India’s electric mobility story has entered a decisive phase, according to a new report released by StraCon Business Advisory & Consultancy Firm. The study, titled India’s Electric Mobility Landscape: Five-Year Market Trends and the Path to 2030, pieces together how the sector has evolved between 2019 and 2024 and what it will take for the country to move from early acceleration to long-term, self-sustaining growth.
The report notes that India has quickly climbed the global ladder, becoming the world’s second-largest electric vehicle (EV) market by volume. Annual sales rose from 434,000 units in 2019 to 2.08 million in 2024, driven by improving affordability, wider model availability and a sharp shift in consumer sentiment. The charging network, once almost nonexistent, has expanded to over 29,000 public stations — a scale-up few large markets have achieved in such a short time. Yet EVs accounted for only 7.66% of overall vehicle sales last year, far from the 30% share India hopes to reach by 2030.
“The momentum is real, but sustaining it will require more than enthusiasm,” said Anamika Singh, Partner & Editor at StraCon. “Policy consistency, stronger domestic manufacturing, and smarter financing will determine whether India can convert this early headway into a long-term competitive advantage.”
The report blends domestic sales data with global benchmarks to show where India is keeping pace — and where gaps remain. One inflection point has been the steep fall in lithium-ion battery prices, which dropped from USD 156/kWh in 2019 to USD 115/kWh in 2024. This has helped two-wheelers and three-wheelers, the backbone of India’s mobility system, cross important cost thresholds. At the same time, the analysis points to other pressures: uneven state-level policies, concentrated charging infrastructure, and heavy dependence on imported critical minerals.
Despite these frictions, industry leaders believe the next chapter could be even more consequential. “India has the depth of market and engineering talent to lead globally in affordable electric mobility,” said Suketu Thanawala, Partner – Business Development at StraCon. “But the ecosystem must mature in a coordinated way — from recycling and diagnostics to financing and charging accessibility.”
To chart this progression, the report outlines seven priority areas that could shape the sector’s trajectory. These recommendations are presented not as standalone fixes but as a set of mutually reinforcing levers that can help India shift from a subsidy-dependent phase to a more stable, technology-led growth model.
Key Recommendations from the Report
- A National Battery Passport to create a transparent digital record of battery health and lifecycle, improving confidence in the used-EV market.
- Public–Private Recycling Zones, designed like industrial clusters, to scale domestic battery recycling and ease dependence on imported minerals.
- Flexible Leasing and Battery Subscription Models to lower upfront costs for consumers and fleet operators.
- Urban Mobility Credits encouraging builders to integrate charging points into new housing and office projects.
- A Carbon Trading Platform for EV Fleets to help logistics operators monetise emission reductions.
- AI-enabled Battery Diagnostics that strengthen resale valuation, insurance pricing, and predictive maintenance.
- A National EV Financing Facility offering concessional-rate loans for first-time buyers and commercial fleets.
Together, these measures, the report argues, could position India to reduce its oil import bill by USD 20–30 billion annually and generate more than half a million new jobs by 2030 — provided policy execution keeps pace with market evolution.
