New Delhi, March 20: India’s electric vehicle (EV) startup landscape is burgeoning, fueled by favorable government policies and incentives towards sustainable mobility. A recent report revealed that the country now hosts over 150 two-wheeler EV startups, indicating a promising trajectory for the EV segment.
According to an analysis conducted by global investment advisory firm Bernstein, the Indian EV sector is poised for substantial growth, with projections suggesting a 15-20 fold increase in annual sales to reach 15-20 million units within the next decade.
The analysis highlighted a significant shift in product offerings, with approximately 85% of the 65 models launched last year being high-speed variants, deviating from previous trends of speed and range-constrained products typical of startups.
Furthermore, the average battery capacity of new EV launches witnessed a notable increase, rising from 2.3 kWh in 2022 to 3 kWh, reflecting advancements in battery technology and range capabilities.
The recent unveiling of the EV manufacturing policy by the Central government further underscores India’s commitment to fostering a robust ecosystem for electric mobility. The policy aims to attract global players while emphasizing domestic value addition, positioning India as a key player in future mobility manufacturing.
Key highlights of the policy include a minimum investment requirement of Rs 4,150 crore for foreign companies intending to establish EV manufacturing facilities in India.
The burgeoning EV market in India aligns with the escalating demand for cleaner transportation solutions, necessitating a parallel expansion of charging infrastructure nationwide.
Union Minister of Road Transport and Highways, Nitin Gadkari, projected a significant uptick in EV sales, estimating 1 crore EV sales annually by 2030, generating nearly 5 crore jobs, further underlining the transformative potential of electric mobility in India.
