Get latest articles and stories on Latest News at LatestLY. The domestic electric vehicle (EV) market is at an inflection point and is poised for significant growth, with the potential to achieve over 40 per cent penetration by 2030 against 5 per cent currently, a report said on Thursday. Latest News | Domestic EV Market at Inflection Point, Poised for Significant Growth: Report.
The growth is expected to be driven by strong adoption (45 per cent-plus) in both two and three-wheeler categories while four-wheelers (cars) penetration is projected to grow to over 20 per cent, India Electric Vehicle Report 2023 by Bain and Company in collaboration with Blume Ventures stated.