Amitabh Kant calls for Indian electric two-wheeler companies to go global

Amitabh Kant has urged Indian companies to venture into the global market with E2W. Kant emphasised that India's status as the largest exporter of two
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Ather Rizta
The Ather Rizta electric scooter comes at a starting price of ₹1.10 lakh (introductory, ex-showroom). Offered in 3 variants, the price of the Rizta goes up to ₹1.45 lakh (ex-showroom).
Ather Rizta
The Ather Rizta electric scooter comes at a starting price of ₹1.10 lakh (introductory, ex-showroom). Offered in 3 variants, the price of the Rizta goes up to ₹1.45 lakh (ex-showroom).

India is at the cusp of an electric revolution, with a significant rise in the adoption of electric vehicles (EVs) across the country. This surge is not only transforming the domestic market but also presenting an opportunity for Indian companies to make a mark on the global stage. According to Amitabh Kant, the G20 sherpa and former CEO of NITI Aayog, Indian companies should now aim to produce electric two-wheelers not just for domestic consumers but also for the world.

Kant highlighted that India is already the largest exporter of two-wheelers globally, indicating the country's strong manufacturing capabilities. He emphasised the need for companies to capitalise on this momentum and develop electric two-wheelers that cater to the global market's needs. This sentiment is echoed by industry experts who believe that India has the potential to become a major player in the global EV market.

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The growth of EVs in India has been remarkable, with sales nearly doubling in 2023. This trend is expected to continue, with a projected 66 per cent growth in EV sales this year. This growth is driven by several factors, including increasing consumer interest, supportive government policies, and the development of charging infrastructure.

EV growth on homeground

Despite these advancements, EV penetration in India remains relatively low, at around 2 per cent, and is primarily dominated by electric two-wheelers. However, with the introduction of affordable EVs and favourable government policies, the country is poised to witness a surge in EV adoption in the coming years.

CyberMedia Research highlighted the growing consumer awareness around connected vehicle technologies, which are becoming increasingly popular in the industry. This trend is expected to drive further growth in the EV market, with EVs accounting for over 24 per cent of the market share by Q1 2025.

Moody's Investors Service also underscored the role of government incentives in driving EV penetration. These incentives include consumer subsidies, production-linked incentives for advanced battery storage, GST rate cuts, and state-level subsidies. These measures are expected to make EVs more accessible and attractive to consumers, further boosting their adoption.

One of the key drivers behind the increasing adoption of EVs is their lower total cost of ownership (TCO) compared to petrol vehicles, especially for high-usage applications such as delivery services. A recent report by RedSeer found that over 50 per cent of consumers prefer EVs due to their favourable TCO, highlighting the growing acceptance of EVs among Indian consumers.

India's electric revolution presents a significant opportunity for the country to establish itself as a global leader in the EV market. With supportive government policies, increasing consumer awareness, and a focus on sustainable transportation, India is on track to become a major hub for electric vehicles.

First Published Date: 09 Apr 2024, 10:06 AM IST
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