As per a recent study, electric vehicles (EVs) market is expected to be worth around at least ₹475 billion by 2025. The penetration of electric two-wheelers is projected to reach up to 15% by 2025 from 1% currently.
The lack of adequate charging infrastructure in our country is a huge barrier to increased EV penetration.
The battery swapping model for supplying power has side-stepped the lack of charging infrastructure but the future is likely to see a mix of both models.
However, large OEMs are making initiative to venture into EV components market to reduce reliance on imports and meet the 50% localisation criteria to access government subsidies.