nitin Gadkari on Thursday informed Lok Sabha.

Replying to Bengaluru Central BJP MP PC Mohan, the Minister said that the EV industry has the potential to generate nearly five crore new jobs.

Gadkari said 57 lakh electric vehicles have been registered in the country so far, and sales have gained significant momentum during the financial year 2024 to 2025.

He said that more than four hundred start ups have already begun operating in the electric two wheeler segment.

Gadkari pointed out that EV passenger car sales grew by 20.8 percent during the period, while petrol and diesel car sales rose by 4.2 percent.

Sales of electric two wheelers increased by 33 percent compared with 14 percent growth for petrol and diesel two wheelers. Electric three wheelers registered an 18 percent increase in sales, while their petrol and diesel counterparts saw a 6 percent rise

The price of lithium ion batteries has dropped to 55 United States dollars per kilowatt hour and added that the discovery of six million tonnes of lithium reserves in Jammu and Kashmir will bring major benefits to the country, he said.

He said that when India took the decision to promote electric mobility, lithium ion batteries cost 150 United States dollars per kilowatt hour.

The sharp decline in battery prices, along with the lithium reserves found in the country which account for six percent of global deposits, is a positive sign.

He also stated that research work is being carried out in the fields of lithium ion, sodium ion, aluminium ion and zinc ion technology.

Noting that India promoting biofuels, he emphasised that hydrogen represents the fuel of the future. India will transform from an energy importing nation to an energy exporting country, he said.