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.
The writing on the wall is clear. The world is gravitating towards cleaner technologies and smart mobility. There is an increased global call to save ecology and the transition to electric vehicles has the world’s consensus with most major economies moving towards green mobility.
India’s EV startups and auto giants are also accelerating towards creating an EV-friendly ecosystem. With more than 1.5 Mn EVs on Indian roads, they are fast overtaking other countries, albeit few, despite challenges such as policy issues, charging infrastructure, affordability and dependency on China.
According to Datalabs by Inc42, the capital inflow in electric vehicle startups has grown exponentially between 2014 and 2019. “Taking the outlier funding rounds into consideration, the total capital inflow in the electric vehicle sector was at $601 Mn whereas the capital inflow into electric vehicle startups peaked at $394 Mn in 2019,” says the report.
One of the factors in favour of India is the technological advances happening across the mobility ecosystem including AI-powered smart engineering, innovations in storage technology, battery sizing methodologies, among others.
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