Is investment into Indian EV sector the next big thing?
The electric vehicle (EV) market in India is expected to increase at a CAGR of 36 per cent until 2026, as per a report by the India Energy Storage Alliance. There is a growing need for investment in the sector, including vehicle manufacturing and charging infrastructure, to the tune of USD 206 billion, as per CEEW Centre for Energy Finance. It is interesting to note that EV component makers, electric commercial vehicles and last-mile delivery companies have already invested a total of USD 3.67 billion on electric vehicles between January-July 2021.
While several technology and automotive companies have expressed interest and/or made investments into the India EV space, major auto companies such as Hyundai, MG Motors, Mercedes, and Tata Motors, are launching EVs in the market. The space is also witnessing rapid entry of various start-ups offering innovative products, especially in the two-wheeler segment, for the Indian consumers.
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