The Market Benefits of India’s Growing Electric Vehicle Market
The electric vehicle market in India is on the rise although not as quickly as the government might hope. With fuel prices sky-rocketing, the shift to EV’s seems inevitable in India. Keeping that in mind, the increase in electric vehicles will cause a major change in the investments, stocks and other market factors. For starters, manufacturers making batteries are looking at a tremendous growth in the future. At the same time, companies producing high quality plastic are expected to get a boost as well. Furthermore, the excitement for EV’s has also resulted in automobile companies reaching out to global players for additional support and help them enter the market. In India, automobile companies with a larger customer base and market presence are most likely to benefit from the rise of the electric vehicle segment. Considering this, there are a few key investors to focus on: 1. Maruti Suzuki: With a strong distribution network and a wide reach in the Indian market, Maruti Suzuki is all set to launch the electric Wagon R in the second half of 2021. The stronghold in the market and the development of infrastructure for EV’s, the car should see a good sale upon it’s arrival.
2. Amar Raja Batteries: Being India’s second largest traditional battery maker, Amar Raja is working on building another assembly plant soon. At the same time, the company is having discussions with several state governments to shift to electric vehicles which included setting up a charging station with the Delhi government. Add to that, Amar Raja launched charging stations and battery swapping points with the Tirupati Municipal Corporation as well. Overall, their investment in the electric mobility sector is well on it’s way to the top.
3. Minda Industries: The Indian auto parts maker is known for it’s top notch performance across the world and is set to get a major push from the EV industry. The company is collaborating with equipment manufacturers to build EV-compact systems and evaluating existing products to check their stand in the market. At the same time, the company’s research and development department costs have increased to smoothly enter the EV market in the near future.
What’s more? The Indian electric vehicle industry is expected to get a major boost from Tesla. With news breaking out about Tesla’s introduction to the Indian roads and setting up of a registered office in Karnataka, the electric giant is likely to majorly impact the EV industry. For now, we encourage you to invest in Howdyy! With eco-friendly scooters, a customized subscription model and no fuel or maintenance costs, the benefits are endless. Be a part of the Indian electric vehicle revolution with Howdyy – Get in touch with us here: https://www.howdyy.in