Electric vehicle market in India expected to hit 63 lakh units per annum mark by 2027: IESA

“In the base case scenario, the EV market is expected to grow at CAGR of 44 per cent between 2020-2027 and is expected to hit 6.34-million-unit annual sales by 2027,” the IESA report said.

The electric vehicle (EV) market in India is expected to hit over 63 lakh unit mark per annum by 2027, according to a report by India Energy Storage Alliance (IESA). As per the findings of the report, which covers the present scenario and forecast of electric vehicle (EV), EV batteries and the public charging infrastructure market in the country, demand for the batteries is also going to rise substantially over the same period.

“In the base case scenario, the EV market is expected to grow at CAGR of 44 per cent between 2020-2027 and is expected to hit 6.34-million-unit annual sales by 2027,” the IESA report said.

Similarly, the annual battery demand is forecasted to grow at 32 per cent to hit 50GWh by 2027, of this, 40 plus GWh will be on lithium-ion batteries, it added.

Source : economictimes