In 2023, India became the third-largest recipient of EV funding globally. The country reported a 45% year-on-year surge in EV sales, with 1.8 million vehicles sold in FY24. The Government of India has accelerated the adoption of EVs through targeted subsidies, 100% FDI permission, and a growing focus on building a robust charging infrastructure. To provide a more comprehensive view of the sector, BDO India has launched the publication ‘Electric Vehicles – Green Roads Ahead: Steering Through India’s Electric Mobility Journey’, which offers an in-depth analysis of India’s electric vehicle (EV) ecosystem, transformative trends, funding patterns, and investment opportunities, as well as a roadmap for navigating this evolving landscape.
As India aspires to become a USD 7 trillion economy by 2030, the automotive industry presents an opportunity of approximately USD 500 billion. This publication can serve as a valuable resource for organisations to gain a thorough understanding of the sector.
Samir Sheth, Head of Deal Advisory Services and International Liaison Partner at BDO India, says, “With record-breaking growth in EV funding, advancements in technology, and strategic policy support, the sector is poised for transformative expansion, creating significant opportunities for investors, manufacturers, and consumers alike. With investor conviction evident in the rising cheque sizes and the Government’s proactive policies, India’s EV industry is well-positioned to lead the global transition to sustainable transportation.”
Ashish Bagadia, Corporate Finance and Investment Banking Partner at BDO India, says, “The era of experimentation with various business models is drawing to a close. The focus is now on operational efficiency, innovation, and sustainable growth. As the EV revolution gains momentum, India has emerged as a key player in the global ecosystem. With key players consistently scaling their operations and demonstrating growth, each segment within this sector is attracting regular funding.”