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Electric Vehicles Driving Sustainable Mobility In India

Recent case studies.

Sustainable mobility (electric mobility) contributes to a significant role in the economic development of a nation and supports the improvement of the lives of people, both in rural and urban areas. To ensure a better quality of life and make progress towards achieving climate goals, it’s important to bring the availability of affordable, accessible, inclusive, and safe mobility solutions for the nation. One preferred choice for effective transportation is shared, connected, and clean mobility solutions. To reduce emissions in the transportation sector, India is significantly transitioning towards a transportation model that promotes the use of alternative fuel vehicles and Electric Vehicles (EVs) to achieve zero or low carbon emissions.

As countries work to decrease their carbon footprint and battle the negative consequences of climate change, sustainable transportation is an urgent worldwide priority. India is leading this problem because of its expanding population and quick urbanisation. India's approach to sustainable mobility is of utmost importance not only for its population but also for the global environment as one of the world's largest and fastest-growing economies.

7.1% of India's GDP and 49% of its manufacturing GDP are contributed by the automobile industry. The government's 2nd AMP (Automotive Mission Plan) outlines the strategy to take the automotive industry to a world-class level.  India agreed to cut its gross domestic product's emission intensity (the amount of greenhouse gases the country emits per unit of GDP) by 33% to 35% above 2005 levels by 2030 as part of the Paris Agreement in 2015.  The government is eager to change public perceptions about electric vehicles in order to fulfil its responsibility to the world and reduce the negative effects of automobiles (growing air pollution and ballooning oil import costs). India’s EV market is expected to grow at a Compound Annual Growth Rate (CAGR) of 49% between 2022-30 and is expected to hit 10-million-unit annual sales by 2030. The EV industry will create 50 million direct and indirect jobs by 2030. A market size of US$ 50 billion for the financing of EVs in 2030 has been identified—about 80% of the current size of India’s retail vehicle finance industry, worth US$ 60 billion today.

EV economics improve when battery costs decrease since they are falling more quickly than expected; in most areas, the five-year TCO is better than any other option. In addition, consumers gain from both financial and non-financial incentives, such as subsidies and registration advantages.

The highway between Delhi and Chandigarh is the first in the nation to be made e-vehicle friendly owing to Bharat Heavy Electricals Limited's (BHEL's) successful commissioning of 20 solar-based EV Chargers.

Petrol and diesel-powered vehicles have historically dominated India's mobility scene. The heavy environmental damage brought on by this reliance on fossil fuels includes greenhouse gas emissions and air pollution. Major Indian cities frequently rank among the world's most polluted, endangering the public's health and way of life.

Furthermore, the nation's strong reliance on oil imports presents it with a growing array of energy security issues. This susceptibility to changes in the price of oil globally calls for a transition to other and more environmentally friendly means of transportation.

To cope with the existing challenges, Electric Vehicles (EVs) are the focus of India's transformational move towards sustainable mobility. The government's goal of lowering carbon emissions, decreasing pollution, and boosting energy security is matched with the adoption and promotion of Electric Vehicles (EVs). The Paris Agreement's goals of keeping global warming far below 2 degrees Celsius are also supported by this shift.

The Indian government has undertaken several policy initiatives and incentives to promote the proliferation of electric vehicles. The Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) programme, which was first introduced in 2015 and has since been expanded and improved, is one of the most famous. Manufacturers, purchasers, and those building the infrastructure for charging stations all receive subsidies and incentives under FAME.

Further lowering the cost of electric vehicles is a large reduction in the Goods and Services Tax (GST) on EVs. Such legislative assistance encourages domestic and foreign automakers to participate in the Indian EV sector in addition to encouraging consumers to transition to EVs. There are many opportunities and difficulties ahead as India transitions to sustainable mobility with electric vehicles. On the one hand, this transformation offers India the possibility to become a technical and production powerhouse for electric vehicles. The country is a desirable location for production and investment due to its sizable domestic market and skilled labour force.

However, for this vision to fully come to fruition, several issues must be resolved. These include the need for additional infrastructure development, ensuring that EVs are accessible and affordable for all income categories, and addressing consumer range concerns. Furthermore, recycling and disposing of batteries raise environmental issues that call for creative solutions.

The creation of a reliable charging infrastructure is essential for marketing electric automobiles. Because of this, the government has launched steps to speed up the construction of charging stations all around the nation. Both quick chargers along roads and slower charges in populated regions fall under this category. The combined efforts of the Indian government and key industry players have produced encouraging outcomes. Sales of electric vehicles have significantly increased recently, despite starting from a low basis. This development trajectory is anticipated to continue as a result of investments in domestic production facilities and portfolio expansions by major automakers for their electric car lineups. This transition has been led by the two-wheeler market, where electric scooters are becoming more common in cities. Additionally, the electric three-wheeler market is thriving, especially in the last-mile connectivity segment.

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India Electric Vehicle Report 2023

Critical unlocks are needed to realize the $100+ billion EV opportunity.

By Mahadevan Seetharaman, Mihir Sampat, Prabhav Kashyap, Prithviraj Sagi, Arpit Agarwal, and Venkatesh Modi

• December 07, 2023

At a Glance

• Electric vehicles (EVs) could account for more than 40% of India’s automotive market and generate over $100 billion of revenue by 2030.
• Achieving this will require concerted strategies across five areas: new product development, go-to-market/distribution, customer segment prioritization, software development, and charging infrastructure.
• Several of these interventions will require category-specific stakeholder action.

Executive summary

India’s electric vehicle (EV) market is at an inflection point. EVs accounted for about 5% of total vehicle sales between October 2022 and September 2023—and could reach more than 40% penetration by 2030 (see Figure 1), driven by strong adoption (45%+) in both two-wheeler (2W) and three-wheeler (3W) categories.

India’s overall EV penetration is expected to grow 8x by 2030, jumping from 5% to 40%+

However, several structural challenges need to be addressed to spur increased EV adoption. For example, EVs are currently priced higher than internal combustion engine (ICE) vehicles. There’s also anxiety over range, limitations in charging infrastructure, and friction in customer financing.

2W EVs form the majority of EV sales today, accounting for 85%–90% of all EV units sold in India, followed by 4W EVs (7%–9% of sales) and 3W EVs (5%–7% of sales). While Phase II of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was recently revised, 2W EV penetration has remained stable at around 5% in line with Jan–Mar 2023 levels (and only a marginal decline in Jun–Jul 2023). 3W EV and 4W EV penetration levels experienced an upswing, with volumes more than doubling over the past 12 months, driven by low total cost of ownership (TCO).

Written in collaboration with

To realize its $100 billion revenue potential, India’s EV market needs to grow more than tenfold in volume over the next 6–7 years. This is achievable, but only with focused interventions across five key areas: new product development, GTM/distribution optimization, B2B focus, software development, and scale-up of charging infrastructure.

These interventions are above and beyond the macro elements that also need to be addressed, such as policy support, safety improvements, and battery price decline—all of which are expected to play out in “business as usual.”

Five focus areas for interventions

1. Develop “customer-back” products to optimize capital expenditure.

EV penetration is significantly higher in the premium segments than the mass market, as EV manufacturers aim to balance pricing with range and performance. Most EV categories are already TCO-positive at threshold range, which makes them attractive as fleet and B2B vehicles. However, mass adoption requires pricing parity with comparable ICE models (e.g., Honda Activa among 2Ws and Bajaj RE among 3Ws), even if that entails compromises in range and performance.

Doing this will be no trivial task. OEMs will need a deep understanding of customer segments to build EVs that meet their needs, especially with respect to range and performance. In addition, for better economics, OEMs may need to reduce “nice to have” features from existing premium models when subsidies expire.

2. Reimagine distribution models to grow beyond metro and Tier 1 cities.

Metro and Tier 1 cities currently drive the majority of EV sales. For example, metro/Tier 1 cities account for 80%–90% of 3W EV sales, compared to only 55%–65% of comparable 3W ICE sales. This is driven by lower EV distribution footprint in Tier 2 cities, limited customer understanding of EVs’ TCO benefits, and high range anxiety among Tier 2 customers.

Replicating ICE dealership models is unlikely to work in Tier 2 cities since EV dealerships generate less service revenue. EV models have lower service requirements, with a lower number of components, hence service revenues only comprise 10%–15% of EV dealer revenues (compared to 30% or more for ICE dealers). As a result, OEMs have to operate with higher margins, lower cost structures (via “lean” dealer operations, lower headcounts, or direct-to-consumer sales), or a combination of both over time.

OEMs also need to balance speed required to capture untapped markets with the right dealership operating model (e.g., exclusive dealerships vs. multi-brand outlets), in order to achieve scale and profitability over the long term.

3. Prioritize B2B/fleet customer segments to generate near-term momentum.

OEMs can accelerate EV adoption by targeting B2B customers and fleets, such as food/grocery delivery platforms, logistics firms, and cab fleet operators. EVs offer a superior value proposition for these segments based on positive TCO, which is reflected in their ambitious electrification plans. For example, Amazon plans to add 10,000 EVs to its India logistics fleet by 2025, Zomato aims to electrify 100% of its delivery fleet by 2030, and Uber plans to add 25,000 EVs by 2026 as part of its “Uber Green” initiative.

OEMs need to double down on the B2B and fleet segment to scale, despite potentially weaker margins. This will necessitate dedicated organizational bandwidth targeting this segment, deliberate product customization to address customer requirements, and a long-term partnership model to help EV OEMs continually tailor their products to meet B2B/fleet customers’ needs.

4. Use software as a differentiator and profitability driver.

Profitability and cost optimization are significant challenges for OEMs, especially as they try to drive adoption and scale, and must be addressed to ensure long-term business viability. Software can help OEMs materially improve their economics by adding new revenue streams and simultaneously improving vehicle performance. For example, OEMs can leverage software to enhance power delivery, optimize battery management based on vehicle usage to increase battery life, etc.

Global EV OEMs like Tesla extensively use software to enable superior safety, battery management and improve the overall customer driving experience. Some of Tesla’s software-driven functionalities include auto-pilot functions, software-controlled all-wheel drive, live traffic visualization, etc.

OEMs need to understand customer needs across segments, and then develop native software capabilities to extract better, differentiated performance from their hardware.

