Thesis

In just the past four years, annual EV sales have grown 5x, propelling our nation towards an electrified horizon. But this momentum is just the beginning. As we surge forward, an entire new ecosystem emerges, promising boundless possibilities. Entrepreneurs, visionaries, pioneers – all are beckoned to be the architects of our pristine, green future.

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]

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 Vs

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

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

Electrification Across Value Chain

Manufacturing

Auto Components

Batteries

OEM’s

Infra

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 page 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 EV future is built!
Insights