India is currently witnessing an EV wave. The electric vehicles (EV) sector in India has witnessed significant year-on-year growth, with an increase in sale volumes to ~1.53 million EVs in the calendar year 2023 (as against ~1 million in 2022), which indicates a growth of 50% in sales.
The Indian EV sector is also expected to grow with a CAGR of 45% till 2030 showcasing that the momentum would continue in the years to come. It has also been interesting to witness new entrants in the segment (as distinct from the traditional OEMs) such as Ola, Ather, and others disrupting the EV ecosystem and playing a major role in spurring growth in the EV segment. We are also witnessing various large international players showing interest in India’s EV sector including Tesla, VinFast, and several others. With an increased number of OEMs and more consumer enthusiasm, various stakeholders including the existing ICE OEMs, Tier 1 and Tier 2 component manufacturers engaged in ICE vehicles would also be driving their way toward the EV industry. Big industry players such as Hero MotoCorp, Tata Motors, Hyundai, MG Motor, TVS Motor have already joined the EV revolution with major investments in the sector.
The Indian EV sector is also expected to grow with a CAGR of 45% till 2030 showcasing that the momentum would continue in the years to come. It has also been interesting to witness new entrants in the segment (as distinct from the traditional OEMs) such as Ola, Ather, and others disrupting the EV ecosystem and playing a major role in spurring growth in the EV segment. We are also witnessing various large international players showing interest in India’s EV sector including Tesla, VinFast, and several others. With an increased number of OEMs and more consumer enthusiasm, various stakeholders including the existing ICE OEMs, Tier 1 and Tier 2 component manufacturers engaged in ICE vehicles would also be driving their way toward the EV industry. Big industry players such as Hero MotoCorp, Tata Motors, Hyundai, MG Motor, TVS Motor have already joined the EV revolution with major investments in the sector.