The EV passenger car market is expected to reach nearly 39 million units by 2030, starting from around 8 million units in 2022, at a CAGR of 21.7%. Similarly, electric commercial vehicles are expected to grow at a CAGR of 31.4% from 0.3 million units in 2022 to around 3 million units by 2030. Major factors contributing to the stupendous growth are government net zero targets and incentives, OEM efforts to shift their offerings to electric, improving EV and related technologies (such as charging, batteries, drivetrain etc.), lower cost of operations of EVs, and growing consumer sentiment toward EV adoption.

Key opportunities such as development of new battery technologies, increasing set-up of public and semi-public EV charging infrastructure, development in EV propulsion technology, interoperability and standardization of components would ensure promising growth for the market players over the next 6-8 years. Adjacent market trends such as Vehicle Connectivity, Autonomous and Semi-Autonomous Vehicle Technology, IoT, 5G Communication and Artificial Intelligence would ensure a growing demand for best-in-class EVs.

This Crystal Ball event focuses on learning more about the most promising opportunities in the EV ecosystem, as seen through the lens of eminent CXOs in this space.