New Delhi [India], September 28 (ANI): The global electric vehicle (EV) market, valued at USD 255 billion in 2023, is expected to experience an expansion, projected to reach USD 2,108 billion by 2033, according to an Axis Securities report. This growth, with a compound annual growth rate (CAGR) of 23 per cent from 2024 to 2033, reflects the increasing global demand for sustainable mobility solutions. Also Read | Anushka Sen Raises Fashion Stakes in New York City, Looks Effortlessly Stylish in a Brown Sleeveless Top Paired With Matching Baggy Joggers (View Photos).
Forecasts predict that India's EV market could reach annual volumes of 10 million units by 2033, a substantial increase from the 1.7 million units recorded in FY24. This transformation will be driven by a combination of favourable government policies, the introduction of new products, declining bill of materials (BoM) costs, and rapid technological advancements.
Also Read | Kanpur Weather, Rain Forecast for September 29, IND vs BAN 2nd Test 2024 Day 3: Here's How Weather Will Behave for India vs Bangladesh Match at Green Park Stadium. India is anticipated to be at the forefront of this EV revolution. Over the next decade, significant EV adoption is expected across key vehicle segments, including three-wheelers (3W), two-wheelers (2W), electric buses, and passenger vehicles.
The segment is expected to grow further as infrastructure improves and more affordable models enter the market. A total of Rs 10,900 crore in su.
