According to a report released on Wednesday, the number of two-wheeler electric vehicle (EV) startups in India has exceeded 150. This significant growth can be attributed to government policies that promote startups and provide incentives for the green economy. The Indian EV segment is expected to witness a remarkable 15-20 times growth in the next decade, with annual sales potentially reaching 15-20 million units.
An analysis conducted by global investment advisory firm Bernstein reveals that the average battery capacity of EVs launched in 2022 has increased from 2.3 kilowatt-hour to 3 kilowatt-hour. This indicates a positive trend towards more efficient and powerful electric vehicles in the market.
Last week, the central government of India announced a new EV manufacturing policy. The primary objective of this policy is not only to attract global companies to invest in India but also to promote value addition at the domestic level. The aim is to increase domestic manufacturing capabilities and strengthen the country’s position in the EV market.
India’s EV market is experiencing rapid growth, driven by the increasing demand for clean transportation. The government’s efforts to support startups and incentivize the adoption of EVs have contributed to this growth. As the country continues to prioritize sustainability and green initiatives, the EV sector is expected to flourish in the coming years.
News Summary:
★The number of two-wheeler EV startups in India has surpassed 150, thanks to government policies and incentives.
★The Indian EV segment is projected to grow 15-20 times in the next decade, with annual sales potentially reaching 15-20 million units.
★The average battery capacity of EVs launched in 2022 has increased from 2.3 kilowatt-hour to 3 kilowatt-hour.
★The central government has introduced a new EV manufacturing policy to attract global companies and promote domestic value addition.
★India’s EV market is growing rapidly, driven by the increasing demand for clean transportation.
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