Electric Vehicle Market in India Expected to Reach $114 Billion by 2029

The electric vehicle (EV) market is witnessing significant growth globally, with India projected to expand from $3.2 billion in 2022 to nearly $114 billion by 2029. This surge is fueled by innovations in battery technology and government initiatives aimed at promoting sustainability. In the U.S., global EV sales reached 1.3 million in January 2025, marking an 18% increase from the previous year, while forecasts suggest that one in four cars sold in North America will be electric by 2025. Key players like Toyota and Tesla are strategically positioned to benefit, with Toyota expanding EV production and Tesla continuing to lead in zero-emission vehicle innovation. Additionally, BYD's recent advancements in driver-assistance systems are likely to drive growth for its suppliers, further emphasizing the competitive landscape of the EV sector. Overall, the automotive industry is on the brink of a revolution, pivoting toward electric and sustainable solutions.