Despite being in the early stage, the rapidly growing EV sales have led to rising investments in EV production in India, which is expected to reach one million units over the next five years.

EV production in India is likely to reach 9.7 million units by fiscal 2028 (April 2027 to March 2028), with EV-specific component market anticipated to grow from US$1.25 billion in fiscal 2023 to US$13 billion in fiscal 2028.