EV India: Sales of electric vehicles in India will exceed 9 million units by 2027: IVCA-EY-Induslaw report
The event mainly focused on the rise of electric vehicles (EVs) and how investors and founders see the trend unfolding in India and witnessed the launch of the “Electrifying Indian Mobility” report prepared by IVCA in collaboration with EY and IndusLaw.
“$1.7 billion was invested in the electric vehicle industry in 2021 by venture capitalists. This amount has reached ~USD 666 million in 2022 so far. While India’s startup ecosystem focuses on technological adaptation and the environment, social aspects have also dominated their innovation themes. This should give new impetus to the growth of specific ESG and Climate funds. The rapid adoption of electric vehicles across all segments is truly the path to the green frontier,” said Rajat Tandon, Chairman of IVCA, in a statement.
The report also highlights global best practices for electric vehicles, current Indian policy environment and PE/VC investments in this sector so far, investment opportunities in India for investors and entrepreneurs. The electric vehicle industry is expected to create more than 10 million direct jobs and 50 million indirect jobs by 2030. In all aspects, the sector offers huge opportunities.
Many new and fresh investors are joining the bandwagon. However, experts say there is a need for the government and the wider investment community to come together and work towards more sustainable solutions.
Srihari Mulgund, New Age Mobility Partner, EY-Parthenon, said in a statement: “The electrification of Indian mobility presents a ‘unique opportunity’ to reinvent the future of India’s automotive sector. Electrification has leveled the playing field across the value chain and Indian players need to recognize this new dynamic and increasingly strive to become a global automotive powerhouse of the future. Technology will be a key factor for a successful transition and with technology moving faster than ever, players need to make multiple bets to survive and grow during this transition. Therefore, capital becomes a strategic lever as we embark on this journey to electrify mobility. »