Business Opportunities in the Booming Electric Vehicle Market
Next Big Cleantech Opportunity in India
Electric vehicles (EV) will make up the majority of new car sales worldwide by 2040, and account for 33% of all the light-duty vehicles on the road.
"After a few years of growth, the solar and wind sectors are going through some challenges and everyone wants to know where the next big opportunity is in India's clean energy market. The obvious answer is battery storage, but EVs have the potential to be massive," said Raj Prabhu, chief executive officer and co-founder of Mercom Capital Group.
In India, the EV category includes e-cars, e-buses, e-scooters, e-rickshaws, and other two-wheelers that can run on electricity.