India EV sales climb 46 fold to 2.3 million units in 2025, market forecast at 191 billion dollars by 2034

Electric vehicle sales in India have grown from approximately 50,000 units in 2016 to 2.3 million units in 2025, a 46 fold increase. The government projects the EV market will reach 191.04 billion dollars by 2034, underpinned by charging infrastructure expansion, battery sector growth, export potential and policy support through the FAME and PLI for Advanced Chemistry Cells schemes.

Why it matters: The surge in EV adoption signals accelerating demand for charging infrastructure across India, creating substantial procurement opportunities for charge point operators and equipment suppliers. Government backed schemes and a near 200 billion dollar market forecast point to long term investment confidence in the sector.