2. S.No. TOPICS SLIDE No.
What is Electric Vehicle 3
Ecosystem of EVs 4
History of EVs 5-7
Air Quality in Indian Cities 8
Carbon Emission 9
Number of Deaths Due to
Pollution
10
Major Factors that Attract EVs 11
Comparison between Electric
and Petrol Vehicle
12
EVs Policy Roadmap in India 14
Recent State Policies 15
EVs Policy in Major Indian States 16
Market Overview 18
Key Players In India 19
EVs Sale in India (FY 16 to FY 20) 20
S.No. TOPICS SLIDE No.
EVs Sale in India (FY 21) 21
EVs Components Industry Growth FY25 22
India’s Standing in World Position 23
Key Players of the EVs Market 24-26
EVS Infrastructure Hurdles 28
Electricity Demand & Grid Capacity 29
Impact on Electricity Demand & Grid
Capacity
30
Conclusion 31
1
2
11
10
9
8
7
6
5
4
3
12
13
14
15
16
19
20
21
22
17
18
3. An Electric Vehicle is a vehicle that operates on an electric motor, instead of an internal combustion engine that
generates power by burning a mix of fuel and gases. Electric vehicle is seen as a possible replacement for the
current-generation automobile in near future to address environmental challenges.
Inspired by road going automobiles powered by
electricity.
Propelled by one electric motor or more using
batteries.
Electric motors give instant torque, and smooth
acceleration.
Plug-in electric vehicles (EVs) are fast, fun and
efficient. Maintenance is simpler and cheaper.
03
6. 1837
Electric car begin their long history in Aberdeen, Scotland
through inventor Robert Davidson. Later in 1841, he built
a bigger electric train car.
After more than 40 years, inventor Thomas
Parker creates the first manufacturing
electric automobile in London.
The first electric car was produced in Lowa,
U.S.A by William Morrison. The car is little
more than an electrified wagon. This six-
seater has a top speed of 14 mph.
1890
1884
06
8. 22
Out of the 30 most
polluted cities of the
world are in India
41%
Of NOx emissions
in Delhi were due
to vehicles in 2020
23%
Of PM2.5
emissions in Delhi
were due to
vehicles in 2020
08
0 10000 20000 30000 40000 50000 60000
LUCKNOW
CHENNAI
HYDERABAD
BENGALURU
MUMBAI
DELHI
SOURCE : THE HINDU
ESTIMATED DEATHS ESTIMATED COST
According to a Greenpeace research, air quality in India's largest cities is deteriorating at an
alarming rate.
(Cr.)
10. • Number of deaths due to pollution is
much higher in India than other
developing/developed countries.
• As per studies conducted, deaths due
to pollution is 8 times higher in India
than neighbouring country Pakistan
and more than times than USA.
• Due to India’s large population density,
deaths occur more often than any
other country. 2.51
1.83
0.31
0.25
0.21
0.71
0.15
0.12
…
0.09
- 0.50 1.00 1.50 2.00 2.50 3.00
India
China
Pakistan
Nigeria
Indonesia
Russia
USA
Congo
Brazil
Philippines
Deaths in Millions
10
Source: Statista
12. Difference between Battery Powered Vehicle and Petrol powered vehicle can be understood with the given
table. A single battery 2-wheeler can reduce CO2 emission by 2.00 MT in every 5 years. Apart from CO2
emission, owning a battery vehicle is cheaper compared to petrol vehicle and other costs such as running cost,
maintenance cost also lower than petrol powered vehicle.
Model
(HSS)
(Li-ion)
(LSS)
(Lead Acid)
Petrol
Ex-showroom Price 87,790 35,490 60,849
Fuel consumed in running 50km/day
1.5 units of
electricity
1.5 units of
electricity
1 liter of
Petrol
Cost of fueling for per 50km run (Rs.) 11 11 60
Duration of Ownership (Years) 5 5 5
Total running in 5 years (km) 75,000 75,000 75,000
Average Maintenance for 5 years (Rs.) 10,000 10,000 25,000
Cost of Refueling for 5 years (Rs.) 15,750 15,750 90,000
Battery Cost for 5 year (Rs.) - 30,300 -
Cost of running for 5 year (Rs.) 1,13,540 91,540 1,75,489
Saving in 5 year (Rs.) 61,949 83,949 -
CO2 Reduction by using EVs in 5 year (MT) 1.90 2.00 -
12
HSS – Home Storage Systems
LSS – Large Scale Storage Systems
14. 2015
2013
2012
2010 2019
The incentive
program was
scrapped,
resulting in a
70% reduction
in electric
vehicle sales.
FAME-I scheme
launched on 01-
Apr-15 till 31-
Mar-19 by the
Dept. of Heavy
Industries.
Allocated total
financial outlay
of INR 5.29
billion.
The Indian
government
announced a
strategy to
reward OEMs
with a budget of
INR 950 billion.
The Indian
government has
established the
National Electric
Mobility Mission
Plan (NEMMP)
2020.
FAME-II
commenced from
01-Apr-19. The
union cabinet
approved an
outlay of INR 100
billion. Taxes
reduced to 5% on
EVs and Electric
Chargers.
