The Statesman: Indian EV Industry to become major power consumer amid robust growth: Report
With nearly four million electric vehicles (EVs) sold in India cumulatively by March this year, the market is in the midst of an explosive growth phase and will become a major power consumer. With an anticipated total power consumption of approximately 100 TWh by 2030, EVs have the potential to rank among the nation’s single largest power consumers.
The power sector in India has witnessed a major turnaround post-Covid, with power consumption growing at an annualized rate of nearly 10 per cent from FY21 to FY24 which is expected to continue till 2030. The growth in power consumption will be in sync with India’s nominal GDP growth which is expected to cross $7 trillion by 2030, the report mentioned. The data centres’ market in India is also expected to grow exponentially as data protection and localisation is prioritised.
- Dr. Vikas Gupta, CEO, Omniscience Capital