Overview

• Moody’s projects India’s car sales to grow at a 3.5 percent CAGR to 5.1 million units by 2030, the fastest pace in Asia.
• Battery electric vehicles account for under 2 percent of current sales with charging infrastructure and local battery supply remaining limited.
• Global and domestic automakers have pledged over $10 billion through 2030 to develop EV models, battery plants and charging networks.
• A recent trade pact with the UK and ongoing negotiations are increasing pressure to reduce tariffs and open India’s protected auto market.
• Rising incomes are driving a shift toward premium SUVs and strengthening India’s role as an export hub for manufacturers.