Emerging Growth Opportunities in the Indian Electric Vehicle (EV) Industry
Battery swapping, emerging new business models, and growing charging infrastructure are expected to drive electric vehicles in India
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Automotive industry is rapidly evolving in terms of technology as well as tackling environmental issues. Electric vehicles have been introduced as a clean energy initiative, as they have low or zero emissions and have come a long way to become an integral part of OEM’s business strategies. Automakers are creating separate EV business units to be prepared for the expected EV boom in the future. However, the surge in EV demand will create a huge need for charging infrastructure and safety regulations and standards.
India is expected to aggressively push itself toward electrification, especially in the automotive and transportation sector. Stringent emission regulations, liberal incentives and subsidies for consumers and manufacturers, high level of localization, concrete safety standards, and established technology roadmaps are few key steps that are either already taken or need to be taken by the government to ensure the success of electric vehicles in the coming years.
Domestic OEMs such as Tata Motors and Mahindra & Mahindra and foreign OEMs such as Hyundai and MG have already entered the market with their flagship EVs. They have announced ambitious sales targets and are expected to launch a many new and constructive electric vehicle models (from city suited to long-range and powerful). Charging infrastructure, which is one of the major factors to drive EV adoption, are also picking up pace, with many new companies entering this space. It has opened up new business models that enable companies to position themselves either as manufacturers, operators, or payment gateways.
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