Quantifying the Emerging Multi-Billion Business opportunity in India's push towards all-Electric Vehicles by 2030: What will it take to translate vision to reality

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Oct 18, 2017, 16:20 ET

LONDON, Oct. 18, 2017 /PRNewswire/ -- Since the announcement of India's ambitious target for an all-Electric Vehicles by 2030, almost every company is in a rush to draw out its EV strategy & the role it can play.

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Electric Vehicle has slowly and steadily marked its presence globally and with every passing year its coming closer to rapid scale commercialization. However, achieving all-electric vehicles vision by 2030 will not be an easy drive, given that the country has made limited progress in electric mobility since the announcement of the National Electric Mobility Mission Plan in 2013.

The NEMMP plan aims to achieve national fuel security by promoting hybrid and electric vehicles in the country and has earmarked an ambitious target to achieve 6-7 million sales of hybrid and electric vehicles year on year from 2020 onwards. Also, Government of India has notified FAME India Scheme [Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India] for implementation with effect from 1st April 2015, with the objective to support hybrid/electric vehicles market development and Manufacturing eco-system.

The FAME India Scheme is aimed at incentivizing all vehicle segments i.e. 2 Wheeler, 3 Wheeler Auto, Passenger 4 Wheeler Vehicle, Light Commercial Vehicles and Buses.

The scheme covers Hybrid & Electric technologies like Mild Hybrid, Strong Hybrid, and Plug in Hybrid & Battery Electric Vehicles. During the Financial Year 2015-16, an amount of Rs. 75 Crore was allocated for this scheme, which was almost fully utilized and has budget allocation of 122.90 crore in the financial year 2016-17.

Sales of electric vehicles in India grew by 37.5% to 22,000 units in the year 2015-16 against 16000 sold in 2014-15. At these levels, India remains miles away from its objective of selling 6 million electric vehicles by 2020, a vision stated by the government through the National Electric Mobility Mission Plan (NEMMP) 2020 and FAME (Faster Adoption and Manufacturing of Electric Vehicles).

Compare this with China, which registered as many as 352,000 new electric vehicles (EV) in 2016, compared to only 159,000 cars registered in the US during the same time period. China's tryst with electric mobility started way back in 90s, witnessed the world's most spectacular growth in two-wheeled electric vehicles and annual sales of bicycles and scooters grew from fifty six thousand in 1998 to over twenty one million in 2008. In 2001, China started its EV programme "863 EV Project" and within less than 12 years its become leader in the EV space, China sells about 100000 electric buses in 2016-17 and this bigger than the total bus market in India.

Hence, it's paramount to understand how countries like China, US, Sweden and other achieved the EV transformation. As India will have to start execution right away to achieve even 50% of what it targets by 2030. InfraInsights research report "Quantifying the Emerging Multi-Billion Business opportunity in India's push towards all-Electric Vehicles by 2030: What will it take to translate vision to reality?" aims to provide in depth analysis on how other countries achieved EV objective, roles played by different stakeholders, issues and challenges faced, business models followed, business opportunity that emerged, so that Indian companies rushing into the EV opportunity can take an informed decision.

This report aims to provide data, analysis & insights that can help companies quantify the opportunity and prioritize their EV game plan.

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