EV Export Strategy Becomes Essential as Global Sales Expected to Triple by 2030

FICCI-Yes Bank Report Points to the Need for a National EV Export Strategy in India Amid Forecast of Global Sales Tripling by 2030.

New Delhi, February 27 (KNN) – Amid expectations of accelerated growth in global electric vehicle sales, a joint study by FICCI and Yes Bank indicates that India needs to establish a national export strategy to keep up with market pressure by 2030.

The report, titled EV Market – India’s Export Competitiveness, was presented at FICCI's 3rd National Conference on EVs and emphasizes that infrastructure development and compliance with global standards for safety, cybersecurity, battery traceability, and sustainability will be crucial for India to integrate into emerging global value chains.

As the ecosystem strengthens and the domestic EV market gains relevance, exports emerge as a strategic opportunity to scale production, reduce costs, enhance product quality, and leverage technological learning, in addition to broadening market diversification and absorbing regulatory changes.

Global Trends

The document highlights that governments around the world are accelerating the transition to clean mobility. Incentives for EV adoption grew 5% year-on-year, totaling $19 billion in 2024. China led the pace of sales growth, while Europe advanced primarily due to stricter emission rules.

Battery prices fell 13% to about $137 per kWh in 2024, driven by advances in cell chemistry and economies of scale. Public charging infrastructure also expanded by 30% in the same period, with China leading and growing support in Europe and the US.

Government and Industry Perspectives

The Minister of Heavy Industries and Steel, H. D. Kumaraswamy, stated that India's EV transition is aligned with the 2070 carbon neutrality goal and should remain central to the Make in India agenda. He also highlighted the potential to leverage free trade agreements with the European Union, the UK, and Australia to boost EV exports.

The report notes that auto component exports have nearly doubled in the last ten years, reaching $16.9 billion, and mentions supporting government measures, including a Rs 7,280 crore program for sintered rare earth magnets.

Amitabh Kant, former CEO of NITI Aayog, described electric mobility as India's next big economic opportunity, emphasizing the need to position the country as a reliable global manufacturing hub.

Industry representatives highlighted that India has already moved from initial EV adoption to a more mature phase, developing capabilities across the entire value chain — from critical minerals and cell manufacturing to vehicle production and charging infrastructure. They stress that electric mobility is already a pillar of industrial transformation, climate action, and global trade ambitions.

(KNN Bureau)

Comment: What do you think India needs to prioritize to turn this projection into real results? Share your opinion in the comments below.