Abstract:

The research for this study mainly involved in-depth consultations with experts, policymakers, investors, and companies, as well as results from an online survey with 59 EV experts and companies. Some of the main takeaways of the report are India is successfully incentivizing consumer demand for electrified two-wheel and three-wheel vehicles and is beginning to scale up demand for electrified four-wheel vehicles and buses, too.  India remains a minor player in battery manufacturing, which is still dominated by China, but it has initiated policy schemes to incentivize battery manufacturing in the country. Consulted investors and companies see major growth potential for India in this realm, which they believe will help it to expand domestic battery production and EV adoption dramatically.