India's Electric Future
India is electrifying its vehicles, but is it enough to reach 30% penetration by 2030? Deep dive into what really needs to be done to help India become a 'true' EV nation.
India, a late entrant to the e-mobility space, is fast outpacing others. Building an EV ecosystem is a time-consuming exercise, particularly due to lack of standardisation of EV policies, but Original Equipment Manufacturers (OEMs) such as Tata, Mahindra, MG, Hyundai are nudging towards it and their EV models have paved the way for market seeding.
Startups in the space are today revved up to learn the right curve to create better products every day. According to DataLabs by Inc42 Electric Vehicle Market Outlook Report 2019, the transactional market size of electric vehicles is projected to increase from $807 Mn in 2019 to $20 Bn in 2030.
NITI’s Aayog’s original ambitious target of 100% EV transition by 2030 may have sent jitters down the industry, but startups and automakers sighed a relief when the new target of 30% transition was set. Thus the transition from conventional internal combustion engine vehicles to EVs is happening and India is forecasted to become the fourth-largest market for EVs by 2040, according to BloombergNEF.
The call for green mobility has never been bigger and e-mobility is a clear winner in terms of zero direct CO2 emissions. Simultaneously, startups are trying to understand the potential impacts of EV production and its usage life cycle.