The Role Of Private Companies And Startups In The Growth Of The EV Market In India
The air quality is getting worse in India. The country is the world’s second most-polluted region in the world. The situation is so worse that the average Indian life expectancy has been shortened by 6.3 years. When it comes to Delhi and the nearby areas, the average life expectancy of people has been shortened by more than 10 years.
The Indian government realised the problem and when zeroed-in on the issue, it found that vehicles are one of the biggest sources of air pollution. According to studies, vehicles cause about 8% of greenhouse gas (GHG) emission and 20-30% of particulate matter 2.5 (PM).
So, what’s the solution? It’s not possible to remove vehicles from the road or to cut down on vehicle sales, which is a big contributor to the country’s economy. The government found the alternative in electric vehicles (EV) and aims to achieve 30% electric vehicle penetration by 2030.
But the fundamental question remains for the government how to implement the set goal. The private companies and startups can play a bigger role and help the government achieve the target. And this has already begun.
According to Fortune Business Insights, the Indian electric vehicle is expected to grow from $3.21 billion in 2022 to $113.99 billion by 2029 at a CAGR of 66.52%. This growth will be fuelled by companies like Mahindra & Mahindra, Tata Motors, Hero Electric, Ather Energy and electric vehicle solution providers like telioEV.