5. Scale charging infrastructure.

India significantly lags other geographies on charging infrastructure, with roughly 200+ EVs per commercial charging point in India, as compared to ~20 in the US and less than 10 in China. India needs both slow- and fast-charging infrastructure, through establishing more charging points in existing EV areas, as well as widening pin-code coverage to reduce range anxiety.

Battery swapping (offered by companies like Sun Mobility and Battery Smart) can also potentially solve the infrastructure gap in select commercial use cases, such as passenger 3W EVs and 2W EVs for last-mile deliveries etc., while simultaneously lowering upfront costs, increasing earnings potential (due to low down-time), and improving flexibility for customers. OEMs need to prioritize the right use cases, optimize product designs, and partner with battery-swapping players to address a wider range of customer segments.

India’s 2W EV Market

India’s 2W EV penetration has potential to jump from approximately 5% today, to 45%+ by 2030. However, realizing this massive opportunity requires OEMs to have a multipronged development agenda, supported by key unlocks at the EV ecosystem and policy levels (see Figure 2).

Targeted unlocks could propel 2W EV penetration to 45%+ by 2030

2w ev product unlocks.

A mid-segment EV scooter product could enable 50%+ penetration in scooters, a huge jump from 10%–15% penetration today. While EVs have already achieved 40% penetration in the premium scooter segment, the dominant mass/ economy segment—constituting ~75% of the market—is largely untapped.

To achieve over 50% EV penetration in scooters, OEMs need to launch new products to displace dominant models like Honda Activa (e.g., Ola recently made headway by introducing its S1X scooter priced at INR 90K). However, this will be challenging for OEMs who are struggling to balance vehicle cost with range and performance.

Instead of de-specking existing premium products, OEMs will need to take a ground-up, “customer-back” approach to product development, developing products specific to key customer cohorts, and balancing range and performance at the Activa price point. Over time, product development in the mid-segment will be complemented by scaled domestic manufacturing and falling battery prices, which will further help accelerate penetration.

Breakthrough motorcycle products could propel motorcycle EV penetration to 30%+, up from less than 1% today. So far, EV motorcycles haven’t matched ICE models on most key customer purchase criteria, including price, range, and top speed. Majority of the current EV offerings are ~50% more expensive, have ~25% lower top speeds, and ~80% shorter range vs. ICE models. The only criteria where current EV motorcycles are on par with ICE models is TCO.

While premium EV scooters have gained traction, it will be difficult for premium EV motorcycles to match the performance of premium ICE motorcycles at comparable prices. However, the entry-level segment, which constitutes roughly half of the overall motorcycle market, is more amenable to EV penetration, driven by lower range and performance thresholds. If OEMs can match the price and performance of existing entry-level ICE vehicles like Hero Splendor, EV penetration might grow even further.

Battery swapping will enable lower-cost offerings. Offering 2W EVs without batteries would reduce the upfront cost of EVs by 40%–50%, helping drive adoption in the entry- and mid-level segments, given relatively higher price sensitivity among those customers. However, availability and purchase of 2W EVs without batteries will require scale-up of specialist battery swapping players. For example, in Taiwan, Gogoro built an extensive battery-swapping network with more than 2,500 stations, deploying more than 1 million batteries. Gogoro’s ability to scale was driven by interoperability, as it shared key kits/components across top OEMs and entered into battery swapping partnerships with them.

Building the same ecosystem in India will be challenging, since OEMs are unlikely to standardize their batteries in the near term. Instead, swapping players will need to maintain inventory for top SKUs across OEMs and identify customer segments to target (e.g., delivery platforms with large fleets of 2W EVs or retail customers with EVs from the top four or five OEMs). OEMs also need to strike “walled-garden” partnerships with battery-swapping players to support swapping-enabled 2W EV models.

2W EV GTM unlocks

A re-imagined distribution model will be key to driving 2W EV penetration. The traditional distribution model would put margin and cost pressures on EV OEMs as EV dealerships earn only about 10%–15% of their revenues via service and parts as compared to 30%+ for ICE dealers, given EVs involve fewer components and infrequent repairs. Additionally, human resources costs are also 40%–50% higher for EV dealers, owing to need for employees with higher software and electrical skills, and more extensive training.

It is critical for EV OEMs to reimagine the dealership model and its value proposition, including the creation of lean experience centers, optimized store sizes and infrastructure, and rationalization of store staff. OEMs also need innovative distribution models, such as scaled multi-brand dealerships, to drive higher volume and profitability, with multi-brand dealers in turn needing to conduct rigorous staff trainings to help them effectively sell products from multiple brands.

New online channels (e.g., community-led D2C, digital-led lead generation) will also emerge to support 2W EV sales. Buying behaviors are changing, with “research online and purchase offline” becoming the norm and 50%+ of 2W sales expected to be online-enabled by 2030, up from less than 10% today.

It will be critical for OEMs to redefine their engagement models across the customer funnel through focused digital initiatives. For example, Google advertising on 2W marketplaces (e.g., BikeDekho, ZigWheels) and social media/influencer-led ads to help drive top-of-funnel awareness; content such as blogs, demo videos, and client testimonials to drive engagement; readily available online financing to propel conversions.

Enhanced customer engagement via online channels has already seen some traction in other developed regions. For example, Tesla built out strong online sales and marketing capabilities, including an online car configurator, the Tesla Engage platform, a direct home delivery service for vehicles and regional, state-wide Tesla ownership clubs to build community engagement.

A “scientific” secondary market will be key to drive EV penetration in India. Other markets like the US and China have established secondary markets for EVs, backed by detailed data on vehicle performance (e.g., battery capacity and health, total distance, and well-defined heuristics for price discovery of used batteries). For example, for 4Ws, China has secondary players such as Uxin, Guazi, and Alibaba, and the US has Autotrader, Copart, and Carmax—all of which collectively improve liquidity and drive EV penetration.

Additionally, EV battery depletion has in reality been slower than OEMs originally estimated, which will enable higher tradability for 2W EVs. A secondary market could be a lucrative opportunity for platforms in India, either through OEM buy-back schemes, OEM-led secondary marketplaces (similar to Maruti or other luxury car brands), or through third-party marketplaces similar to CarDekho, Spinny, or Cars24 in the 4W space. Presence of a secondary market helps establish a credible salvage value for EVs and also enables lower financing costs for customers.

2W EV manufacturing unlocks

A localized supply chain and India-specific component innovation would significantly accelerate EV penetration. India currently relies on China to provide 60%–70% of key EV components, including lithium-ion battery cells, e-motor magnets, and other electronics.

While battery cells will continue to be imported in the short to medium term, India must accelerate domestic production for other components to limit supply chain reliance (and shocks) from China. This will also drive component innovation relevant to the Indian market, such as higher payload capacity, longer range for customers in Tier 2+ cities with poor charging infrastructure, and improved battery heat-resistance to counteract high temperatures in India. Domestic production and innovation would in turn enable higher availability and lower cost of spare parts, which is a key pain point for brands and customers today.

OEMs must explore alternate revenue streams via software and value-added services to improve economics. Since EV dealerships earn lower service revenues, OEMs need to explore new sources of income, including customization options, accessories, and recurring subscription-based services (such as predictive maintenance alerts, in-car Wi-Fi, or roadside assistance). For example, Tesla charges about $10 per month for premium connectivity features like live traffic visualization, video streaming, and karaoke.

OEMs need a deep understanding of their customers’ needs to develop differentiated software and create superior customer experiences.

2W EV ecosystem unlocks

India needs to accelerate charging infrastructure development to ease customers’ range anxiety. For context, India has roughly 200 EVs per commercial charging point, as compared to approximately 20 in the US, and less than 10 in China. Public charging infrastructure in parking lots, restaurants, and other gathering spaces needs to grow at a much faster pace relative to EV sales to help bridge this gap.

In the short term, this will largely be led by slow-charging stations, with fast charging restricted to emergency/top-up use cases at a premium. OEMs and charging players like ElectricPe need to build scaled partnerships with key stakeholders such as real estate players and restaurant chains to accelerate infrastructure development.

After-sales service is a big pain point for EV customers, with lack of adequate service centers, either third-party or in-house. Select OEMs like Ampere have partnered with players like ReadyAssist to provide round-the-clock after-sales vehicle assistance. However, the scalability of this model is unproven. Even mature players in other regions like Tesla are struggling to deliver superior post-sale experiences, despite significant investments in service center operations and mobile service stations. Tesla has earned less than 5% net margin on servicing revenues over the last 3–4 years.

It is critical for Indian OEMs to provide superior after-sales services, helping drive customer loyalty and long-term EV penetration. OEMs will need to make tradeoffs between maintaining in-house service centers and enabling localized third-party providers. The right strategy will vary by brand, product segment, price points, etc.

Lastly, India also needs sustained policy support to enable localization (beyond just batteries) and drive EV adoption. For example, governments need to define clear norms for fast-charging infrastructure, with tax breaks for charging infrastructure set up, policy support to lower the upfront cost of EVs and production-linked incentives to accelerate EV component manufacturing.

India’s 3W EV Market

India’s overall 3W market grew at a steady pace (6%–8% per annum) between fiscals 2017 and 2023, with EV penetration surpassing 50% in fiscal 2023, up from approximately 10% in fiscal 2017.

Penetration growth is partly attributed to government bans and the consequent phase-out of traditional petrol/diesel 3W vehicles. For example, the government of Delhi capped 3W vehicle registrations at 100,000, with EV models given high priority for new permits. Additionally, superior TCO of 3W EVs, and launch of lower-priced, permit-free e-rickshaws have driven rapid growth.

Within 3W EVs, e-rickshaws constitute the majority of sales, accounting for approximately 90% volumes (~375,000 vehicles) and are primarily used for short-distance commutes. E-rickshaws also entail lower upfront costs compared to ICE 3Ws, which has helped drive accelerated adoption. For example, the Kinetic Safar Smart e-rickshaw costs INR ~1.5L, as compared to the ICE-based Bajaj Compact RE costing INR ~2.3L.

EV penetration is lower among 3W passenger vehicles and 3W cargo vehicles (5%–10% and ~20% respectively), driven by higher upfront costs, and a lack of sufficient EV models with the right specifications.

