New Delhi, March 20 (IANS) Driven by conducive government policies and incentives towards a green future, India now has more than 150 two-wheeler electric vehicle (EV) startups, a new report said on Wednesday. According to an analysis by global investment advisory firm Bernstein, the Indian EV segment is expected to grow exponentially, reaching annual sales of 15-20 million units over the next decade.
The Bernstein report highlighted that 85 per cent of the 65 models launched last year were high-speed two-wheelers, indicating a shift towards more advanced products in the EV space. The average battery capacity for new launches also saw an increase from 2.3 kWh to 3 kWh, showcasing technological advancements in the industry.
TechCrunch was the first to report on the analysis, which comes on the heels of the new EV manufacturing policy announced by the Central government. This policy aims to attract global players to India and promote domestic value addition, setting the stage for the country to become a leading global manufacturing hub for future mobility.
Under the new policy, foreign companies looking to establish EV manufacturing facilities in India will need to make a minimum investment of Rs 4,150 crore. The Indian EV market is rapidly expanding, driven by the growing demand for cleaner transportation. This expansion is also fueling the need for a wider charging infrastructure to support the increasing number of EVs on the road.
Union Minister of Road Transport and Highways, Nitin Gadkari, stated that India could see 1 crore EV sales annually by 2030, creating nearly 5 crore jobs. The government’s push towards a green and sustainable future is driving growth in the EV sector, with startups and established players alike gearing up to capitalize on the opportunities in the market.
