The report summarises:
- India is catching the EV wave, with penetration rising from <1% in CY19 to ~7.4% in CY24. With low vehicle ownership and unique growth drivers, India has a chance to leapfrog, making EVs the first car for many, just as it skipped 3G for 4G. By FY30, EVs could hit 30-35% of annual sales, though ICE vehicles will still dominate the roads, coexisting with EVs for years to come.
- India’s EV incentive game is smartly targeted—PM E-DRIVE boosts specific vehicle classes and expands support for charging infrastructure. SPMEPCI zeroes in on cars, where penetration lags. Plus, with global tech breakthroughs already paving the way, India can readily adopt mature solutions without reinventing the wheel.
- In India, cost matters as much as tech, favoring incumbents who can simply retrofit ICE models into EVs, backed by cash-rich parents and minimal brownfield capex. Pure-play EV startups, needing hefty greenfield investments, face steeper challenges. With global R&D already perfecting EV designs and batteries commodified, India’s late-market entry leaves little room for innovation or first-mover advantage once demand scales up.
- India’s charger density lags global standards. Of 25,000+ chargers, only a fraction are fast. Currently, CPOs enjoy high margins due to favorable demand-supply dynamics, but a race for prime charging hotspots looms, with margins hinging on land costs and utilization.
Access the report here
