India Makes Huge Strides in Electric Vehicle Market
India’s electric vehicle market, which has seen exponential growth as of late, just made a huge announcement, while one of their top domestic brands has an ambitious goal.
The Southeast Asian country’s EV sector is definitely in the top tier globally – by one estimate, it’s expected to grow from $3.21 billion in 2022 to $113.99 billion by 2029, with a 66.52% CAGR.
By another estimate, India and China could account for nearly 95% of global EV sales. And while that likely underscores America’s burgeoning EV market, there’s no doubt that India will secure a critical spot in our electric spot, and a big part of that is the Mumbai-based Tata Motors, which recently announced plans to expand its EV passenger lineup to no fewer than 7 models by the end of next year.
Amongst others, this would include the Harrier.ev (a conversion of the diesel-powered Harrier) in Q1 2025 and the Sierra.ev in late 2025.
Meanwhile, India has also launched the Convergence Energy Services Limited (CESL), an ‘EV as a service’ for government ministries.
Thus far, CESL has deployed 2,000 electric cars and 17,000 electric buses across India, with the goal to deploy 5,000 more EVs over the next couple years.
“The ‘EV as a Service’ program exemplifies CESL’s commitment to providing clean mobility solutions and accelerating India’s journey towards sustainable transportation,” said Shri Manohar Lal, India’s Union Minister of Power and Housing & Urban Affairs.
“With initiatives like these, India is making significant strides towards a future where clean energy is integral to public transportation.”
