EV Export Strategy A Necessity Now As Global Sales Expected To Triple By 2030: FICCI-Yes Bank Report

(MENAFN- KNN India) New Delhi, Feb 27 (KNN) A National Export Strategy for electric vehicles (EVs) is now a necessity for India as global EV sales are projected to triple by 2030, according to a report by Federation of Indian Chambers of Commerce & Industry (FICCI) and Yes Bank.

The report, 'EV Market – India's Export Competitiveness', released at the 3rd FICCI National Conference on EVs, states that infrastructure expansion and alignment with global safety, cybersecurity, battery traceability, and sustainability standards are critical for India to capture emerging global value chains, reported ANI.

"As India invests in ecosystem development to enhance capabilities and its EV market starts to gain significance, exports become a strategic opportunity to scale production, improve cost curves, develop high-quality products with technology learnings, apart from helping broaden market diversification, absorbing regulatory shifts, and develop a global positioning," the report said.

Global Trends

The report highlights that global governments are accelerating clean mobility. EV purchase incentives rose 5 per cent year-on-year to USD 19 billion in 2024. China led EV sales growth, while Europe's expansion was driven by emission regulations.

Battery prices fell 13 per cent to USD 137/kWh in 2024 due to advances in cell chemistry and economies of scale. Public charging infrastructure also expanded by 30 per cent year-on-year, led by China and supported by growth in Europe and the US.

Government and Industry Views

Releasing the report, Union Minister for Heavy Industries and Steel H. D. Kumaraswamy said India's EV transition aligns with its net-zero target for 2070 and must remain central to the Make in India agenda. He urged industry to leverage Free Trade Agreements with the EU, UK, and Australia to boost EV exports.

He noted that automotive component exports have nearly doubled over the past decade to USD 16.9 billion and highlighted government support measures, including a Rs 7,280 crore scheme for Sintered Rare Earth Permanent Magnets.

Amitabh Kant, former G20 Sherpa and ex-CEO of NITI Aayog, described electric mobility as India's next major economic opportunity, stressing the need to position the country as a trusted global manufacturing hub.

Industry leaders said India has moved from initial EV adoption to a more mature phase, building capabilities across the value chain-from critical minerals and cell manufacturing to vehicle production and charging infrastructure.

They emphasised that electric mobility is now a key pillar of industrial transformation, climate action, and global trade ambitions.

(KNN Bureau)

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