According to a report compiled jointly by Indospace and Colliers in 2021, over the next five years, the EV industry in India is projected to attract investments totalling $12.6 billion along the automotive supply chain. The report also highlighted the fact that automakers will receive 64% of the capital, while battery manufacturers will receive the remaining 36%
The automobile industry in India currently ranks fifth in the world, but it is expected to move up to the third sport by 2030. Naturally, when there is such a large domestic market to serve, it is not sustainable to rely on the traditional modes of movement that require fossil fuel. To address this issue, central government legislators are currently developing a mobility choice that is ‘Shared, Connected, and Electric’. In this regard, they have set the lofty goal of attaining complete electrification by 2030.
The EV industry - India’s outlook
If India were to switch to Electric Vehicles (EVs), it would be beneficial on several fronts. Not only does the country have a relatively abundant supply of renewable energy resources, but it also has a ready supply of trained labour in the tec...