India, a burgeoning global economic powerhouse, stands at the threshold of an extraordinary paradigm shift towards sustainable transportation. In a resolute bid to combat pollution and reduce dependence on fossil fuels, electric vehicles (EVs) have emerged as an undeniably compelling solution. Recent projections from a report by Bain & Company indicate that India’s electric vehicles (EV) value chain revenue pool is poised to reach an impressive $76 billion to $100 billion by 2030, potentially yielding a profit pool of $8 billion to $11 billion.
These findings further underscore the significant growth potential of the EV market in India. By 2030, the report predicts that EVs will comprise a remarkable 35% to 40% of all vehicles sold in the country, a stark increase from the mere 2% observed in 2022. This translates to an estimated annual sales volume of 14 million to 16 million new EVs.
Leading the charge in this transformative journey are the two-wheel (2W) and three-wheel (3W) EV segments, which are expected to be the vanguards of EV adoption, achieving an impressive 40% to 45% penetration by 2030.
Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.