With the government’s push for electrification of the transportation sector and the increase in demand for EVs, these companies are looking to capitalize on the growing market.
The automotive sector is one of the key pillars of the Indian economy and is expected to play a significant role in the country’s growth story. The sector is worth hundreds of billions of dollars and contributes to around 7% of our GDP. The automotive industry in India is growing at a rapid pace and is expected to be one of the largest in the world in the coming years. The Indian government’s focus on electric vehicles (EVs) is a key driver of this growth. EVs are seen as a key part of the government’s strategy to reduce air pollution and move towards a cleaner, more sustainable form of transportation.
Number of global automakers have already announced plans to enter the Indian EV market, attracted by the government’s supportive policies and the country’s large potential market. With the government’s push for electrification of the transportation sector and the increase in demand for EVs, these companies are looking to capitalize on the growing market.
Tata Motors, India’s largest auto manufacturer, has already announced its plans to introduce electric versions of all its passenger vehicles by 2030. The company is currently working on developing a range of electric vehicles, including a mass-market hatchback and a luxury SUV.
