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Electric vehicles are not just any up and coming technology – they are supposed to slowly replace petrol and diesel-based vehicles entirely (especially cars, buses, two and three-wheelers etc.). This represents a potential for massive growth as well as an opportunity to expand market share for large players who can invest in launching cheap electric vehicles.
The government is increasingly giving support to building EV infrastructure and orders for public vehicles such as electric buses. The Union government’s National Electric Mobility Mission Plan 2020 includes both demand side incentives as well as plans for building EV infrastructure and promotion of manufacturing of electric/hybrid vehicles under the FAME India scheme.

Segments of the EV sector
The electric vehicles sector may be divided into the following segments –

1. Auto manufacturers –
Those who assemble the electric vehicle

2. Battery manufacturers –
Those who produce vehicle batteries for EVs

3. Auto parts and EV software –
Those who develop the electronics and programming for the electric vehicles as well as produce spare parts

4. Charging station network –
Those who set up charging stations across cities and road networks.
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