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]

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0.4M

1.3M

1.8M

2.0M

3.1M

4.9M

6.9M

9.2M

11.7M

13.7M

16.3M

19.1M

22.3M

2W

3W

CV

4W

Red arrow pointing right with text '5x growth' above it.Bar chart showing increasing EV sales volumes in India from FY17 to FY30, with projections from FY25 onwards, highlighting growth from 0.1M to 28.8M units across 2W, 3W, CV, and 4W categories.
  • 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.
Graphic of a car icon below a large electric plug symbol, representing electric vehicle charging.

India has emerged as a
significant investment
destination for EVs

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10 major central govt. agencies
have policies to accelerate
electric mobility adoption

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15 Indian states have policies /
regulations / tariffs favoring
electric vehicles

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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%

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25%

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50%

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75%

Bar graph comparing four categories with values from 0 to 30, highlighting one category slightly below 30.

100%

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White line drawing of an electric rickshaw with the text 'E-Rickshaw Li-on*' on black background.Progress bar labeled 30% on the left side and 40% on the right side with an orange filled bar between them.Blank white rectangular area with a thin gray horizontal arrow pointing to the right above it.A horizontal progress bar filled in red between 70% and 80%.
Logo featuring a stylized line drawing of a three-wheeled auto rickshaw with the text 'e- Auto'.A horizontal bar chart showing 45% on the left with orange color and 55% on the right with gray color.A progress bar filled to about 70%, with a percentage label 65% on the left and 75% on the right.
Icon of a scooter followed by the text 'E-2W'.Progress bar labeled 30% on the left side and 40% on the right side with an orange filled bar between them.Horizontal progress bar showing 45% in red and 55% in gray.
Black and white icon of a small car with the text 'E-LCV' next to it.Two percentage bars showing 35% on the left in orange and 45% on the right in gray.Horizontal thin gray line with arrows on both ends and a small vertical hash mark near the center.Progress bar showing completion from 65% to 75% with a red fill.
Simplified black silhouette of a car next to the text E-4W.Progress bar with orange fill around halfway, labeled 10% on left and 20% on right.Comparison bar showing 25% on the left in gray and 35% on the right in red.
Icon of a bus facing right next to the text 'Buses'.A horizontal progress bar indicating 25% on the left in black text, an orange filled bar in the middle, and 35% on the right in black text.Black horizontal dashed arrow pointing to the right on a white background.Horizontal progress bar showing 45% in red and 55% in gray.

0%

Two businesswomen standing and discussing work documents in a modern office setting.

25%

Bar chart comparing two sets of percentages: 53% on the left and 60% on the right.

50%

Horizontal bar chart comparing percentage values for three categories with the middle bar in bright yellow.
Bar graph comparing four categories with values from 0 to 30, highlighting one category slightly below 30.

75%

100%

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Market Share

* % penetration refers to penetration of lithium ion batteries in e-rickshaws

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Expected Market Share Range 2030

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Expected Market Share Range 2034

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  • 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
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Manufacturing

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Auto Components

Batteries

OEM’s

Infra

Electrification Across Value Chain

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Sales

Icon of a bar chart with ascending bars and an upward arrow indicating growth.

Distribution

Finance

Insurance

Warranty

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Solutions and Services

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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