EV Market In India Likely To Be A USD206 Billion Opportunity By 2030
Mumbai, 2nd December, 2022: Retailing of Electric Vehicles is emerging as one of the lucrative business opportunity in India and the industry estimated that in next 8-10 years the retail business itself will be a USD206 billion opportunity. The EV manufacturers, retailer, policy makers and end users converged at one of the largest electric vehicle show which was kicked off in Mumbai at Bombay Exhibition Center in Nesco.
First of its kind, the expo is beyond exhibition to a cult platform to discuss the challenges, road map to take the EV revolution to next level especially connecting the manufacturers and the end users. The expo brought together the most influential minds in the sector to share their knowledge and achievements, discuss the opportunities and challenges of a sustainable future, and demonstrate to attendees how their companies can expedite the switch to a cleaner, less polluting mode of transportation.
“As EVs scale grows, it will find its way into the pre-owned market, utilities, government agencies, and will only bring new opportunities for key stakeholders therefore it is important to amp up awareness to increase EV adoption across the board” commented by Ritu Marya, Editor in Chief- Entrepreneur India APAC.
The expo displayed the latest and technologically advanced pollution free 2 & 3 wheeled E-vehicles, parts and accessories, charging solution, technology from around 100 plus exhibitors. Over 50 thought leaders, innovators, investors, disruptors, and EV experts convened for over 10 sessions over the course of two days to discuss topics crucial to the sector.
“ It is our 50th anniversary year for LML- our unique innovations in star bikes based on convenience solutions . EV community will be bigger if we can shift the consumer from want to need . We will be offline – online seller for LML through franchise dealership ” said by Dr. Yogesh Bhatia, MD & CEO, LML Electric on the sidelines of India EV Confex organised by Franchise India.
The two-day mega event featuring the India EV Show- Conference engaged the energy sector on subjects like new technologies that can impact energy efficiency, carbon reduction strategies, cities of the future, advancing infrastructure for electric vehicles, renewable energy resources for charging electric vehicles, and financing strategies for organisations paving the way to a less polluting mode of transportation through large exhibits, keynote speeches, and hands-on workshops.
Prominent speakers included Randheer S, Director, Electric Mobility, NitiAyog, Pankaj Sharma, Co-Founder, Log9 Materials , Ankit Singh, Co-Founder and CEO, I-Electrik, IrfanKawoosa, Verticle lead, Investors & Franchise Relations, Statiq and P Shivasubramanian, MD, FenFeo Automation among others.
The Indian government is making significant efforts to grow the market for electric vehicles. India’s main national EV policy is the FAME II (Faster Adoption and Manufacturing of Electric Vehicles) scheme. It includes measures to encourage domestic EV manufacturing and allots USD 1.4 billion over three years beginning in 2019 for 1.6 million hybrid and electric vehicles, including two- and three-wheelers, buses, and cars. FAME I is one of many encouraging efforts the Indian government has made to encourage the use of electric vehicles. Some of the most important levers that policy makers in India need to use are mandated adoption targets, localization of essential components, clear guidance on rules and standards, and EV adoption in public transportation.