Nitin Gadkari Highlights India’s Leadership Potential in the Global EV Market at EV EXPO 2024

• Chinmay
• December 23, 2024
• Automotive, News
• carbon neutrality, Electric Vehicles, EV EXPO 2024, EV finance, EV innovations, EV startups, ICAT, India EV Market, lithium reserves, Nitin Gadkari, sustainable mobility
• 0 Comments

The 21st EV EXPO 2024 kicked off at Pragati Maidan, New Delhi, showcasing the future of electric mobility. Organized in collaboration with the International Centre for Automotive Technology (ICAT), the event also hosted the 8th Catalyst Conference focused on the sustainability of the electric vehicle (EV) industry.

Hon’ble Minister for Road Transport & Highways, Mr. Nitin Gadkari, inaugurated the conference virtually from Nagpur. In his address, he outlined India’s strategy to combat pollution, reduce fossil fuel dependency, and transition to electric transportation to achieve carbon neutrality by 2070.

Key Takeaways from Mr. Gadkari’s Address

• EV Market Growth: India recorded 30 lakh EV sales in 2023-24, with a 45% sales increase and 6.4% market penetration. Notably, 56% of two-wheeler sales were electric, supported by over 400 startups.
• Future Market Projections: The Indian EV market is projected to reach ₹20 lakh crore by 2030, generating 5 crore jobs. By 2028, hybrids and EVs are expected to contribute 8% of the market, and the EV finance market could hit ₹4 lakh crore.
• Lithium Reserves: India’s 6 million tonnes of lithium reserves in Jammu & Kashmir, accounting for 6% of global reserves, can support 60 crore EVs, with efforts underway to accelerate production.
• Cost Efficiency: Lithium-ion battery costs are expected to drop below $100 per kilowatt-hour within six months, enhancing affordability.
• Recycling Opportunities: The lithium-ion battery recycling market is projected to grow to ₹50,000 crore by 2030.
• Global Leadership: Mr. Gadkari urged industry leaders to expand production tenfold and position India as a leader in the global EV market by leveraging proven technology, economic viability, and high-quality standards.

Industry Participation

• Mr. Saurabh Dalela, Director, ICAT
• Mr. Balraj Bhanot, ex-Chairman of TED Committee, BIS
• Mr. Yash Pal Sachar, VP of Corporate Affairs, Ashok Leyland
• Mr. Anuj Sharma, President, Electric Vehicle Federation
• Mr. Rajiv Arora, organizer of EV EXPO

Exhibition Highlights

The 21st EV EXPO 2024, running from December 20-22 in Hall Nos. 1 & 2 at Pragati Maidan, celebrates a decade of success. With participation from 200 exhibitors globally, the expo serves as a platform for showcasing cutting-edge innovations, industry collaborations, and evolving technologies shaping the future of mobility.

Supporting Organizations

• Ministry of Road Transport & Highways
• Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
• Micro, Small, and Medium Enterprises (MSME)
• International Centre for Automotive Technology (ICAT)

As Mr. Gadkari concluded, he envisioned India’s automobile industry becoming the world’s largest within five years, driven by contributions from the thriving EV sector.