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India Industry Forecast

EV Investment In India: Trends To Watch In Indian Electric Vehicle Market In 2023

The electric vehicle industry has taken the Indian automotive market by storm. The industry has become an integral part of the industry. With a series of launches in the EV space, India has recorded a staggering growth rate of 686 per cent in the first quarter of 2022.

The year 2022 has been a year for electric and green mobility in India. Moreover, international countries and their industry players are advocating for electric vehicles and redrafting the subsidies and regulations.

In recent years, the EV industry has evolved dramatically. Launched at a very high initial cost and low battery range, EV vehicles addressed all major gaps to solve environmental concerns.

The entry of game-changing Original Equipment Manufacturers (OEMs), customers’ changing behaviour and the government’s backing of the segment have resulted in creating EV unicorns in the country.

Significant demand for EVs has been seen with a 0.7 per cent market share which is further projected to touch 3.8 percent by 2027.

The shift towards EVs is majorly due to the transforming supply chains and physical infrastructure that boosts EV adoption in India.

Giant automakers are showcasing the path to success with their capability of producing appealing and high-performance EVs in India.

According to Sandiip Bhammer, Green Frontier Capital, said “India is expected to be electrified the fastest, becoming the global leader in the EV market. With widespread electrification, it will play a crucial role in the transformation of the mobility industry alongside enjoying more opportunities in vehicle segments.”

“Within the EV ecosystem, we believe Artificial Intelligence and the Internet Of Things will play a major role in the EV Industry in the coming future. Other contributing factors like the implementation of battery swapping stations will increase awareness and adoption of EVs and the Make in India program can aid in the manufacturing of EVs and their components,” he added.

A multitude of factors are making EVs appealing to many automotive enthusiasts. In 2023, new models are lined up to hit the market including electric pickups, SUVs and plug-in hybrid electric vehicles.

Even global players have planned their exclusive launch in India with high-end electric vehicles.

However, EV riders and potential customers remain concerned about the infrastructure that lacks EV charging stations. It deters many people from choosing EV vehicles as their primary mode of commute.