The Indian government’s
legislative measures over the last couple of years have expedited the adoption
of e-mobility in an effort to mitigate the effects of rising oil import costs.
According to data from Venture Intelligence, $982 million has been invested in
the EV business by private equity (PE) and venture capital (VC) investors.
Ministry of Heavy
Industries suggests, “So far this year 7.47 lakh EVs have been sold under the
FAME-II scheme, compared to 2.37 Lakh sold in FY2021-22”. Phase two of
“Faster Adoption and Manufacturing of Electric Vehicles” (FAME-II),
which was originally planned to last three years and expire on March 31, 2022,
was extended by 24 months in 2021 to March 31, 2024. According to the Hon. Road
Transport and Highways Minister, Shri Nitin Gadkari, the number of registered
electric vehicles in the nation is over 18 lakhs. By 2030, this number is
projected to nearly triple to 50 lac units.
According to predictions
made by RevFin Services, a financial technology (FinTech) digital financing
platform aimed at boosting EV adoption, the market would expand to USD 150
billion by 2030 as a result of favourable economics and government
encouragement.
Gaurav Gupta, Chief
Commercial Officer of MG Motor India
“The shift towards electrified vehicles
and advancements in technology, artificial intelligence, and the Internet of
Things has enabled manufacturers to offer ‘Connected and Autonomous Vehicles’.
Although the journey of connected vehicles has recently begun, with the 5G in
place, new points of interface will emerge and offer new opportunities for the
fast-emerging ecosystem of innovators. Such has been the advancement in
technology applications that EV owners can now understand and view the battery
percentage and charging stations from the comfort of their homes.”
Ketan Mehta, Founder
& CEO – HOP Electric Mobility said
“Investing in EV
mobility is becoming the go-to choose in India, especially because people are
consciously making eco-friendly and sustainable choices. At HOP Electric, we
aspire to make the entire EV ecosystem more inclusive, convenient, and
cost-efficient so that everyone can become a part of this energy mobility
revolution. The Government of India’s (GOI) ambitious INR 26,058 crore
Production Linked Incentive (PLI) scheme for Auto under the New Non-Automotive
Investor (OEM) category has come as a welcome initiative to bolster India’s
manufacturing capacities. Under this mandate, we will be investing more than
INR 2000 crore in India in the next five years to boost HOP Electric’s chances
of becoming a global energy mobility pioneer.”
Sameer Aggarwal, the
Founder and Chief Executive Officer, Revfin said
“The year 2022 has
witnessed an optimistic evolution of EVs with the strong push from the
government and the excitement towards EVs is growing not only in the private
sector but also among the consumers across all cities. With the support from
the govt. of India and its policies, the electric three-wheeler transport
category has emerged as the leader in terms of EV registrations, with 9.2 Lakh
EVs registered. With the increasing pollution and initiatives by the central
and state government in terms of battery safety, charging infrastructure and
EVs, the Indian EV market, valued at $3.21 billion in 2022, is expected to grow
to $113.99 billion by 2029, at a compound annual growth rate of 66.52%,
according to a Fortune Business Insights report.”
Dheeraj Tiwari, Co-Founder
and CEO of Capgrid Solutions said
“2022 was the year of 0-1 journey
for CapGrid and we are looking to go from 1-10 in 2023. We are already working
with 2W (EV and ICE), 3W (EV and ICE), Tractor and Agri equipment and Heavy
construction equipment manufacturers and looking to expand to serve Passenger
and commercial vehicle manufacturers in 2023. We are having active
conversations with leading players in the industry. CapGrid is targeting 30-50X
growth of Monthly revenue run rate in 2023.”
Rajat Verma, CEO
& Founder, Lohum :
“The outlook on the
EV sector is positive, and we will be seeing growth in scale and quality
simultaneously. Last year we saw a significant level of growth which is set to
continue due to more efficient technologies, comprehensive EPR and BWMR
implementation, and the continual growth of EV charging infrastructure. As
India’s potential cell production capacity becomes clearer, the Fame-2 scheme
receives extension, and circular economy policies take shape, we will see a
pathway open up to indigenize the supply chain with efforts from leaders who
have a clear mission backed by the relevant credentials.”