Indian EV industry to represent Rs 500 billion opportunity by 2025, Covid notwithstanding: Report
01 Sep 2020
India represents the fourth largest automobile market in the world and the second-largest two-wheeler market. It is also a country with massive dependency on oil imports, with a USD 112 billion oil import bill in FY19. Pollution in many Indian cities has reached alarming levels. All these factors combined, make a strong case for EV adoption in India.
Electric Vehicles (EVs) in India could represent Rs 500 billion opportunity by 2025 with the present and projected level of EV penetration, according to a report launched by the financial services firm Avendus Capital on Thursday.
Elaborating upon the EV opportunity in India, Koushik Bhattacharyya, Director & Head – Industrials, Avendus Capital, explained, “Over the past decade, the economics of the technology used in this sector has improved significantly, and today, EVs make economic sense across multiple use cases.
The inevitability of the transition to EVs is accepted by the world, however, the timeline for mass adoption is still a topic for debate. But we believe that we are moving quickly towards a mobility regime where EVs become mainstream.”