14
15. DELHI ELECTRIC VEHICLES POLICY 2020
• By 2024, the goal is for 25% of new car registrations to be electric.
• A monetary buying incentive Rs. 5000/- per kWh of battery capacity
provided for 2W and based on a maximum reward of Rs. 30000/-
per vehicle.
• Inceptive of scrapping or deregistering old highly polluting 2W.
• Purchase inceptive of Rs. 30000/- per vehicle to owners of E-
Rickshaw and E-Carts and E-Autos.
MAHARASTRA ELECTRIC INFRASTRUCTURE
VEHICLES POLICY 2018
• Target to increase number of EV registration in Maharashtra to
5,00,000 throughout the course of the five-year policy period.
• Make a financial investment of USD 3.4 million for the
manufacturing of EVs.
• EVs are exempt from road tax and registration expenses for the
duration of the policy.
• Enabling fuel stations to set-up charging stations.
UTTAR PRADESH ELECTRIC VEHICLE
MANUFACTURING AND MOBILITY POLICY
2019
• Rolling out 1 million EVs combined across all
segment by 2024.
• Goal of 1,000 electric buses deployed in the state by
2030.
• Target of achieving 70% electrification of public
transportation by 2030 on identified green routes in
10 identified EV cities (Noida, Ghaziabad, Meerut,
Lucknow, Kanpur, Mathura, Prayagraj, Agra,
Gorakhpur and Varanasi).
• Set up around 0.2 million slow and fast charging and
swapping stations by 2024.
• For all permissions necessary for EV and battery
production facilities, a single-window system has
been established.
15
16. Tamil Nadu,
Electric
Vehicle
Policy, 2019
• Make Tamil Nadu a manufacturing hub
for EV and ancillary equipment.
• Encourage investment in electric
mobility.
• Aim of having 1,00,000 EVs on the
road by 2022 which include 80,000
two-wheelers or scooters, 14,000
three-wheelers, 4,500 cars and 1,500
buses.
• 100% from registration fees and 50%
exemption from motor vehicle tax.
• 100% exemption from electricity duty
for E-charging stations.
Gujarat,
Draft EV
Policy, 2019
• By 2030, electrify 5% of buses
annually, and convert shared mobility
fleets, institutional vehicles, and E-
commerce delivery and logistic trucks
to electric vehicles.
• Convert al Autorickshaw in 06 major
cities to EVs within a span of 10 year.
• Establish venture capital an business
incubation service hubs to encourage
EV start-up.
• EV-related and charging infrastructure
production will be excluded from
electricity taxes entirely until 2025.
Karnataka,
Electric
Vehicles
and Energy
Storage
Policy, 2017
• 100% of three and four-wheelers
moving goods will be encourages to
transition to electric by 2030.
• 1,000 electric buses will be
introduced to local public
transportation bus fleets.
• Aim to set up 112 EV charging
stations in Bengaluru.
• The construction of secondary
markets for batteries and the
establishment of a venture capital
fund for E-mobility start-ups are both
priorities. Incentives such as interest
free loans on net SGST for EV
manufacturing enterprises.
16
18. • The India Electric Vehicle Market was valued at USD 5
billion in 2020, and is predicted to grow to USD 47
billion by 2026, with a CAGR of more than 44% during
the forecast period (2021 - 2026).
• In India, the electric vehicle (EV) market is still in its
infancy. Due to several government initiatives and
policies, it is predicted to expand at a considerably
quicker rate throughout the projection period.
• To lower their carbon footprint, e-commerce
businesses (such as Amazon) are starting efforts to
deploy e-Mobility for last-mile delivery. India is
experimenting with e-Mobility for public transportation
and has already deployed electric intercity buses in
many major cities.
• Furthermore, state governments are actively involved
in the implementation of legislation that encourage the
use of electric vehicles.
“ The government target for the deployment of
DC fast charges at various corridors and
highway is expected to boost the market of this
category during the forecast period ”
2019
Market
Size
$1,027.9
thousand
Market
Growth
Rate
(2019-25)
54.2%
2025
Market
Size
$13,833
thousand
18
Source: Mordor Intelligence
19. While established companies are slow to warm up to be transition to electric vehicles, lesser known entities and start-ups are
stoking the change.
Two Wheelers
ACE, Ajanta Manufacturing, Ampere, AVON
Cycles, BPG, BSA, Chris Motors, Eko,
Electrotherm (India), Hero Moto Corp, Honda
India, Lohia Auto, Mahindra & Mahindra, Okinawa
Autotech, TVS Motors, Ultra Motors, YO Bykes
Three Wheelers
Mahindra &
Mahindra
Four Wheelers Bus HDVs
Volmac Engg,
Volvo,
Goldstone-BYD
Volmac Engg,
Volvo
Baja Auto, Electrotherm (India), Mahindra &
Mahindra
19
20. • Kerala plans to have one million
electric vehicles on the road by
2022 and 6,000 electric buses in
service by 2025.
