This confidence, according to industry experts, is rooted in the nearly 4.23 million units of passenger vehicle (PV) sales achieved during FY 24, with sustained growth projected for the coming years.
Chennai: The market for e-two-wheelers and e-passenger vehicle components is expected to be Rs 1.5 lakh crore by 2030. EV component makers are likely to infuse over Rs 25,000 crore capex in the next.
Icra forecasts Rs 25,000 crore investment by auto component industry in 3-4 years for electric vehicle parts, with a strong focus on enhancing EV production, localisation, and addressing manufacturing challenges.
Ev Component Market: ICRA expects EVs to account for around 25% of domestic 2W sales and 15% of passenger vehicle sales by 2030, translating into strong market potential for EV components. Indian E2W component market potential is projected to exceed INR 1,00,000 crore by 2030, while the EPV component is foreseen at another INR 50,000 crore, in terms of revenue potential for ancillaries. ICRA projects demand for EV battery in India (for domestic sales) at ~15 GWh by 2025 and ~60 GWh by 2030