Going forward, 3W EV penetration (excluding e-rickshaws) is expected to scale rapidly, jumping from current ~10% to 45%+ by 2030, with secular growth across segments: 3W passenger EVs are expected to grow from 5%–10% to 35%+, and 3W cargo EVs could triple penetration from ~20% to 60%+.

To make this leap, OEMs and EV ecosystem partners need to make significant investments in key areas, including new product development, dealer network expansion, strong B2B focus, and scaled up infrastructure for battery charging and swapping (see Figure 3).

Targeted unlocks could propel 3W (excluding e-rickshaws) EV penetration to 45%+ by 2030

3w ev product unlocks.

OEMs need to develop 3W passenger EVs matching compressed natural gas (CNG) counterparts. EV penetration in 3W passenger vehicles is only 5%–10% at present, due to current models costing ~25% more than CNG alternatives and having ~30% lower range. For example, Mahindra Treo EV costs INR ~3L and has ~140 km range, while Piaggio Ape City CNG costs INR ~2.3L and offers ~200 km range.

It is imperative for OEMs to introduce 3W EVs at lower price points (around INR 2.5L), even if this entails lower range as compared to CNG models. This will enable EV adoption for last-mile/localized use cases within a 5–15 km radius around hotspots like metro stations, malls, markets, and offices, which account for 40%–60% of all 3W passenger trips.

OEMs will need to innovate (or make mechanical tradeoffs) to offset range limitations, with measures like kerb weight reduction via use of cheaper or lighter materials, which could reduce costs and generate comparable power despite using smaller batteries. They can also innovate to drive higher powertrain efficiencies via use of technology.

In 3W cargo, introduction of an entry-level EV model will be key to propel EV adoption. 3W cargo EVs currently offer better TCO and higher payload capacities than ICE models—yet penetration is low at ~20% because prices are substantially higher (by roughly 30%).

For example, Piaggio Ape E Extra FX (EV) costs INR ~3.1L, as compared to INR ~2.4L for Piaggio Ape Xtra LDX (ICE) while both have comparable payload capacity of ~500Kgs. While other EV models like Euler HiLoad and Mahindra Treo Zor have higher payload capacities (~690kgs and ~550kgs respectively), current prices for these 3W EV cargo vehicles are not far from 4W ICE cargo vehicles, which have even higher payload capacities and higher top speeds.

OEMs need to launch new EVs at the INR 2.5–3L price point and provide performance in line with the segment’s standards (450–500 kg payloads, 55–60 kmph top speeds) to drive wider EV adoption. In addition to de-specking, potential exists for OEMs to reduce prices by innovating to increase battery/powertrain efficiencies, as well as considering mechanical trade-offs such as kerb weight reduction to in turn use smaller and cheaper batteries.

3W EV GTM unlocks

Offline dealer networks are critical for 3W EVs to take off, due to the prevalence of consultation-based sales. The low number of EV dealerships is hence a major roadblock to 3W EV penetration today. For example, Piaggio has about 10 3W EV dealerships compared to a total of about 35 in Maharashtra. Similarly, in Gujarat, only a third of Piaggio 3W dealerships stock EVs. Insurgents lag even further behind, with Euler and Altigreen having about 50 dealerships pan-India, as compared to Mahindra’s 600. Additionally, major OEMs have limited EV presence beyond metro and Tier 1 cities, which is reflected in their sales mix—Tier 2 cities account for 35%–45% of ICE 3Ws, but only 10%–20% of EV sales.

OEMs need to scale their distribution footprint through strategic network planning, which includes prioritizing micro-markets for entry in states with high 3W vehicle demand, such as Uttar Pradesh, Karnataka, Maharashtra, etc.

OEMs need to strengthen their B2B-specific GTM capabilities and deepen engagement with B2B customers to accelerate EV penetration. Commercial vehicle ownership is fragmented across both e-commerce/logistics companies providing third-party and fourth-party logistics services, and a large base of small-fleet owners—with about 50% of commercial vehicles being owned by companies with five vehicles or less.

3W cargo EVs are optimal for these customers, particularly for intra-city local transportation, where predictability in routes and high utilization significantly reduce the time to achieve positive TCO relative to ICE vehicles. Additionally, logistics companies are under pressure to optimize shipping and logistics costs, which will fuel EV adoption.

There are some early signs of OEMs forming B2B partnerships, such as Euler supplying 3W EVs to Udaan, EcomExpress, and BigBasket. However, there is significant untapped potential. For example, Flipkart plans to transition its fleet entirely to EVs by 2030; Amazon plans to introduce 10K EVs in its final-mile delivery fleet by 2025. To capitalize on this opportunity, OEMs need to strengthen their B2B capabilities, which include key account management structures with single-window interfaces, dedicated B2B sales and support teams, providing annual maintenance-inclusive contracts, and the ability to customize products per customers’ specs.

3W EV ecosystem unlocks

Similar to other automotive categories, scaled battery charging and swapping infrastructure will provide a fillip to 3W EV penetration. Battery swapping will gain prominence, particularly among 3W passenger EVs with daily runs of 175–200 km, given the lower upfront cost (batteries currently account for 40%–50% of 3W EVs’ cost), and flexibility to pay per use instead of for the entire battery upfront. Battery swapping is also faster and entails significantly lower downtime vs. charging. It takes 1–3 hours to charge a battery, but only 10–15 minutes to swap one out, which results in over 30% higher earning potential for customers.

Battery swapping players like Sun Mobility and Battery Smart need to rapidly scale to support 3W EV adoption, as India significantly lags other countries in battery swapping infrastructure currently. For context, Taiwan has nearly twice as many swapping stations as India—with more than 2,500 stations as compared to India’s ~1,500.

India’s 4W EV Market

India’s overall 4W market is large: 4–5 million units were sold in fiscal 2023, with the market growing steadily at ~2% compound annual growth rate (CAGR) between fiscal 2018 and 2023.

While current 4W EV penetration is low at 1%–1.5%, 4W EV sales have grown rapidly at 85%–90% CAGR over fiscal 2018–23, albeit on a small base. Penetration has been constrained by limited choices of EV models (particularly in commercial 4W, buses/trucks), high upfront costs as compared to ICE models, and an inadequate charging ecosystem.

Within the 4W EV market, cars form the majority, accounting for 90%+ of EV sales, driven by select OEMs offering EV models with premium features that enhance safety and comfort, such as advanced driver assistance systems. Buses and truck/cargo segments have seen limited EV volumes and penetration (~3% and ~0.1% respectively), owing to few available models, range anxiety, and lack of charging infrastructure.

EV car penetration could jump manifold from approximately 1.5% to 20%+ by 2030, if EV stakeholders undertake significant interventions. OEMs need to develop new products at competitive price points, expand dealer networks, build software capabilities, and scale charging infrastructure (see Figure 4).

Targeted unlocks could propel 4W (cars) EV penetration to 20%+ by 2030

4w ev product unlocks.

Launch of a fleet-specific EV model at the right price point to accelerate penetration in passenger 4W. The market currently lacks an economical 4W passenger EV designed for fleets, with current EV models priced significantly higher than ICE or CNG models. For example, the fleet-focused Tata Xpres-T EV costs INR ~13L, which is ~75% more than the Maruti Dzire Tour CNG (INR ~7.5L).

Successful fleet-focused ICE/CNG models in the past have scaled on the back of lower prices vs. non-fleet models, fleet-specific features, and best-in-class fuel efficiency. For example, the fleet-only Dzire Tour model sold ~30,000 units in fiscal 2023, in addition to ~120,000 non-fleet units. The fleet-specific Dzire Tour CNG variant costs INR ~7.5L, compared to INR ~8.5L for non-fleet CNG model and INR ~7.8L for the Tata Tigor CNG, and it has best-in-class fuel efficiency of ~32 km/kg compared to ~26.5 km/kg for the Tata Tigor CNG.

Servicing the increasing demand for “green” fleet vehicles will require OEMs to introduce tailored products for this market at the right price points (INR 8–10L for sedans), and with fleet-specific features like speed-limiting and comfortable rear seats. Lower prices, and the commensurate lower range and performance (as compared to ICE vehicles), will limit EV fleets to intracity use cases, while ICE fleet models will continue to serve intercity routes.

The 4W EV market needs more entry-level cars and utility vehicles. Current EV penetration has been limited to ~1.5%, due to higher prices, shorter range, and lesser power. EV cars cost roughly 50% more, have 50%–60% lower range, and ~30% less engine power as compared to comparable ICE models. For example, the Tata Tiago EV costs INR ~8.7L, has a range of ~250 km, and ~60 bhp power, as compared to the Tata Tiago ICE which costs INR ~5.6L but has a range of 600+ km and ~85bhp power.

In comparison, the US car market had 6%–8% EV penetration in 2022, driven by a wide range of mass-market EV models for customers to choose from. For example, Tesla’s initial models (S and X) targeted the premium market, while subsequent models (3 and Y) catered to the mass markets; Nissan launched the Leaf and Chevrolet launched the Bolt EV, both with entry-level prices, in the range of $25,000–$30,000.

Accelerated EV adoption in India will necessitate price-competitive EV car models, which will further be enabled by a decline in battery prices as the market attains scale, as well as “fit-for-purpose,” EV-first platforms for the mass market.

4W EV GTM unlocks

Extensive OEM-led distribution networks will be key to scaling electric cars in India, to be able to suitably demonstrate the benefits of EVs over ICE models, and justify the higher upfront costs to customers, despite the more favorable long-term TCO.

This will require OEMs to define a clear EV network footprint beyond just metros, Tier 1 cities, and top states. For example, Tata Motors has about 1,500 dealerships across India, of which only about 250 sell EVs; the top 3 states of Maharashtra, Karnataka, and Uttar Pradesh constitute only ~25% of all dealerships, but ~70% of all EV dealerships.

OEMs will also need to determine the right EV channel structure (dealership-led, direct-to-consumer, agency models, etc.), hire and train the right sales staff, and create relevant incentive structures to push EV models. Additionally, existing ICE service and repair networks need to be equipped to proficiently service EVs, by providing access to relevant tools, spare parts, training, and infrastructure.

