The 21st EV Expo 2024 commenced today at Pragati Maidan, New Delhi, marking a significant milestone in India’s electric vehicle (EV) industry. The three-day event, featuring the 8th Catalyst Conference, brings together policymakers, industry leaders, and entrepreneurs to deliberate on the future of sustainable mobility.
The event was inaugurated by Hon’ble Minister for Road Transport & Highways, Mr. Nitin Gadkari, who addressed the gathering via video link from Nagpur. He emphasized India’s commitment to reducing pollution, decreasing dependency on fossil fuel imports (₹22 lakh crore annually), and achieving carbon neutrality by 2070.
Key Highlights from Mr. Gadkari’s Address
- Market Growth: India saw a 45% surge in EV sales in 2023-24, with 30 lakh EVs sold and a 6.4% market penetration. Over 56% of two-wheeler sales were electric, supported by 400+ startups in the sector.
- Future Projections: By 2030, the Indian EV market could reach ₹20 lakh crore, creating 5 crore jobs. Hybrid and EV penetration is expected to hit 8% by 2028, with the EV finance market growing to ₹4 lakh crore.
- Lithium Reserves: India’s 6 million tonnes of lithium reserves in Jammu & Kashmir could support 60 crore EVs, positioning India as a global player in lithium utilization.
- Cost & Recycling: Lithium-ion battery costs are expected to fall below $100 per kilowatt-hour within six months, while the battery recycling market could reach ₹50,000 crore by 2030.
- Global Leadership Opportunity: Mr. Gadkari urged industry stakeholders to aim for a tenfold increase in EV production, leveraging technology, quality standards, and raw material availability to outpace competitors like China.
Industry Participation and Discussions
The conference saw participation from prominent leaders, including Mr. Saurabh Dalela (ICAT), Mr. Balraj Bhanot (BIS), Mr. Yash Pal Sachar (Ashok Leyland), Mr. Anuj Sharma (Electric Vehicle Federation), and Mr. Rajiv Arora (EV Expo). Panel discussions explored challenges and opportunities for achieving sustainable growth in the EV sector.
Exhibition Highlights
The EV Expo showcases innovations from 200 exhibitors, featuring advanced technologies and industry collaborations. It provides a platform for startups, entrepreneurs, and industry leaders to network and shape the future of electric mobility.
Supporting Organizations
The event is supported by the Ministry of Road Transport & Highways, Pradhan Mantri Kaushal Vikas Yojana (PMKVY), MSMEs, and ICAT.
The 21st EV Expo 2024 runs until December 22, celebrating a decade of transformative contributions to India’s EV journey and paving the way for a sustainable, electric future.
