The news of Musk's arrival here delighted millions of Tesla lovers in India, after which a determined PM Modi convinced the tech billionaire to look into the country.
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According to experts, there is a lot of history and discussion about Musk's intention to enter the Indian market.
"The list of possible announcements includes cutting duty on Tesla cars imported by India, setting up an official sales and service presence in the country, followed by possible manufacturing facilities," Soumen Mandal, senior analyst at Counterpoint Research, told IANS.
Current EV penetration in India is 2.3 percent, which is likely to reach 2 percent by 2023.
According to the latest industry data, electric cars priced around $25,000 (Rs 20 lakh and above) will have at least 15 percent market share by 2030.Mandal said, "India could develop into a big market for Tesla in the long run. As cars effectively become supercomputers on wheels, we estimate that Tesla will become the world's leading car market in India alone by 2030." It can generate revenue of $3.6 billion from the sale of Rs.
Furthermore, India has the potential to become a manufacturing hub for the production of cars in the sub-$25,000 price range, with export opportunities to developing and underdeveloped countries.
Additionally, experts said, Tesla's priority to set up its Supercharge network could catalyze the growth of India's EV charging infrastructure, similar to that seen with the adoption of North American Charging Standard (NACS) charging standards by US automakers. Reflects the standardization done.
Also known as the Tesla Charging Standard, NACS is an EV charging connection system developed by Tesla.It is being used by all Tesla vehicles in the US since 2021, and was opened up to other EV vehicle manufacturers in November 2022.
According to Liz Lee, Associate Director of Counterpoint Research, the country's EV landscape is seeing significant growth.
“Government initiatives like the production-linked incentive (PLI) scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duty on EVs from $35,000 to 15 per cent are game changers,” Lee said.
Meanwhile, car sales in India are expected to grow at a compound annual growth rate (CAGR) of 6.3 percent between 2024-2030 from 4.4 million units last year.
According to industry experts, when it comes to EVs, the CAGR is expected to reach 52 percent in the same time-frame.“As Musk said, natural progression for India.
In 2024, India's EV sales are likely to grow by 66 percent, driven by growing consumer interest, government initiatives and infrastructure development.
Experts told IANS that Tesla's presence in India could further encourage the establishment of a supply chain ecosystem, which would lead to localization of manufacturing of automotive components.
This is a clear indication that India's "journey to becoming a major player in the global EV market is accelerating," he stressed.
,
According to experts, there is a lot of history and discussion about Musk's intention to enter the Indian market.
"The list of possible announcements includes cutting duty on Tesla cars imported by India, setting up an official sales and service presence in the country, followed by possible manufacturing facilities," Soumen Mandal, senior analyst at Counterpoint Research, told IANS.
Current EV penetration in India is 2.3 percent, which is likely to reach 2 percent by 2023.
According to the latest industry data, electric cars priced around $25,000 (Rs 20 lakh and above) will have at least 15 percent market share by 2030.Mandal said, "India could develop into a big market for Tesla in the long run. As cars effectively become supercomputers on wheels, we estimate that Tesla will become the world's leading car market in India alone by 2030." It can generate revenue of $3.6 billion from the sale of Rs.
Furthermore, India has the potential to become a manufacturing hub for the production of cars in the sub-$25,000 price range, with export opportunities to developing and underdeveloped countries.
Additionally, experts said, Tesla's priority to set up its Supercharge network could catalyze the growth of India's EV charging infrastructure, similar to that seen with the adoption of North American Charging Standard (NACS) charging standards by US automakers. Reflects the standardization done.
Also known as the Tesla Charging Standard, NACS is an EV charging connection system developed by Tesla.It is being used by all Tesla vehicles in the US since 2021, and was opened up to other EV vehicle manufacturers in November 2022.
According to Liz Lee, Associate Director of Counterpoint Research, the country's EV landscape is seeing significant growth.
“Government initiatives like the production-linked incentive (PLI) scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duty on EVs from $35,000 to 15 per cent are game changers,” Lee said.
Meanwhile, car sales in India are expected to grow at a compound annual growth rate (CAGR) of 6.3 percent between 2024-2030 from 4.4 million units last year.
According to industry experts, when it comes to EVs, the CAGR is expected to reach 52 percent in the same time-frame.“As Musk said, natural progression for India.
In 2024, India's EV sales are likely to grow by 66 percent, driven by growing consumer interest, government initiatives and infrastructure development.
Experts told IANS that Tesla's presence in India could further encourage the establishment of a supply chain ecosystem, which would lead to localization of manufacturing of automotive components.
This is a clear indication that India's "journey to becoming a major player in the global EV market is accelerating," he stressed.
