The India Electric Vehicle Opportunity: Market Entry Toolkit
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Toolkit for India’s Electric Vehicle Market
The Indian EV market is estimated to be worth around £5 billion by 2025 and is growing rapidly.
There’s a big push in India for self-sufficiency across the whole EV supply base, but there are still opportunities for UK firms with leading-edge technologies, such as advanced battery and cell manufacture and management systems.
The Indian government is continuing to stimulate the adoption of electric vehicles to help mitigate the impact of the transport sector (which accounts for >10% of C02 emissions) through its Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) subsidy scheme, and other policy interventions.
However, realising this opportunity isn’t easy. The market is complex. India has an evolving regulatory and policy landscape with different states following different approaches. The business environment is extremely dynamic and close partnerships are essential to move at the speed necessary. Meeting the needs of end-consumers and successfully communicating propositions in a way that resonates requires in-depth research and local understanding; simply ‘lifting and shifting’ what has worked elsewhere is unlikely to succeed.
In this context, Connected Places Catapult and Energy Systems Catapult have collaborated to produce a Market Entry Toolkit to highlight the opportunity and provide companies with practical guidance on how to enter the Indian market. We provide an overview of the structure of the market and identify the specific sub-sectors which offer the most growth potential and fit with UK capabilities. We summarise the policy and legal environment with links to more detailed information and support, to help companies navigate the landscape and avoid surprises. Finally, we share some insights into the motivations and attitudes of the Indian EV customer (both professional and private) to help companies tailor their offers to market needs.
If you would like to learn more about this work and connect to the vibrant Indian ecosystem working in this space, please get in touch: bob.burgoyne@cp.catapult.org.uk
