callToll Free 18001024141

PV industry growth likely to moderate to less than 5% in FY25

February 05, 2024 | 1 min read | Industry News

In the wake of a robust 25% growth in FY23 followed by a moderated 8% expansion in FY24, the photovoltaic (PV) industry anticipates a slight deceleration in growth, projecting less than a 5% increase in FY25. This projection is influenced by various factors, including the challenge posed by a high base effect. Despite this, the electric vehicle (EV) segment remains resilient, demonstrating continued growth momentum, albeit hindered by the slower pace of charging infrastructure development nationwide.

While challenges persist, such as fluctuating commodity prices and potential cost escalations in certain sectors, the automotive industry maintains a stable trajectory. Notably, the EV sector emerges as a standout performer, boasting an impressive 95-100% growth rate, outpacing the overall passenger vehicle industry growth of 8% year-on-year. This trend underscores the increasing consumer preference for eco-friendly transportation solutions, particularly in urban centers with high daily commuting needs.

To address the burgeoning demand for EVs and overcome infrastructure limitations, collaborative efforts are underway among industry players. Open collaboration strategies are being adopted to expand the charging infrastructure network, involving charging station operators and oil marketing companies. This concerted approach recognizes the pivotal role of charging infrastructure in fostering the growth and mainstream adoption of EVs.

Moreover, manufacturers are proactively enhancing the customer experience by exploring dedicated sales and service outlets for EVs. This customer-centric approach aims to cater to the evolving needs of consumers and provide comprehensive support for the growing portfolio of electric vehicle models.

Looking ahead, the electric vehicle segment is poised for substantial momentum in FY 2025, surpassing the achievements of FY 2024. As the industry navigates through evolving market dynamics and embraces sustainable mobility solutions, collaborative initiatives and customer-centric strategies will continue to drive growth and innovation in the PV sector.