Global EV market to grow from $255 billion to $2,108 billion by 2033: Axis Securities report

The global electric vehicle (EV) industry is predicted to grow from $255 billion in 2023 to $2,108 billion in 2033, citing an Axis Securities research ANI reported on Saturday. 

The rise will be driven by worldwide demand for sustainable transportation solutions pushing compound annual growth rate (CAGR) to 23% between 2024 and 2033.

According to Axis Securities, the Indian EV market is expected to reach 10 million units per year by 2033, up from 1.7 million units in fiscal year 2023-24.

A combination of government policies will fuel the transformation of the EV industry, the decreasing cost of bill of materials (BoM), the launch of new products, and rapid advancements in technology, as per the report.

India is likely to be one of the leaders of the global EV revolution, with major EV adoption expected over the next ten years in three-wheelers (3W), two-wheelers (2W), electric buses, and passenger automobiles, according to the news agency.

The EV category is expected to expand more as infrastructure improves and more affordable models reach the market, according to the research.

The government has budgeted ₹10,900 crore in subsidies over the next two years to promote the adoption of electric two-wheelers, three-wheelers, and buses, the news agency further reported.

The report further states that the establishment of charging infrastructure is important for increasing EV adoption. Moreover, the government has committed ₹2,000 crore to create public EV charging stations across India.