India is home to over 150 two-wheeler electric vehicle startups: Report

Owing to favourable government regulations and incentives aimed at promoting a sustainable future, India is home to an estimated 150 or more two-wheeler electric vehicle (EV) businesses.
According to research conducted by international financial advice company Bernstein, the Indian EV market is predicted to expand by 15–20 times and achieve annual sales of 15–20 million units by the end of the next ten years.

“Around 85 percent of the 65 models launched last year were such products—high-speed as opposed to speed- and range-constrained products, which used to be a feature of the startups,” the Bernstein analysis said.

Additionally, according to the analytical report, “the average battery capacity for new launches increased from 2.3 kWh (kilowatt-hour) in 2022 to 3 kWh.”

First to report on the Bernstein research, TechCrunch noted that the Central government last week (in March) unveiled a new EV manufacturing strategy that emphasises both local value addition and luring international firms to India.

The new strategy lays the groundwork for the nation to become a thriving global industrial powerhouse for future mobility.

The policy stipulates that foreign businesses wishing to establish electric vehicle manufacturing facilities in the nation must spend a minimum of Rs 4,150 crore.

With a focus on addressing the growing demand for greener transportation, the Indian EV industry is expanding significantly. However, this growth is also requiring a parallel development of the charging infrastructure to keep up with the demand.

By 2030, the nation may witness one crore electric vehicle sales, creating around five crore jobs, according to Union Minister of Road Transport and Highways Nitin Gadkari.