EV market likely to be Rs 50,000-cr opportunity in India by 2025: Report
The electric vehicle (EV) market is likely to be a Rs 50,000-crore opportunity in India by 2025, with two- and three-wheelers expected to drive higher electrification of the vehicles in the medium term in the wake of Covid-19, according to a report.
The report by Avendus Capital, which is an investment banking arm of financial services provider Avendus Group, also said the total cost of ownership (TCO) in case of low- and medium-speed electric two-wheelers is already lower than internal combustion engine vehicles.
“With the present and projected level of EV penetration in the country, EVs in India could represent a Rs 500-billion opportunity by 2025. Two- and three-wheelers will lead the electrification movement in India in the medium term,” it said.