• Telangana aims to gain EV sales
targets for 2025 to achieve 80%
two and three wheelers, 70%
commercial cars, 40% buses,
30% private cars, 15%
electrification of all vehicles.
Following the launch of the FAME India program, which aims to transition towards e-mobility in the light of
expanding international policy commitments and environmental difficulties, the EV market in India has gained
substantial traction.
20
Source: Autocar India
21. Segment FY 2020 FY 2021 Change
2,814 5,905 109.84%
1,52,000 1,43,837 -5.37%
1,40,683 88,378 -37.18%
Source: Autocar India
The COVID-19 epidemic has had an influence on the Indian electric vehicle market, causing supply chain
delays and the closure of production plants as a result of ongoing lockdowns and travel restrictions across the
country.
21
22. Electric motors $1.23 Billion
Batteries $1.86 Billion
Power electronics $1.47 Billion
Charging stations $0.230 Billion
1/3rd
Of the EV motor market will
show up from need in EV
Buses in India in 2025
67%
Will be passenger car
segment’s share in Battery
market in 2025
15.6 million kWh
Will be the total demand for Li-
ion battery pack in 2025
61%
Will be the 2W vehicle
segment’s share in the power
electronics market in 2025
Key Trends
22
23. Electric cars as a proportion of the number of cars in a country (in
%)
13.0
4.4
2.7
2.0
1.6
0.07
Norway
Iceland
Netherlands
Sweden
China
India
Source: Global EV Outlook 2020, International Energy
Agency
As of 2019, the world had 7.2 million electric cars, a 40% jump over 2018. While 1.6% of cars in China
are EVs, electric cars comprise just 0.07% of the cars in India. Moreover, Norway, Iceland, Netherland
and Sweden have even higher percentage.
23
26. 27250
35000
37190
39495
43900
44450
67900
69850
81800
119000
0 20000 40000 60000 80000 100000 120000 140000
RENAULT ZOE
TESLA MODEL 3
HYUNDAI KONA
KIA E-NIRO
NISSAN LEAF
BMW i3
MERCEDES -BEN
JAGUAR I-PACE
AUDI E-TRON
TESLA MODEL S
Values In Dollar $
10 MOST POPULAR BRANDS ELECTRIC CARS PRICE 2020
26
28. 30%
Vehicles on road to
be electric by 2030
1,38,910.20
Crore Units
Power generated in
India in 2019-20
1,39,766.90
Crore Units
Power demand
856.70
Crore Units
Shortfall
Source: Ministry of power
Source: Coal vision 2030
16,000
Crore
Units
Increase
in power
demands
India’s challenges are quite different compared to international
markets. The electricity supply is not consistent across the country
and keeps fluctuating in many regions.
28
29. Your Text Here
Electric cars will account for
the most important load
capacity in the country,
according to a Brookings
Institution India analysis,
surpassing sectors like as
steel. According to the
analysis, total power
consumption for EVs might
range between 37 and 97
TWh by 2030, assuming a
33 percent and 100 percent
penetration of EVs in sales,
respectively.
29
Source: Inc42
30. There is a need to put in place
demand-side management (DSM) or
time of use (ToU) activities for
situations such as overloading. DSM
programmes are electric utility
planning, implementation, and
monitoring activities aimed at
encouraging consumers to change
their degree and pattern of electricity
consumption.
As India prepares to
achieve 30% market
penetration of electric
cars by 2030, sales in
this category are
estimated to exceed 43
million units, with a
stock of more than 250
million units.
Given that 80% of the
country's population uses
electric vehicles, India is
expected to require about
100 TWh of electricity, or
about 5% of total electricity,
by 2030.
According to the NITI Aayog's
energy policy study, India's energy
consumption would double by 2040,
with electricity consumption
potentially tripling as a result of
increasing appliance ownership.
30
31. Although the EV industry expected the budget to be as groundbreaking as promised, it didn’t quite deliver on all
fronts. This has resulted in a mix of reactions in the industry. The government has announced an increase in
customs duties on some vehicle parts, which might affect the e-mobility industry. The government, on the other
hand, has suggested launching a voluntary automobile scrappage program this year in the hopes of
encouraging people to buy more ecologically friendly automobiles. Its goal is to phase out any business vehicle
that is more than 15-20 years old by 2025.
As per the GAA opinion, the government should focus more on lowering of GST and import duty, creating
financial solutions & awareness for EVs and reforms in FAME II. Policies and incentives from the government
will be recognized as major drivers in the growth of the EV market. The low cost of EVs coupled with full
automation can bring the EV market to a new level. This can be achieved with the help of wireless charging or
by reducing the size of batteries and hence the cost of the vehicles, making it more affordable for the masses
But as of now, the prices of electric vehicle are too high with a lesser range, people do not see it as a viable
option. However, it is not all doom and gloom for electric vehicles. The industry continues to grow at a rapid
pace. In the long run, consumer demand triumphs, as evidenced by recent industry developments. All in all,
given the growing awareness, cost-effective solutions, and convenience that the EV industry is gaining, it’s safe
to say that the future of EVs in India is positively electric.
31
32. Valuation
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Transaction Advisory
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33. Risk Consulting
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33
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