At the same time, the industry will likely see traction in ancillary services that are already prevalent in global markets like the US, such as customer leasing services (whether OEM-led or via tie-ups with financial institutions), particularly on the back of higher data availability with respect to EVs’ actual performance as compared to ICE models, enabled by Internet of Things (IoT) devices.

Scaling B2B partnerships will be key to accelerate EV penetration in commercial 4W fleets. Presently, half of commercial vehicle sales are B2B-led, with early partnerships already emerging between OEMs and top B2B customers. For example, Uber entered into an agreement to procure 25,000 EVs from Tata Motors, and BluSmart ordered 500 MG ZS EVs for its premium fleets in Delhi and Bengaluru.

Long-term partnerships with cab fleet operators will be critical to drive scale, and will require OEMs to strengthen their B2B capabilities. These include shifting their organizational structures and operating models such as offering integrated fleet management solutions with leasing and financing options, integrated maintenance contracts, etc.

A reliable residual value management mechanism could fuel EV car penetration. A secondary market is essential for the EV car market, even more so than the 2W space, due to the higher upfront costs of cars.

However, given the high degree of nascency and rapid evolution of product portfolios, natural development of “scientific” secondary markets could be substantially delayed in the Indian context. To speed up development, OEMs need to develop residual value management programs via buybacks or other schemes, to provide comfort around liquidity to consumers, until 3P marketplaces evolve to meet this need.

4W EV manufacturing unlocks

Leveraging software as a moat will be key for electric car OEMs. As software and IoT become pervasive in EVs, they will help OEMs differentiate their products and improve performance extracted from the same hardware.

Globally, Tesla (across models), Hyundai (Kona), BMW (iX) offer comprehensive software suites to deliver superior safety, battery management, and vehicle performance. This includes safety features such auto-pilot, emergency braking collision control, blind-spot monitors, lane-keep assist; battery management features to maximize range and battery life based on car and driver data; and other add-on features like software-controlled all-wheel drive to maximize power, regenerative braking to conserve energy and improve range.

Software can also create additional revenue streams to help OEMs improve their margins. Global OEMs such as Tesla have already started piloting programs to monetize their software-led functionalities. While scaled monetization of software is presently unproven, it is likely to gain salience in the long-term, both globally as well as in India.

4W EV ecosystem unlocks

Accelerated setup of a wide charging ecosystem will be important to drive EV adoption, not just within cities but across key national highways and major tourist destinations, given electric cars have shorter ranges than ICE models, which especially affects intercity travel.

Successful infrastructure scale-up in other markets has been driven by heavy government investments via subsidies to both OEMs and customers. For example, the Chinese government invested $25–$30 billion in EV-related tax breaks and subsidies between 2009 and 2022, and exponentially grew the installed base of EV charging stations in China from about 200,000 in 2017 to approximately 1.8 million in 2022.

In the longer term, the requirement for a dense charging network will decrease as battery technology, EV performance, and range improve, which will reduce the need for top-up charging (e.g., the Mercedes EQS 580 already offers 800+ km range on a single charge). However, in the near-to medium-term, OEMs and EV ecosystem players need to scale India’s charging infrastructure to drive EV adoption.

Imperatives for OEMs and the EV ecosystem

OEMs and ecosystem stakeholders need to make concerted efforts to realize the $100+ billion India EV opportunity by 2030. Their efforts should center around five core themes: product development, distribution, B2B focus, software, and charging infrastructure.

• “Customer-back” product development. Developing products tailored to customers’ needs will necessitate OEMs to build distinct customer cohorts, and identify use cases, key needs for each cohort across parameters, such as price, top speed, range, ride comfort, etc. OEMs need to then prioritize high-potential use cases based on market potential and their execution capabilities.
• Reimagined distribution models. OEMs need to maximize coverage of the most attractive markets at a micro-market level. This entails defining the optimal footprint including dealer vs. experience center allocation, and creating micro-market-level plans to scale (including above-the-line and below-the-line investment allocation plans), etc. To drive favorable outcomes, it will be critical for OEMs to simultaneously solve for dealer profitability (via new models such as multi-brand outlets, especially for 2W EVs due to margin pressure for EV-focused 2W dealers), lean dealer operations, and a clear dealer value proposition (via standardized infrastructure and processes, tiered reward structure, etc.).
• B2B/fleet focus. Given the criticality of fleet sales to near-term economics, OEMs will need to develop an in-depth understanding of B2B customer use cases and needs, and in turn develop customized products and novel contracting models. For example, they could integrate periodic maintenance and service clauses into sales contracts. OEMs will also need to strengthen their B2B capabilities through the right organizational structure, and robust key account management processes, to build and sustain long-term B2B partnerships.
• Software as a differentiator. OEMs need to identify software-related requirements across customer cohorts and build native software capabilities to differentiate themselves in the market, strategically leveraging M&A to reduce time-to-market. Software efforts should be directed towards enhanced safety and driving assistance features, vehicle performance optimizations, and introduction of add-on features such as live traffic visualization, among other possibilities.
• Scaled battery charging and swapping infrastructure. OEMs and EV ecosystem players need to significantly grow charging infrastructure to alleviate range anxiety among customers. This will require meticulous planning for charging networks, including heuristics to allocate fast vs. slow charging locations within each micro-market. Further, they also need to optimize station size and capacity based on vehicle data, and form B2B alliances with real estate stakeholders such as restaurants, malls, offices, and societies. For battery swapping, OEMs should prioritize the right use cases, optimize product design, and build walled-garden partnerships with battery-swapping players to serve otherwise hard-to-address segments.

Imperatives for private equity (PE) and venture capital (VC) investors

The India EV market experienced an uptick in investment in the past two years, with $1.5–$2B of capital raised in each of 2021 and 2022—a sharp increase from earlier years (less than $0.5B). These investments have predominantly been directed into OEMs such as Tata, Mahindra, Ola, and Ather, among others.

Going forward, India needs significant investor support to realize the $100+ billion EV opportunity. As the landscape evolves, investors need to evaluate potential assets based on five criteria: sustainable competitive advantage, GTM and distribution capabilities, customer feedback/brand perception, talent and culture, and manufacturing and supply chain strategy (see Figure 5).

Investors should assess EV OEMs across five parameters to evaluate long-term potential

We would like to thank the Bain India team, including Chaitanya Jain and Ankur Gupta, for their in-depth research on developing this report. We genuinely thank the Blume team for their time and insights. We also wish to thank Shelza Khan and Pavitra Mattoo for their editorial support.

About Blume Ventures

Blume Ventures is an early-stage India-focused venture fund that backs startups with both funding as well as active mentoring. Blume typically invests in Seed and pre-Series A rounds in tech-led startups, led by founders obsessed with solving hard problems, ones uniquely Indian in nature, and impacting large markets. Blume presently invests out of Fund IV, a $300 million vehicle supported by leading institutional LPs and family offices. With the close of Fund IV, Blume now has an AUM (Assets Under Management) of over $600 million, managed by an investment team based across Bengaluru, Mumbai, Delhi, and San Francisco. Some of the leading startups we have backed included Purplle, Unacademy, Spinny, Slice, Carbon Clean, and GreyOrange.

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Consumers are driving the transition to electric cars in India

India is poised to embrace a future of electric vehicles (EVs): 70 percent of tier-one Indian car consumers state that they’re willing to consider an electric car for their next vehicle, as compared to the record-high global average of 52 percent. Even though the Indian internal-combustion engine (ICE) vehicle market has seen an increase in recent years, 1 Brajesh Chhibber and Nitesh Gupta, “ The Indian automotive industry: From resilience to resurgence? ,” McKinsey, March 3, 2021. the rapid transition to electrification signifies a decisive inflection point for the country. Driven by a shift in global climate policies, central and state governments have introduced initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme to speed up the adoption of EVs. In addition, several cities have introduced access regulations for ICE vehicles to reduce air pollution and improve traffic conditions.

About the authors

At the same time, EVs have become increasingly accessible. Incumbent car manufacturers have announced ambitious product-portfolio electrification targets. Newcomers have launched models specifically designed for India’s urban environments. And the total cost of ownership for EVs, which is historically an obstacle for EV purchasers, achieved parity with ICE vehicles. As a result, EV market penetration is projected to grow to 10 to 15 percent by 2030, 2 Estimate from McKinsey Electrification Model as of July 2023. Does not include impact of potential change in FAME regulations. creating a significant opportunity for OEMs, financial institutions, grid operators, and other stakeholders.

Methodology

To better understand consumer sentiment about vehicle electrification in India, we surveyed people across income levels and spanning regions in India (see sidebar, “Methodology”). Their responses reveal both an appetite for and concerns regarding electric vehicles, including the importance of sustainability, charging infrastructure, and the evolving purchase journey in the online space.

Consumers are largely on board with EVs because sustainability is increasingly important

About the mckinsey center for future mobility.

Consumer sentiment suggests the transition to electric cars will gain momentum. The vast majority of people are eyeing EVs for their next car purchase, with a clear preference for full battery electric vehicles (49 percent) over plug-in hybrid electric vehicles (21 percent) (Exhibit 1). These preferences align closely with our research on electric two-wheelers, which showed that 86 percent of consumers would consider buying an EV compared to 69 percent who would consider an ICE vehicle. A number of factors are contributing to this appetite for EVs, with potential purchasers noting the impact on the environment (67 percent), lower total cost of ownership (26 percent), and reduced engine noise (26 percent) as the biggest benefits of driving an EV.

Indeed, an overall concern for sustainability is influencing Indian consumers’ desire for EVs, with sustainability being the number one priority in car-buying and mobility-usage habits. In fact, sustainability is increasingly influencing consumer decisions across the board in India: 75 percent of Indians are starting to change (or have already changed) their behavior and consumption patterns based on sustainability considerations. Of these changes, engaging with and becoming more loyal to sustainable brands (27 percent), positively advocating for sustainable products and services (23 percent), and trying sustainable products and services more often (20 percent) are the most common.

Sustainability is among the top five criteria people factor in when considering a car, along with safety, brand, and costs (Exhibit 2). The desire for zero-carbon vehicles is also evident in the dominant two-wheeler market, in which this preference was one of the top three purchase criteria.

