EV Startups Thriving in India, Predict 15-20% Growth Over Next Decade
New Delhi, March 21, IANS: Over 150 electric vehicle (EV) startups in India are flourishing, driven by government policies promoting the green economy. A recent report by global investment advisory firm Bernstein forecasts a remarkable 15-20% growth in the EV segment over the next ten years. This growth could result in annual sales reaching 15-20 million units.
The surge in EV startups is attributed to favorable government policies and incentives for green initiatives. According to Bernstein’s analysis, the Indian EV market is poised for exponential growth, with annual sales potentially reaching millions within a decade. This growth trajectory aligns with the country’s push towards sustainability and reducing carbon emissions.
Moreover, the average battery capacity of launched vehicles has seen a significant increase from 2.3 kWh to 3 kWh in 2022, reflecting technological advancements and consumer demand for more efficient EVs. The recent announcement of a new EV manufacturing policy by the central government further underscores India’s commitment to fostering a thriving electric mobility ecosystem.
In conclusion, India’s EV landscape is witnessing a remarkable surge in startups, driven by supportive government policies and growing consumer interest in sustainable transportation solutions. With forecasts indicating substantial growth over the next decade, the future looks promising for the electric vehicle industry in India.
