India to make more money from EV batteries by 2028: report
The money made from selling EV batteries in India will go up from 16.77 billion dollars in 2023 to 27.70 billion dollars in 2028. This means that every year, the money will increase by 10.56 per cent on average. This is what a report by GameChanger Law Advisors and Speciale Invest says.
The report also says that India can make a lot of EV battery packs by itself, instead of buying them from other countries. Right now, India buys more than half of the parts needed for battery packs from outside.
The EV market in India was worth 3.21 billion dollars in 2022 and will grow to 113.99 billion dollars by 2029. This means that every year, the market will grow by 66.52 per cent on average.
In 2022, one out of four EVs sold in India was used by people who run taxis or other services. EVs are becoming more popular in India because they are better for the environment and save money on fuel. The government wants to make sure that by 2030, three out of ten vehicles in India are EVs.
The Economic Survey of 2023 says that India’s EV market will grow a lot, with an average yearly increase of 49 per cent from 2022 to 2030. This means that by 2030, India will sell 10 million EVs every year.
Most of the EV makers have their own places to make battery packs, using either cells or packs that they buy from other countries. But some new companies like Ather, Ola Electric, Cosbike, and Pure EV still give their battery packs to most of the two- and three-wheeler makers, showing how the market is changing.
“We have examined the current legal landscape for EV battery packs in India and provided a comparative reference point for Indian policymakers by drawing their attention to regulations in California, the European Union, and the UK,” said Amrut Joshi, Founder, of GameChanger Law Advisors (GLA). GLA regularly represents several clients in the electric mobility industry and investors who have invested in various EV startups.
“As we embark on this journey with GameChanger Law Advisors, ‘Charging Ahead’ aims to empower founders, investors, and policymakers alike with the knowledge and guidance needed to accelerate India’s transition towards a sustainable, electric future,” says Vishesh Rajaram, Managing Partner, Speciale Invest.
Content Credit: Bussinessline