Convenient charging points and long-term test-drives will accelerate adoption

Alongside all this momentum for sustainable mobility, there emerge real concerns that could influence uptake, including battery life and safety, purchase price, charging time, and reliability of technology. Better availability of charging points is one of the biggest factors influencing the shift toward electric mobility. Perceived charging infrastructure readiness is low: more than 75 percent of all surveyed consumers feel that India is not yet well set up in terms of charge points (Exhibit 3).

Indian consumers show almost equal affinity for public and home charging (58 percent and 42 percent, respectively) despite appreciating the latter as being cheaper, more convenient, and more accessible. However, only 55 percent of consumers have access to home charging, while another 30 percent would be able to upgrade their home setup accordingly. But even though Indian consumers have limited access to home charging, this will likely not hinder EV adoption. Two-thirds of Indian consumers would buy an EV even if they could not charge at home. But similar to what we found in our research on electric two-wheelers, 38 percent of consumers feel their nearby areas lack a sufficient network of charging infrastructure. Hence, investing in both public and home charging is critical for further EV adoption. The biggest factors influencing where people choose to charge in public are charging speed (49 percent) and costs (41 percent), followed by the safety of the location (28 percent). In fact, most people are willing to pay 10 to 20 percent more for the convenience of fast charging.

Another significant factor influencing potential EV purchasers was the test drive experience. Of the people who are currently skeptical about purchasing an EV, 24 percent said the test drive experience presents an important tipping point in the overall purchase journey. Thus, OEMs can consider implementing long-term test rides (over the course of seven to ten days) with the convenience of at-home services to eliminate customer anxiety while adopting new products and technology.

Other major factors that could lead to higher EV adoption are vehicle safety improvements and providing better servicing infrastructure. Furthermore, an increase in fuel prices and a better understanding of the total cost of ownership of EVs might nudge more customers toward EVs.

The transition to electric cars will change the purchase journey

As the transition to EVs unfolds, the landscape for buying and selling cars is changing dramatically. Indian consumers are open to buying cars online and want to interact with brands through a simplified, digital process that provides more flexibility and convenience. The majority of Indian customers are ready to perform most of their car purchase journey digitally. More than 70 percent of consumers are starting their journey online, and about 40 percent of consumers are willing to make purchases online. However, about 90 percent of the same consumers need a physical touchpoint with an OEM or dealer. This applies to highly individual exchanges such as test-drives, services, answering questions about the vehicle, or negotiating best deals.

Across each major touchpoint of the purchasing journey, people who prefer to engage via websites and apps show a strong preference for engaging with OEMs rather than a dealer or third party (Exhibit 4). This indicates an emergence of hybrid direct-to-consumer models, with car dealers continuing to play a pivotal (but evolved) role in the overall purchase and post-purchase journey.

Flexible ownership options are also becoming more popular with Indian consumers. While most consumers (about 79 percent) still prefer an outright purchase for their next car, they are gradually opting for more-flexible ownership options such as car leasing, subscriptions, or pay-per-use models.

Shifting ownership preferences, stemming from a desire to access higher-value assets and have more flexibility and convenience, are opening new market opportunities for flexible ownership options, such as leasing. Our global survey revealed that consumers in other geographies are willing to switch brands for flexible vehicle purchase, indicating that the time is ripe for market players to adapt.

Consumer appetite for EVs has implications for mobility stakeholders

These trends raise important considerations for different stakeholders in the mobility ecosystem as they work to meet consumers where they are in their journey toward EVs.

In many cases, electric cars could become an important pocket of growth for car manufacturers. The contribution of electric cars to overall revenues may become more significant in the future as consumer pull accelerates and governmental measures become even more favorable. With a fast-growing market open to innovations in car purchasing (for example, via online channels) and usage (for example, fully leased), electric cars may provide an entry opportunity for new players. At the same time, car dealers may need to adjust their sales and service offerings to accommodate the growing demand for electric cars, including expanding their technical knowledge and digital capabilities to deliver omnichannel experiences. Supplier stakeholders such as grid operators will most likely experience an increased demand for electricity and may need to upgrade and expand the existing infrastructure and integrate new technologies to optimize the use of the electrical grid. And cities will be crucial players in shaping the EV transition, providing the infrastructural conditions for charging needs and implementing effective policy measures.

Indeed, the shift to electric cars in India has implications far beyond only OEMs and could be an integral part of progress toward a more sustainable India.

Tushar Goswamy is a consultant in McKinsey’s Chennai office, Alexander Grausam is a consultant in the Munich office, Bhavesh Mittal is an associate partner in the Bengaluru office, Timo Möller is a partner in the Cologne office, Felix Rupalla is an associate partner in the Stuttgart office, and Prabhmaan Thapar is a consultant in the Delhi office.

The authors wish to thank Jaidit Brar and Nitesh Gupta for their contributions to this article.

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Electric transportation in India: Accelerating the deployment of e-buses

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The roll-out of personal electric vehicles is slowly starting to ramp up in emerging and developing economies (EMDE), with the high initial upfront cost of purchase and the lack of availability of cheap financing barring the entry to many customers. The scale of this problem is even larger when we turn our attention to the electrification of public transportation. For instance, the initial cost of purchasing electric buses can prove to be prohibitive for usually highly indebted public transportation operators. An e-bus can indeed cost between 30% and 70% more than an otherwise comparable diesel bus, and there is little ability for the operators to recoup this marked up investment, as fare hikes are typically limited by regulation. As a result, there are even fewer financing options available for e-buses than for EVs.

The People's Republic of China (hereafter, “China") is responsible for about 80% of all electric bus sales in 2022, but many other countries in EMDE have a double priority of increasing the availability of public transportation to ease the pressure on saturated urban systems, and also to address pollution problems. Several of them have launched ambitious targets for deployment of electric buses in their national plans. India, for example, introduced the National Electric Bus Program in 2022 with an aim to deploy 50 000 e‑buses over the next five years, in addition to already existing programmes (Faster Adoption and Manufacturing of Electric Vehicles [FAME] and PM E-bus), India is working on an ambitious plan to replace 800 000 diesel buses with electric buses over the next seven years. Today, only 4 000 e‑buses are estimated to be on the road in India, just over 1% of new bus registrations since 2015.

Sector development, sources of finance and business models

Reaching this target is proving challenging as bus fleet operators in the country typically don’t have access to upfront capital to purchase the buses and usually operate on shaky financial footing, often constrained by regulators to keep fare prices as low as possible. Manufacturers also face limited capital availability as banks are reluctant to provide funding for e‑buses because of higher perceived risk-return profiles, higher costs, and the low perceived resale value of the buses as collateral.

To address these two challenges, the Government of India has rolled out two main mechanisms. The first one is the bulk procurement model, implemented by state-owned Convergence Energy Services Limited (CESL), which aims at aggregating purchasing e‑bus procurement contracts to secure better pricing in exchange for the purchase of large quantities. This model aims to replicate some of the positive outcomes of similar bulk procurement mechanisms that were successfully piloted in the country, for instance in the efficient lighting and clean cooling sectors by CESL’s parent company, Energy Efficiency Services Limited.

But even with savings arising from bulk procurement, the cost of e‑buses would still be too high to bear for local transportation systems with little access to financing and an uneven track record of on-time payments. The Government of India therefore designed a “pay as you go” leasing model, called gross cost contracting, where the e‑bus manufacturer leases the e‑bus to the public transport corporation in exchange for a fee per kilometre, thus reducing the cash constraint on the bus operator entity.

Lessons learned

These two mechanisms have shown some successes and about 20 000 e‑buses have been tendered to date. However, a few issues exist that prevent a wider adoption of the scheme, notably wider participation from bus manufacturers.

In the gross cost contracting model, the ownership of the assets stays with the manufacturer, who by not selling the bus is not able to free up the necessary capital required to increase production capabilities and further respond to increasing electrification of public transport. Operating a fleet of vehicles might also be outside manufacturers’ typical business models.

What’s more is that banks often fail to recognise the revenue stream from leasing and might not allow its use as collateral for additional lending to manufacturers. Despite their higher costs, electric buses are also seen as having a lesser resale value than a diesel bus, as the resale price hinges extensively on the availability of an adequate charging infrastructure and the existence of a dynamic secondary market.

The manufacturer also typically signs a lease agreement based on a pay-per-use mechanism, based on the number of kilometres driven. The manufacturer therefore runs the risk that the bus is underutilised and doesn’t receive adequate payments. Splitting the contract into two different components, one fixed fee for the availability of the bus to the operator and another kilometre fee based on utilisation of the bus, could solve that issue.

Solutions exist to address these challenges, including designing a pooling of funds and having an intermediary entity taking ownership of the operation and leasing of the buses. This would ease the burden on manufacturers and allow investment to be refinanced and securitised notably via international/multilateral development bank financing. The newly created entity could also look to issue first loss guarantees in case bus operators fail to make on-time payments.

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The Future of Electric Vehicles in India: Opportunities and Challenges

Raghav Bharadwaj

Head of Strategy and Leadership

As one of the world's largest automobile markets, India's country-wide electrification will be a turning point for the entire world and the country itself. Driven by the  Indian government's push towards sustainable mobility , growing consumer demand for new technologies, and the emergence of private players with an interest in EV technology, the future of electric vehicles in India looks promising.

However, the country continues to grapple with several challenges in its pursuit of full EV adoption, namely with the low number of charging stations and high upfront costs of EVs. 

In this article, we focus on the following three questions:

• What is the state of the Indian EV ecosystem?
• What challenges and opportunities lie ahead? 
• What can India learn from other countries?

India's EV Market Is on a Rapid Growth Trajectory

India is one of the world's largest markets for two- and three-wheeled vehicles, ranking among the global top five for private cars and commercial vehicles. 

According to  JMK Research , a staggering 455,733 EV units were sold in FY2022. India's  Ministry of Road Transport and Highways  also claimed that 1,334,385 electric vehicles in India were on the road as of July 2022. 

These numbers are sure to increase, with central and state governments, as well as private sector players, actively pushing for greater electrification on Indian roads. 

