ZERO EMISSION VEHICLES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In August 2022, Maruti Suzuki, India's largest carmaker, confirmed plans to launch its first electric vehicle by the end of 2025. Additionally, its parent company, Suzuki Motor Corporation, aims to invest USD 127 million in Gujarat, India for a new manufacturing plant. This facility will not only produce electric vehicles but also manufacture lithium-ion batteries, a move to reduce dependency on imports.
• In January 2022, The Volkswagen Group and Bosch Group signed an agreement to explore creating a European battery equipment solution provider. Their joint initiative aims to supply comprehensive battery production systems and provide support for on-site ramp-up and maintenance for battery cell and system manufacturers.
• In December 2021, Hyundai India is accelerating its electric vehicle strategy by announcing plans to introduce six new electric vehicles in India by 2028. To support this initiative, the company is investing USD 482.50 Million in developing these models and establishing charging infrastructure across the country. The Company will will introduce its globally recognized E-GMP modular platform to India, with modifications, emphasizing local manufacturing synergies to promote the adoption of Battery Electric Vehicles (BEVs).