EV in India is a 100+ Million Unit OEM Sales Opportunity
100+ Million EV units till FY34 is a $1 Trillion opportunity
EV Sales Volumes in India [fy22-fy34]
2W
3W
CV
4W
- In the past 4 years, annual EV sales have grown 5x.
- This growth is being driven by a number of factors, including government incentives, the rising cost of fuel, and increasing awareness about the environmental benefits of EVs.
- We predict that the shift towards electric vehicles will continue skyrocketing, with annual sales expected to grow 7x over the next 9 years.
- This platform shift opens doors to several new opportunities - as new technologies and infrastructure are built to to power our clean, new, and green future.
India has emerged as a
significant investment
destination for EVs
10 major central govt. agencies
have policies to accelerate
electric mobility adoption
15 Indian states have policies /
regulations / tariffs favoring
electric vehicles
Subsidies, interest free loans,
road tax exemptions, etc. for
end-consumer adoption
EV’s will Disrupt All Form Factors
Majority of vehicle sales by 2034 would be EVs
Expected Market Share of Electric Vehicles by % Units Sold
0%
25%
50%
75%
100%
0%
25%
50%
75%
100%
Market Share
* % penetration refers to penetration of lithium ion batteries in e-rickshaws
Expected Market Share Range 2030
Expected Market Share Range 2034
- By 2034, the lion's share of vehicle sales will be electric. This seismic shift isn't just about championing a cleaner environment – it's rooted in economics.
- The Total Cost of Ownership (TCO) for EVs is progressively lower than their Internal Combustion Engine (ICE) counterparts. This fact is underscored by the swift rise in two and three-wheeled EVs for both commercial fleets and individual consumers - as evident on the streets.
- These vehicles have reached TCO parity with ICE without any government subsidies. As lithium-ion battery costs decline further, we'll witness an expanding dominance of EVs across all vehicle categories.
- This isn't just an evolution; it's an imperative transformation. For those with the vision and ambition, the opportunity is immense and immediate.
Electrification of the Auto & Mobility Sectors will Disrupt Manufacturing, Sales, Solutions and Services
The shift towards electric creates large opportunities across the automotive & energy value chains
Manufacturing
Auto Components
Batteries
OEM’s
Infra
Electrification Across Value Chain
Sales
Distribution
Finance
Insurance
Warranty
Solutions and Services
Shared Mobility
Charging & Energy
Logistics
After Market
- The electrification of the Auto & Mobility sectors heralds a sweeping transformation beyond the vehicles themselves.
- In Manufacturing, the blueprint is evolving. Auto components are being reimagined for EVs. Battery production is expanding, dictating new supply chain dynamics. OEMs are reconfiguring their strategies, and there’s a renewed focus on building robust EV-specific infrastructure.
- The Sales landscape is in flux. New distribution strategies are emerging to cater to EV needs. Financial models, insurance offerings, and warranties are undergoing recalibration, taking the unique attributes of EVs into account.
- And when we dive into Solutions and Services, the changes are profound. Shared mobility is veering towards electric. Charging infrastructure and energy solutions are at the forefront, signaling a departure from traditional fueling methods. The logistics sector is eyeing electric avenues for optimized delivery, and the aftermarket is gearing up for the distinct requirements of EV maintenance.
- All in all, the EV shift is not just a product change—it’s reshaping the very architecture of the mobility value chain.
If you're interested in this evolving paradigm shift, check out our insights section for more perspectives on emerging trends, white spaces, our new investments, and conversations with India’s leading mobility founders - covering their learnings, and stories from behind the scenes as our EVfuture is built!
Insights