Electric Vehicle Market Future in India

As we set our sights on 2024, Zen Mobility, an emerging Indian EV OEM, anticipates a transformative year in the Indian landscape of last-mile delivery and electric mobility.

“Our innovative multipurpose utility 3 and 4-wheeler EVs, crafted entirely in India, are strategically designed to meet the evolving needs of contemporary mobility and last-mile logistics,” asserts Namit Jain, Founder and CEO, Zen Mobility.

The EV market in India—according to him—is witnessing remarkable growth, propelled by environmental and economic considerations, as highlighted by the latest industry data from Precedence Research and IMARC Group. Projections indicate substantial market expansion, reaching US$ 19,980 million by 2028 with a CAGR of 69 percent and US$ 637.85 billion by 2032 with a CAGR of 65.44 percent, or this growth underscores the transformative impact of technical innovations, EV infrastructure expansion, and proactive government policies.

The regulatory environment for electric mobility in India is swiftly evolving, marked by significant initiatives from the Bureau of Energy Efficiency (BEE) and the Bureau of Indian Standards (BIS). BEE’s plans to extend Standards and Labeling to EVs and chargers, coupled with ongoing efforts in charging standards development, underscore a commitment to fostering a standardized and secure EV ecosystem. The Ministry of Power’s revised guidelines for charging infrastructure, introduced in January 2022, aim to expedite EV adoption by ensuring the creation of safe, reliable, accessible, and affordable charging infrastructure. The National Mission on Transformative Mobility and Battery Storage, led by NITI Aayog, introduces performance-linked incentives for Advance Chemistry Cells (ACC) and battery storage manufacturing. At the state level, policies like the Chandigarh Electric Vehicle Policy 2022 set ambitious targets for EV adoption and electrification. The Government’s proactive stance extends to EV battery safety standards and the extension of the FAME II scheme until March 31, 2024, demonstrating a commitment to catalyzing the growth of the electric vehicle market.

In line with global imperatives of sustainability and carbon neutrality, India is at the forefront of embracing electric vehicles over traditional automobiles. “Zen Mobility proudly enters the Indian EV market, aligning our vision and mission to provide responsible urban mobility solutions,” continues Jain. “Government initiatives, such as the introduction of new battery standards, play a pivotal role in building reliable and sustainable EVs, supporting the development of indigenous EVs.”

Recognizing evolving market dynamics, Zen Mobility has embraced a design thinking approach, conceptualizing ‘light electric vehicles (LEV)’ to address a significant gap in the EV space. “Our commitment is rooted in contributing to India's Net-Zero goal by 2070, offering forward-thinking and responsible urban mobility solutions,” he further adds. “As we navigate 2024, Zen Mobility stands ready to lead in transformative developments, actively contributing to a greener and more sustainable future for India's transportation landscape, with a dynamic and promising outlook for both last-mile delivery and electric mobility sectors.”

Image Source: Zen Mobility