ICRA expects EVs to account for around 25% of domestic 2W sales and 15% of passenger vehicle sales by 2030, translating into strong market potential for EV components. Indian E2W component market potential is projected to exceed INR 1,00,000 crore by 2030, while the EPV component is foreseen at another INR 50,000 crore, in terms of revenue potential for ancillaries. ICRA projects demand for EV battery in India (for domestic sales) at ~15 GWh by 2025 and ~60 GWh by 2030
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