India Sets Ambitious Targets

According to Union Minister Nitin Gadkari, the Indian government intends to achieve the following EV mix in India by 2030:

To reach these ambitious targets, the Indian government has created policies and programs like  the National Electric Mobility Mission Plan (NEMMP) , a broad plan to encourage the adoption of electric vehicles in India. The aim is to reduce India's dependence on crude oil. 

The Indian government has also formulated the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) scheme. This plan should facilitate greater adoption rates in the coming years. The Finance Minister of India has also  announced a reduction in customs duty and taxes  for the 2023 budget. This will help boost the domestic production of lithium-ion batteries that power electric vehicles. 

Many state governments like Assam, Telangana, Tamil Nadu, and Gujarat have also  created attractive policies and programs  to incentivize EV manufacturing in their respective territories. 

As a result of these strategies, private players have begun entering the EV market, setting the stage for the further adoption of electric vehicles in India. India's success will also have a significant, positive impact on the rest of the world. 

India's EV Adoption Will Be a Global Win

According to the International Energy Agency (IEA),  global EV sales in 2021 doubled from the previous year  to 16.5 million EV units sold worldwide. India also announced that EVs will represent at least 30% of all road traffic by 2023. Though a modest target, a 30% adoption rate will have global ripple effects, both environmentally and economically.

For starters, India is the world's  third-largest oil importer , but the transition to EVs will significantly reduce its oil dependency, disrupting global oil markets. If India can meet its ambitious adoption targets, the country will create a model that other emerging economies can replicate. This, in turn, will have further impacts on oil markets as the dependency on this fossil fuel decreases.

Additionally, with  India's population of 1.4 billion  and its rapidly growing economy, the country is certain to be an influential player in the global EV market today. The full adoption of electric vehicles in India will represent a major step in the right direction toward sustainable development in worldwide mobility.

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Environmental Opportunities for India

The shift towards electric vehicles in India will have a significant impact on the environment. Currently, the transportation sector in India is a major contributor to pollution. Take the capital, New Delhi, for example, where  two- and three-wheelers contribute 50% to the surface PM 2.5  levels. 

India's transportation sector also accounts for  about one-fifth of the country's total energy use . In light of these numbers, EVs can have a huge impact on India's environment in the following areas. 

1. Reducing Air Pollution

Within India alone, vehicular traffic contributes to 27% of total air pollution and  claims 1.2 million deaths  annually. EV adoption in India will therefore significantly reduce the negative global environmental impacts originating from Internal Combustion Engine (ICE) vehicles. 

2. Reducing Noise Pollution

Noise pollution is also a major challenge in India due to the rapid urbanization increasing the need for vehicles. According to the  2022 UNEP report , five Indian cities feature in the world's noisiest cities. Though vehicles are not the only source mentioned in the report, EVs are likely to bring down the noise levels because they don't have the mechanical valves, gears, or fans common to ICE vehicles. 

3. Improving Operational Efficiency

From a fuel efficiency standpoint, petrol or diesel cars convert only  17 to 21% of stored energy while EVs can convert 60% of electrical energy  from the grid. Clearly, this shift to electric vehicles in India can improve the efficiency of fuel production and optimization. It will bring down the operational costs for end-users, thereby increasing demand for EVs. 

Besides the above environmental impacts, the adoption of EVs in India will also present many economic opportunities for the country.

Economic Opportunities for India

In addition to representing significant progress towards a cleaner and greener future, locally, the full electrification of India will benefit businesses, investors, and consumers alike. Below, we highlight several of the most compelling opportunities. 

1. Fleet Operators

Fleet operators like Amazon, DoorDash, and BigBasket can reduce their operating costs by switching to EVs. According to  Weforum.org , the Total Cost of Ownership (TCO) for a two-wheeler in New Delhi is Rs 2/km when it's run on petrol. This cost comes down to Rs 0.52/km when switched to EVs. Undoubtedly, the operating costs go down by more than half for fleet operators. Maintenance costs will go down as well. 

However, shifting to EVs is happening at a much slower pace when compared to Brazil or the US. Electric vehicles in India are still unfavored because of the high upfront costs, unestablished reseller value, and lack of trust in the new technology. 

To address these concerns, the government is providing tax incentives to reduce upfront costs. Meanwhile, first mover companies are providing  robust and reliable charging solutions  that will boost confidence in this new technology.

The EV industry provides enormous opportunities for OEMs to build cost-competitive auto products for India and the rest of the world. Research shows that OEMs can  produce a 5.7% higher value addition to every EV by 2030 . As a result, the Indian government is pushing for indigenization of the supply chain under the Atma Nirbhar plan to support OEMs to develop the EV ecosystem.

Furthermore, efforts from companies in India are underway to help OEMs build a  charging app using SDK development tools , and provide access to features like navigation, vehicle diagnostics, and keyless control. All these measures help OEMs offer on-the-go charging for their drivers and accelerate the shift to EVs.

3. The Real Estate Sector

EVs create multiple opportunities for real estate investors, realtors, and property developers, as this industry requires the  construction of EV manufacturing units, industrial areas, and charging stations . Another key aspect is the development of retail infrastructure around EV charging stations, as it takes an average of 15 to 20 minutes to charge an EV. 

A  report by Colliers  shows that the EV industry will require 1,300 acres to set up 110 GWh battery manufacturing capacity by 2030. The country will also need 13.5 million square feet for charging stations by 2025. These numbers reflect the ample opportunities available for every player in the real estate space.

4. Consumers

India's young and dynamic population is looking forward to embracing new technologies as the country is experiencing a  growing trend in upward mobility . As individuals become more affluent, their socioeconomic status continues to improve, and they are better positioned to purchase EVs.

To meet the growing demand, the government and other innovative players in India's EV space are spearheading efforts to add more charging points to EV charging networks. This includes offering software solutions that make daily charging accessible. 

Multiple players are also  partnering with businesses and government agencies  to build innovative solutions that positively impact the EV industry, leveraging India's qualified talent pool. According to  Nitin Gadkari , the Union Minister of Road Transport and Highways, the EV industry is likely to create five crore new jobs, and India's young talent pool is well-poised to ride this job growth. 

Despite these many opportunities, the country still has to address significant challenges before reaching full adoption of electric vehicles.

The Challenges for India

Realizing India's EV potential is not without its challenges. The journey towards widespread EV adoption in India is slow and plagued with hurdles to overcome. In the following sections, we examine the key challenges hindering EV adoption in India. We also explore possible solutions that can help the country overcome these obstacles to enable a faster, more efficient country-wide adoption of EVs.

1. Lack of Clean Energy

Much of India's  electricity is generated from burning coal . That said, relying on coal to generate power for all the EVs would defeat the purpose of reducing carbon emissions through EV adoption. That's why India is exploring other energy generation sources, like solar, wind, and nuclear energy, as mentioned in Nitin Gadkari's speech in the  7th edition of the ETAuto EV Conclave . The government is also actively pursuing research and development in the areas of biofuel to power EV manufacturing units.

These measures from the Indian government provide trust and opportunities for private players to leverage innovation and technology to build EVs faster and at a lower cost. In turn, this will bring down upfront costs for end-users, thereby leading to greater adoption of electric vehicles in India. 

2. Underdeveloped Charging Infrastructure

Infrastructural issues stand against India's quest for full EV adoption. EVs require different charging and maintenance infrastructure than traditional ICE vehicles because of the differences in engine and other working parts. But India's current charging infrastructure may not be enough to handle the increased demand for EVs. 

At the time of writing this piece, India has  934 charging stations , most of which are located in urban areas. In comparison,  China had 1.8 million electric charging stations  as of 2022. Building bigger batteries and fast-charging stations will mean investing in high-speed, commercial-grade chargers. This, however, requires  significant capital investment . 

The government is working with private players to boost the presence of charging stations. The  Ministry of Power  is providing a slew of financial and non-financial incentives to build EV charging stations. For example, the ministry is adopting a revenue-sharing model for land use and setting affordable charging rates for both operators and users.

In addition, private entities in the sector are working with municipal, state, and central entities to help  install EV stations and charging points . They are also collaborating with operators to create a Charger Management System (CMS) to monitor the operations of these stations and streamlining the entire charging process. 

3. Suboptimal Battery Technology

An EV's driving range is limited, making it difficult for drivers to travel long distances without recharging. Besides limited charging stations, battery capacity, aerodynamic drag, and vehicle weight also compound the problem. This is because current batteries are small, and have low voltage capacities, so they aren't enough to increase EV propulsion and travel longer distances.

To address this problem, private players must innovate to create batteries made of lightweight materials, with higher energy density, and that use renewable sources for charging. The government is providing the necessary impetus in the form of  tax credits . 

The national government is also promoting the manufacturing of batteries in India with the  National Mission for Transformative Mobility and Battery Storage, 2019 . It is also providing companies with the technical know-how and business environment to improve the battery technology for EVs.

4. Persistent Resistance to Change

Indian consumers are still resisting the adoption of EVs, despite their long-term economical and environmental benefits. This stems from a lack of awareness of EVs and a general reluctance to embrace new technologies, especially in rural areas.

But players in the Indian market must come together to address consumers' concerns. They should also build a supportive ecosystem to promote the widespread adoption of EVs in India. This can be done through the development of more affordable EVs, the expansion of charging infrastructure, and the creation of awareness and education programs to educate consumers about the benefits of switching to EVs. 

What Can India Learn from Other Countries' Success?

Power, infrastructure, and financing all are primary antagonists in India's EV adoption story. But the country can take cues from others already making inroads towards full EV adoption. The countries leading global EV adoption paint an interesting picture.

The top countries in the graph above are all wealthy countries in northern Europe. Combined, they don't even represent 3% of India's population. This may lead us to believe that their success will be impossible to replicate in a much more diverse and densely-populated country, like India. 

However, China comes in second and turns that argument on its head. Let's delve into what different regions have done for EV adoption and what India can learn from these efforts. 

The EU, EFTA, & UK

In 2021,  electric car registrations  in the EU-27 region was 1,729,000, up from 1,061,000 in 2020, representing a 17.8% increase. All EU countries, including Norway, which has the highest number of registrations in a year, offered financial incentives like tax reductions and exemptions. 

