By FY30, the overall mobility market in India is expected to reach USD 1.2 trillion, with clean and electric mobility accounting for about 20% of the overall market, according to the report by Praxis Global Alliance.
"India's journey towards electrifying its transportation sector is not just a leap towards a sustainable future but also a significant economic opportunity," said Aryaman Tandon, Managing Partner, mobility, energy and transportation, Praxis Global Alliance.
India has an EV-to-charging station ratio of 9:1. To reach the globally acceptable standard ratio of 4:1, the government has taken multiple initiatives, including significant allocations in FAME II (over USD 120 million) and the reduction of GST rates on EV chargers.
"Despite challenges faced by the global EV market due to geopolitical shifts and fluctuating manufacturing costs, India remains a beacon of resilience," the report mentioned.
The country's strategic positioning, coupled with favourable domestic conditions and a robust policy framework, creates an environment conducive to rapid clean mobility adoption.
According to the findings, India's emphasis on developing an integrated clean mobility ecosystem not only boosts EV adoption but also fosters innovation in supporting industries, such as charging infrastructure, battery technology, and sustainable supply chains.
"There is significant foreign direct investment (FDI) and private equity investment in this sector, which is a key growth driver," it added.
By FY30, clean mobility product opportunities are projected to hit USD 94 billion, with overall penetration rising significantly to 23%.
Mobility services opportunity in India is worth USD 450 billion in FY24, with more than 80% of the opportunity lying in transportation and logistics services.
According to the report, the software solutions opportunity size is estimated at USD 0.37 billion in FY24, expected to grow at a CAGR of 27%, reaching USD 1.58 billion by FY30.
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