Electric Vehicle Market likely to be ₹ 50,000 crore opportunity in India by 2025

Electric Vehicle

Highlights : 

• Electric Vehicle Market likely to be ₹ 50,000 opportunity in India by 2025
• The report also said it expects 9% penetration by 2024-25 in the 2 wheeler segment 
• E-rickshaw has also emerged as a large market in India in a short time frame.

Electric Vehicle Market likely to be ₹ 50,000 crore opportunity in India by 2025, according to a report.

The report by Avendus Capital, which is an investment banking arm of financial services provider Avendus Group, also said the total cost of ownership in case of low- and medium-speed electric 2 wheelers is already lower than internal combustion engine vehicles. 

The report also said it expects 9% penetration by 2024-25 in the 2 wheeler segment and with the right macroeconomic environment, the number can futher go up to 16% and while the segment could grow to ₹ 12000 crore by 2024-25.

E-rickshaw has also emerged as a large market in India in a short time frame even when large part of this market is still unorganised and based on lead-acid batteries, the report stated.