India is also offering tax incentives along the same lines. And with favorable government policies and the presence of first-mover companies, the country will be able to  improve the adoption of EVs in the next three to five years . 

According to the China Association of Automobile Manufacturers (CAAM),  China sold 6.89 million EVs in 2022  alone. It also boasts the largest electric car fleet in the world: 4.6 million + electric cars on roads in China. This  success story  is attributed to generous government support as well as intense domestic competition, both of which fueled innovation and reduced car prices. 

In comparison, India is also offering support, but the domestic market is not robust and competitive yet. But that is expected to change in the coming years as the impact of the current policies becomes more widespread. In the meantime, the government must continue to encourage innovation and investments. 

EV car sales in the US represent 5.8% of all vehicles sold , up from 3.2% a year ago. However, the overall sales fell by 8% in 2022 when compared to 2021. Experts believe that stricter requirements for claiming federal incentives, high car prices, and concerns about raw materials for batteries were the cause of the decline. That said, the EV car industry is still huge in the US, and it grew due to government investments and policies. Innovation by leading players like GM and Tesla also added to the appeal.

In comparison, the Indian government is significantly pushing towards greater adoption of EVs, with incentives and investments. However, it must enhance the pace of innovation and technical expertise. To do that, the government should create more educational centers of excellence. It must also stop federal funding in a phased manner after considering the macroeconomic factors. 

With the right mix of policies, awareness, investments, infrastructure, and technology, India will certainly take key lessons from these countries to drive full EV adoption.

Smart Digital Solutions Will Be A Key Driver for India's EV Ecosystem

The future of electric vehicles in India holds great promise and is poised for significant growth in the coming years. With supportive government policies, increasing consumer awareness, and advancements in EV technology, the country is well-positioned to embrace this shift toward sustainable transportation. 

The increasing demand for EVs is also leading to an expansion of charging infrastructure and the development of locally produced battery technologies. The automotive industry in India is also poised to play a major role in the global shift towards EVs, with the country having the potential to become a leader in this space. 

Private companies play a critical role in offering smart digital solutions that will contribute to infrastructure development while acting as a bridge between government agencies and end-users. Initiatives from these companies will help fleet operators make the shift to EVs and OEMs to provide seamless driving experiences to their customers. 

Collaboration with local governments will also help expedite the construction of charging stations, along with creating greater awareness among Indian customers. This will contribute to the rapid growth of the EV industry. 

It is therefore up to both the public and private sectors to continue working together to make India's ambitious goals a reality. The right combination of innovation and investment has the potential to accelerate the adoption of electric vehicles in India, transforming the country's transportation landscape and contributing to a cleaner, greener future.

For more information about the future of electric vehicles in India, please see the  FAQ  and  Resources  sections below.

Bureau of Energy Efficiency: E-Mobility

Learn more about the general E-Mobility space from the  Ministry of Power . 

E-Amrit: Accelerated E-Mobility Revolution for India's Transportation 

See  what the government is doing  to support the transition to electric vehicles in India. 

SECTION 80EEB: Tax Deductions 

Find out  which tax deductions are available  for electric cars in India. 

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Get to know Bolt.Earth's products and services on our  official website .

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International Journal of Energy Sector Management

ISSN : 1750-6220

Article publication date: 14 April 2022

Issue publication date: 23 January 2023

Environmental crisis and energy security concerns forced researchers, environmentalists and industrialists to look for a cleaner mode of transportation. Rigorous efforts have been made to make electric vehicles (EVs) feasible for commercial use. However, despite of many efforts by the Government of India, the rate of adoption of EVs in India has not been up to the mark. To bridge this gap, present study understands the social acceptability and sustainability of EVs and identifies the social factors, builds inferences from the results obtained and helps in orienting the manufacturers and decision makers towards faster adoption of the EVs.

Design/methodology/approach

The social factors responsible for the growth of EVs in India are identified by literature survey. A questionnaire has been developed for understanding the customer’s perception towards EVs. The results of the survey are analysed using the tools on descriptive statistics, structural equation model using Statistical Package for the Social Sciences and hypothesis testing and the results are validated.

The results of the study are based on three hypotheses. The findings show that although the financial and the infrastructure factors have positive impact on rate of adoption of EVs in India; the vehicle performance factors have a negative impact on EVs adoption, implying that the respondents of the survey who feel that the vehicle performance factors are the most imperative have a more passive mind-set towards the EVs adoption.

Research limitations/implications

The research work is based on the survey conducted on the pilot region of the national capital region of the country where the majority of the respondents of the survey are conventional fossil fuel vehicles (CFFV) owners. A more accurate analysis on the social factors affecting deployment of EVs in the Indian market can be done if the population of the survey consists of equal share of CFFV and EV owners from all across the nation.

Practical implications

This study will help researchers get a better understanding of the reasons for slow adoption rate of EVs in India. This paper sheds light upon the social factors responsible for the same. The Government of India can use the results of this study to understand the factors responsible for non-adoption and the recommendations for its further work on “Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles” India scheme.

Social implications

Results of the study identifies the factors that slow down the adoption rate of EVs in India. The paper suggested potential solutions for the same. Successful implementation in terms of policies and technological advancements can propel India to the top in EV market. Switching to EVs brings about a radical change in the social life of the people and can improve the social status and lifestyle of the people.

Originality/value

Existing research has not focussed much on the social aspects of EVs in India. The present work is solely the result of the strategic thinking, planning, work and implementation by the authors.

• Electric vehicles
• Social factors
• Descriptive statistics
• Structural equation model
• Hypothesis testing
• CO2 emission
• Decision-making
• Environmental damages
• Mail questionnaires
• Fossil fuel
• Online surveys

Acknowledgements

The authors would like to acknowledge the reviewers for their constructive and helpful comments. This work is part of a project “Empirical investigation and analysis of factors for sustainable growth of electric vehicles manufacturing in India”, funded by IMPRESS-ICSSR, New Delhi India.

Digalwar, A.K. and Rastogi, A. (2023), "Assessments of social factors responsible for adoption of electric vehicles in India: a case study", International Journal of Energy Sector Management , Vol. 17 No. 2, pp. 251-264. https://doi.org/10.1108/IJESM-06-2021-0009

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Copyright © 2022, Emerald Publishing Limited

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Driving the Electric Vehicle Revolution in India: Case Study of Tata Nexon

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• Disruptive Innovation and Internationalization Strategies: the Case of the Videogame Industry Par Shoma Patnaik HEC MONTRÉAL Disruptive Innovation and Internationalization Strategies: The Case of the Videogame Industry par Shoma Patnaik Sciences de la gestion (Option International Business) Mémoire présenté en vue de l’obtention du grade de maîtrise ès sciences en gestion (M. Sc.) Décembre 2017 © Shoma Patnaik, 2017 Résumé Ce mémoire a pour objectif une analyse des deux tendances très pertinentes dans le milieu du commerce d'aujourd'hui – l'innovation de rupture et l'internationalisation. L'innovation de rupture (en anglais, « disruptive innovation ») est particulièrement devenue un mot à la mode. Cependant, cela n'est pas assez étudié dans la recherche académique, surtout dans le contexte des affaires internationales. De plus, la théorie de l'innovation de rupture est fréquemment incomprise et mal-appliquée. Ce mémoire vise donc à combler ces lacunes, non seulement en examinant en détail la théorie de l'innovation de rupture, ses antécédents théoriques et ses liens avec l'internationalisation, mais en outre, en situant l'étude dans l'industrie des jeux vidéo, il découvre de nouvelles tendances industrielles et pratiques en examinant le mouvement ascendant des jeux mobiles et jeux en lignes. Le mémoire commence par un dessein des liens entre l'innovation de rupture et l'internationalisation, sur le fondement que la recherche de nouveaux débouchés est un élément critique dans la théorie de l'innovation de rupture. En formulant des propositions tirées de la littérature académique, je postule que les entreprises « disruptives » auront une vitesse d'internationalisation plus élevée que celle des entreprises traditionnelles. De plus, elles auront plus de facilité à franchir l'obstacle de la distance entre des marchés et pénétreront dans des domaines inconnus et inexploités. [Show full text]
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• Policy work
• Publications

Electric vehicles: Looking to the future of road transport in India

12 September 2024, 7:53 UTC 6 min read

This week saw two major moments in India's road transport. First, the Indian government has approved the PM e-Drive scheme to boost electric vehicle (EV) adoption. The second was World EV Day. Road transportation connects commerce to communities across the country. India has started to recognise the environmental costs.   

For example, road transport accounts for over 90% of transport emissions in India, and about 70% of freight is transported by road. Over 5 million trucks are plying on Indian roads as per government data, with a whopping 90% of them using diesel, a fossil fuel. While these medium and heavy-duty freight trucks comprise only 2% of on-road vehicles they contribute to over 45% of all road emissions.  

Electrification of transport is thus key to India’s climate goals. Through our EV100 and EV100+ initiatives , businesses in India are committing to deploy light, medium, and heavy-duty electric vehicles in their fleets.   

"Sustainable transformation of the transport system has been a longstanding need in India. Our work is focused on electric vehicle adoption, fast, to reach net zero. We're supporting businesses in their transition from polluting fossil fuels to electric vehicles. These businesses operate in sectors as diverse as retail, e-commerce, food delivery, cement and steel. We're also partnering with governments for policies that can boost the adoption of cleaner transportation and in turn shape markets so that more businesses shift their fleets to electric vehicles. We're committed to India's net zero ambition by 2070 by making electric transport a norm. "  

Atul Mudaliar, Director of Systems Change, India,   Climate Group  

In 2023, over 128 companies were part of EV100. Out of them 28 members had operations in India. We also launched a unique pilot with three companies – JSW Steel, IKEA and Flipkart – under EV100+ to introduce e-trucks in their logistics fleets. 

  “At JSW, we see electric vehicles (EVs) are essential to decarbonising transport sector and logistics supply chain. World EV Day is a reminder of the breakthroughs and progress made so far in the transition to a sustainable transport future. We see an opportunity in transitioning our heavy vehicles to e-trucks. Working with Climate Group and based on the pilot results, we aim to scale up to 500 trucks across our operations. What we're doing is new in India, and the proof of concept can go a long way in ensuring that e-trucks find a place in on-ground operations of large businesses, while addressing challenges ranging from high upfront costs, limited charging infrastructure to range anxiety and the need for robust battery recycling ecosystems."  

