The Electric Vehicle market has provided the entrepreneurs with a plethora of opportunities and now with the recent developments and advancements in the market, it has given chance for different startups to show their potential. Due to the new innovations and ideas, India is all set to become the fourth largest EV market over the next 20 years.
The market of electric vehicles has proved to be fruitful for the startups that are been initiated concerning the same. According to Nitin Gadkari, who is Union Road transport and highways minister, India is soon to become a hub for electric vehicles in the next five years and he has also reaffirmed that India holds all the potential to become a major hotspot for the manufacturing process.
He also explained the impact or more likely a perk of an ongoing Indo-China conflict and how we can benefit from that. He said that now nor the citizens neither the businessman are interested in doing the business with China and now people will automatically be drawn towards the Indian industry that will give us enough opportunities to expand our business.
The interests of the entrepreneurs and the investors have been evident since the AutoShow 2020. At the event, various manufactures and car companies showed their electric vehicles for the Indian EV market. The significant startups that are worth mentioning here are:
Ratan Tata-backed Tork Motors
Indian Electric Two-wheeler company, Okinawa
Revolt Intellicorp founded by Micromax’s co-founder Rahul Sharma
BattRE Electric Mobility Startup
Sachin Bansal-backed Ather Energy
…….. And more.