Driven by conducive government policies and incentives towards a green future, India has reportedly more than 150 two-wheeler electric vehicle (EV) startups in the nation.
As per the analysis by Bernstein- a global investment advisory firm, the Indian EV segment is expected to grow by 15-20 times and will reach annual sales of 15-20 million units by the next decade.
According to the Bernstein report, “Around 85 per cent of the 65 models launched last year were such products -- high-speed as against speed and range-constrained products, which used to be a feature of the startups.”
The analysis note further states: “The average battery capacity for new launches increased from 2.3 kWh (kilowatt-hour) in 2022 to 3 kWh,” the analysis noted.
TechCrunch was the first to report on the Bernstein analysis where they stated that the new EV manufacturing policy was announced by the Central government last week (in March), which aims to not only attract global players to India but also stress domestic value addition.
The new policy sets the stage for a vibrant future-mobility global manufacturing hub in the country.
The policy fixes a minimum investment of Rs 4,150 crore for foreign companies who want to set up EV manufacturing facilities in the country.
The Indian EV market is experiencing notable expansion, with a particular focus on meeting the surging demand for cleaner transportation, which is also necessitating a parallel expansion of charging infrastructure to cater to escalating demand.
The country may see 1 crore EV sales annually by 2030, generating nearly 5 crore jobs, according to Nitin Gadkari, Union Minister of Road Transport and Highways.
Recently, Citroen partners with BluSmart Mobility to deploy 4,000 EV SUVs. as a part of the initial phase. The 125 Citroen e-C3 were flagged off from BluSmart’s EV charging superhub which is based in Bengaluru. The new SUV will augment BluSmart’s growing fleet of over 7,000 EVs, the companies further said in an official statement.