Prabodha Acharya, Chief Sustainability Officer, JSW Group  

E-trucks can make business sense. While the upfront cost of e-trucks is currently higher than fossil fuel run vehicles, their operating costs are significantly lower due to lower fuel and maintenance expenses. Through specialised features, such as regenerative braking and optimised routing, they can provide logistics efficiency. This could lead to faster and more efficient deliveries. As per an estimate, electrics trucks also offer around 50% cost savings on fuel as compared to diesel trucks.  

Forward-looking Indian businesses are leading on EV commitments, globally. In the recently released EV100 Annual Disclosure Report , Zomato and Flipkart held the top spots among the top 10 businesses across the world that have made the largest corporate electric fleet commitments in EV100.  

“Zomato’s commitment to climate-conscious deliveries is reflected in our pioneering efforts to offer carbon-neutral food deliveries since FY22 and our ambitious goal of achieving Net Zero emissions across our food delivery value chain by 2033. In 2021, we took a significant step forward by joining the Climate Group’s Global Electric Mobility initiative, EV100, becoming the first and only food ordering and delivery platform globally to commit to 100% EV-based deliveries by 2030. This commitment underscores our belief in the transformative power of electric vehicles (EVs) in reducing emissions and building a more sustainable future.   

“To accelerate adoption among our delivery partner network, our strategy is four pronged: improving access to EVs on rent through partnerships with over 70+EV rental companies and OEMs, onboarding EV-based logistics service providers, supporting EV bike ownership through collaborations with financial service providers, and increasing delivery partner awareness of EV benefits through activations. We believe that our goal of 100% EV-based deliveries by 2030 is not just achievable but will set a benchmark for responsible business practices across industries.”  

Anjalli Kumar, Chief Sustainability Officer, Zomato  

Businesses that opt for EVs not only benefit economically from the cost saving and now favourable government subsidies, but the strategic decision also keeps them ahead of the curve. Early adoption gives them a competitive edge and reduces their Scope 3 emissions.  

“Switching to electric heavy-duty vehicles and electric last-mile deliveries is key in phasing out fossil fuels and reducing carbon emissions in the IKEA supply chain. But it requires us to come together and co-create across the value chain to find scalable solutions. This transition will also help us improve the local environment and air quality, contributing towards healthier communities.  

In India, IKEA is proud to announce that all home deliveries in Bangalore, Hyderabad, and Pune are now powered by 100% electric vehicles. We're establishing long-term partnerships, e.g. with Climate Group, to build confidence in the development of preconditions for heavy-duty EVs. This includes demand sensing and creating an eco-system with charging infrastructure while enabling the deployment of heavy-duty EVs on routes less than 200 km.  

As a member of EV100 & EV100+, IKEA is committed to switching to zero-emission last-mile deliveries and heavy-duty trucks in our operations.  

Elisabeth Munck af Rosenschöld, Sustainability Manager, IKEA Supply Chain Operations and Himanshu Raj, Climate and Mobility Leader, Ingka Group (IKEA)  

Businesses have a major role to play in boosting EV adoption in India. They have the heft and means to push the climate agenda, sending a strong signal to the EV ecosystem in India that the transition to EVs is needed, and that it can be done given business constraints.    

“Reducing our environmental impact is not just a goal — it’s an imperative that drives our operations at Flipkart. Electric vehicles are central to this mission, and over the past year, we have made significant strides in this direction. Our grocery delivery EV fleet has grown by140%, and today, more than 50% of our grocery deliveries are now made through EVs. This transition not only reduces air and noise pollution in our communities but also supports our wish masters by helping them save on costs, truly making it a win-win for everyone.     Our partnership with the Climate Group’s EV100 initiative has been instrumental in this, setting us on a clear path to achieving a 100% electric fleet by 2030. We understand that this transition is a shared responsibility, and we are committed to playing a leading role in India’s shift to electric mobility. By working closely with leading OEMs and logistics partners, we are ensuring that our transition is both comprehensive and sustainable.     As we move forward, our focus remains on creating cleaner, more efficient deliveries across the country, proving that sustainable practices can coexist with operational excellence. We are resolute in our vision for a greener future, where every delivery contributes to a healthier planet.”  

Nishant Gupta, Head of Sustainability, Flipkart Group  

India is making strides on the path to electric transport, through government decisions like the PM e-Drive scheme , and business commitments to electric vehicles. This is welcome because the need is urgent. 

Know more about our transport work in India here . Register to watch sessions in The Energy and Transport Transition The Hub Live stream at the Climate Week NYC, the largest annual climate event of its kind,  this September.

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UAW union prepares to hold strike authorization votes at Stellantis locals

The United Auto Workers union is planning to hold strike authorization votes at one or more of its Stellantis locals in the coming days, union president Shawn Fain said in a video address on Tuesday evening, paving the way for a potentially disruptive walkout against the Jeep manufacturer.

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Indian EV market to expand at a CAGR exceeding 40% until 2027, says report

The study further says that ev sales in india could reach approximately 3-4 million units by 2025 and 10 million by 2030..

The Indian electric vehicle (EV) market is expected to grow in the range of 35 – 40 per cent CAGR till 2027, stated a report by Niveshaay. Currently, the Indian EV market is concentrated on the two and three-wheeler EV segment, which accounts for about 80 per cent of its vehicle market.

Arvind Kothari, smallcase Manager & Founder of Niveshaay, said, “The Indian government is aiming to boost local manufacturing and reduce import dependency. It has introduced Production Linked Incentive (PLI) schemes and reduced customs duties on critical minerals to boost local manufacturing. The balanced approach to policy support and market development is facilitating India to emerge as a remarkable contender in the global EV landscape, despite challenges like limited charging infrastructure.”  

Projected sector growth for 2025 and 2030

Per the study, India is expected to record sales of around 3-4 million EVs annually by the year 2025. It added that EVs are expected to penetrate the market with approximately 10-15 per cent of new vehicle sales in India, and this would include two-wheelers, three-wheelers, and passenger vehicles. The growth, it added, will be driven by government incentives, rising fuel prices, and increased consumer awareness.

By 2030, annual EV sales are expected to exceed 10 million units, with significant increases in electric buses, commercial vehicles, and private cars. EVs could account for 30-40 per cent of new vehicle sales, supported by an anticipated network of over two million public charging stations across the country.

Budget Allocation

The government’s Budget allocations for the EV sector, over the last few years, has significantly contributed to EV Adoption, infrastructure as well as manufacturing. The Union Budget 2024-25 has allocated Rs 2,671.33 crore under the FAME scheme, primarily to cover remaining liabilities from FAME II. Additionally, the government has introduced Rs 500 crore Electric Mobility Promotion Scheme (EMPS) to boost electric two- and three-wheelers.

The increased PLI Scheme for Automobiles and Auto Components to Rs 3,500 crore and the exemptions in customs duty on lithium, cobalt, and other rare minerals to reduce battery production costs, via Union Budget, makes the electric vehicles more affordable.

With these government initiatives, India is set to become a significant player in the global EV market. While China accounted for 60 per cent of global EV sales in 2023, India’s large population and growing urbanization are fueling demand for affordable electric mobility. In contrast, the US and Europe, with EV penetration rates of approximately 7 percent and 14 per cent respectively, are concentrating on passenger vehicles and infrastructure development.

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EU plans vote on tariffs for Chinese electric vehicles on September 25

The European Union is aiming to hold a vote on introducing definitive tariffs on electric vehicles imported from China on Sept. 25, according to people familiar with the plan.

The vote would pave the way for the duties to kick in from November unless a qualified majority — 15 member states representing 65% of the EU’s population — opposes the move. The date of the vote could still change, said the people, who spoke on the condition of anonymity.

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The EU has proposed hitting SAIC Motor Corp., Volvo Car AB parent Geely and BYD Co. with duties of 36.3%, 19.3% and 17%, respectively, on top of the 10% tariff that exporters from China are already subject to. Those rates are expected to be slightly revised downwards, Bloomberg previously reported. Tesla Inc. would face an additional rate of just below 8%, plus the base duty.

Also Read : Auto industry welcomes ₹ 10,900 crore PM E-Drive Scheme .

European Commission President Ursula von der Leyen launched the EV investigation last year, saying that Chinese companies unfairly benefit from state subsidies and are flooding Europe with excess production. In response, Beijing launched anti-dumping investigations into EU exports of brandy, dairy and pork products.

China and the EU have been holding talks to explore alternatives to the tariffs but these haven’t been fruitful so far. For Brussels, any solution has to be grounded in World Trade Organization rules and address the underlying harmful subsidies an EU probe identified.

Discussions will continue next week when Chinese Commerce Minister Wang Wentao visits Europe to meet with the EU’s trade chief, Valdis Dombrovskis.

Also Read : Mahindra Thar Roxx reaches dealerships, bookings open unofficially. Key facts to know .

China claims the measures are protectionist and has threatened to retaliate with duties of its own on a range of sectors while seeking an agreement to solve all the disputes as a package. Beijing is also challenging the measures at the WTO. The EU sees the Chinese investigations as retaliation and intends to defend its interests in all three probes, the people said.

Spanish Prime Minister Pedro Sanchez raised eyebrows earlier this week when he said the EU should re-examine its plan to impose the tariffs during a visit to China. Germany has also been pushing Brussels to find an alternative to the duties, as its auto industry has voiced concerns about the measures.

Watch: Mercedes Maybach EQS 680 SUV first look: What India’s most expensive electric car offers

Germany and Spain both have massive financial incentives to avoid a spiral of tit-for-tat restrictions. German automakers including Volkswagen AG and BMW AG would be hit hardest in a trade spat, as they collectively sold 4.6 million cars there in 2022.

Spain is the EU’s second largest car-manufacturer and is seeking to attract investments from China to develop its EV industry — part of the reason behind Sanchez’s trip there this week.

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Chhattisgarh govt to get 240 e-buses in a boost to green initiative

The e-bus service will commence soon in raipur, bilaspur, durg-bhilai, and korba.

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First Published: Sep 16 2024 | 6:42 PM IST

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