India’s EV Market Poised For 22 Million Sales By 2035: KPMG Report

India’s electric vehicle industry is on the cusp of a major transformation, according to a recent KPMG report. The study highlights that EV sales could surge to 22 million units annually by 2035, positioning India as one of the fastest-growing EV markets globally. The growth will be fueled by supportive policies, technological advancements, and increasing consumer awareness of sustainability.  

Key highlights from the announcement include  

• KPMG projects EV sales in India to reach 22 million units annually by 2035.  
• Government incentives under schemes like FAME and state-level subsidies are accelerating adoption.  
• Battery costs are expected to decline further, making EVs more affordable for mass consumers.  
• Two-wheelers and three-wheelers will dominate early adoption, while passenger cars and commercial vehicles will see steady growth.  
• Charging infrastructure expansion remains critical, with public-private partnerships expected to play a key role.  
• The EV sector could generate millions of jobs across manufacturing, supply chains, and services.  
• Experts note that widespread EV adoption will significantly reduce India’s carbon footprint and dependence on fossil fuels.  
• Automakers are investing heavily in EV production, with global players entering the Indian market to tap into demand.  

This projection underscores the transformative potential of EVs in reshaping India’s mobility landscape. With strong policy support and industry collaboration, India is well-positioned to achieve sustainable growth in the sector, balancing economic opportunity with environmental responsibility.  

Sources: KPMG India Report, Economic Times, Business Standard, Mint