In 2023, the global electric vehicle market was valued at US$ 255.54 billion. It is forecasted to reach approximately US$ 2,108.80 billion by 2033, growing at a significant CAGR of 23.42% from 2024 to 2033.

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In May 2024, electric vehicle sales in India surged by 20.88% to 1.39 million units.

In 2023, electric vehicle sales in India saw a significant increase of 49.25%, reaching 1.52 million units.

Although the sector is still in its early stages, it is steadily gaining traction. According to Fortune Business Insights, the Indian EV market is forecasted to expand from US$ 3.21 billion in 2022 to US$ 113.99 billion by 2029, with a 66.52% CAGR.

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The shift towards electric vehicles on a global scale will create fresh opportunities for automotive suppliers.

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A recent Confederation of Indian Industry (CII) report emphasized the necessity of establishing at least 1.32 million charging stations in India by 2030 to facilitate the rapid growth of electric vehicles, requiring over 4,00,000 installations annually.

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• In 2024, notable EV investment commitments include Tata Motors-JLR Rs. 9,000 crore (US$ 1.07 billion), VinFast up to Rs. 16,500 crore (US$ 2 billion), Royal Enfield Rs. 3,000 crore (US$ 358.1 million), and Stellantis Rs. 2,000 crore (US$ 238.7 million).

• Tata Motors aims to achieve 30-40% of its sales from Electric Vehicles (EVs) by FY30 and plans to invest approximately Rs. 18,000 crore (US$ 2.16 billion) to create an ecosystem for its electric vehicle business. Over the next two years, the company has scheduled the launch of new models.

• Ather Energy has secured Rs. 600 crore (US$ 71 million) from the National Investment and Infrastructure Fund, increasing its valuation to US$ 1.3 billion. This investment positions Ather as India’s fourth unicorn of 2023.

• YULU has successful raised US$ 19.25 million (Rs. 160 crore) into its operations in February 2024. The capital was secured through additional share issuance to Yulu's current strategic backers, Magna and Bajaj Auto Ltd.

• In June 2024, BM Electric Vehicles Private Limited, a subsidiary of JBM Auto Limited, has signed an agreement with MUON India Private Limited, a Macquarie Group company. Macquarie Group has launched 'Vertelo,' an EV financing platform in India that will provide financing, fleet management, and charging infrastructure solutions.

• In April 2024, Uno Minda, an auto components manufacturer, announced on Wednesday that it has partnered with Suzhou Inovance Automotive Co. from China to produce electric vehicle components.

• In March 2024, Okaya EV, a prominent electric two-wheeler manufacturer, has launched "Ferrato," its premium electric vehicle brand, as part of its nationwide expansion strategy, they will prioritize high-end models.

• In March 2024, Ola Electric, poised for an IPO, has emerged as India's top patent publisher for 2022-23, with 205 patents in EV and related technologies, surpassing rivals.

• In March 2024, Ola Electric has announced to introduce a consumer-focused electric autorickshaw named Raahi.

• In March 2024, BYD India, a subsidiary of the world's leading New Energy Vehicles (NEV) manufacturer, announced its entry into the luxury electric sedan segment with the launch of the BYD SEAL. BYD India currently has two products in its portfolio - the BYD ATTO 3 and the All-New e6, both of which have been very well received by Indian consumers.

• In December 2023, Indian Oil Corporation (IOC) inaugurated its inaugural battery-swapping station in Kolkata for Electric Vehicles (EV). The oil marketing PSU collaborated with Sun Mobility, affirming its commitment to advancing sustainable electric mobility solutions.

• In November 2023, SAIC Motor and JSW Group announced a strategic joint venture to accelerate growth with focus on green mobility.

• In August 2023, Adani TotalEnergies E-Mobility Limited (ATEL) disclosed a collaboration with all-electric cab aggregator, Prakriti E-Mobility (Evera), to deploy EV charging infrastructure, starting with a 200-point super hub in Delhi.

• Fuelled by robust demand and governmental backing, Gujarat's Electric Vehicle (EV) landscape is experiencing rapid expansion. In 2023, EV sales surged by 28% compared to the prior year, totalling 88,619 vehicles, showcasing remarkable growth from 2021's 10,885 units, reflecting a 714% increase over three years.

• In August 2023, Mahindra & Mahindra anticipates that its forthcoming plant in Chakan, Maharashtra, will reach a peak production capacity of 200,000 electric vehicles annually from 2027 to 2029. They project EVs to constitute 30% of total volumes by 2030.

• According to a UK-based breakdown and recovery service provider, Electric Vehicles (EVs) exhibit a 59% lower likelihood of breakdown compared to traditional internal combustion engine (ICE) vehicles. Start Rescue's Managing Director, Lee Puffett, emphasized the remarkable reliability of EVs, spanning from new to a decade old, on the road. With over a million EVs currently in operation in the UK, this data underscores the practical advantage of choosing an EV, reducing the risk of unexpected roadside issues.

• In February 2024, the Indian Army has proposed a gradual introduction of a select number of Electric Vehicles (EVs) at 'Peace Stations' nationwide. This initiative aims to embrace technological advancements, promote green energy, and diminish reliance on fossil fuels.

• In October 2023, Mr. R. K. Singh, Union Minister for Power and New & Renewable Energy, unveiled the new EV-Ready India Dashboard (evreadyindia.org) in New Delhi, facilitating access to pertinent information.

• Ministry of Electronics & Information Technology (MeitY), Mr. S Krishnan attended the unveiling of a domestically developed 2KW DC Portable Charger at IIT Madras Research Park in October 2023. This initiative aims to accelerate electric vehicle adoption.

• In January 2024, VinFast and Tamil Nadu Govt. signed a MoU to invest US$ 2 billion for an EV project in Thoothukudi, with US$ 500 million committed for the first phase, targeting 150,000 units annually.