New Delhi, Jun 4 (IANS): With increasing governmental support, infrastructural advancements, and growing consumer awareness, the next five years hold immense potential for the electric vehicle (EV) sector, experts said on Tuesday.

According to Anil G, Co-Founder and COO at Bounce Infinity, some key policies the government has implemented over the years have brought in a lot of "stability in how the economy is today and how businesses operate today".

Looking forward to the next government, he told IANS, "We expect a similar sort of consistency in policies that can give confidence for businesses to think long-term and put more investments."

As per Fortune Business Insights, the Indian EV market is projected to grow from $23.38 billion in 2024 to $117.78 billion by 2032, exhibiting a CAGR of 22.4 per cent during the forecast period.

According to Akash Gupta, Co-Founder and CEO, Zypp Electric, India's economic landscape has witnessed a transformative surge with technology at its helm in the past five years.

In addition, the experts mentioned that policies such as the PLI scheme, which the government has put in place, must continue to operate consistently.