The electric vehicle (EV) industry in India has experienced a transformative year in 2024, with significant milestones achieved, especially in the electric two-wheeler and three-wheeler segments. EV adoption has accelerated, driven by key government initiatives and growing investments in the sector. Notable figures from various companies in the EV and battery recycling sectors have shared their perspectives on the industry’s progress and future outlook.
Mr. Yatin Gupte, Chairman & Managing Director of Wardwizard Innovations & Mobility Limited, reflects on the achievements of 2024. He notes that electric two-wheeler sales in India reached a new milestone of over one million units, with the expectation to close the year at 1.1 to 1.2 million units. “Key government initiatives, such as the Electric Mobility Promotion Scheme (EMPS) 2024 and the PM e-DRIVE scheme, have been instrumental in accelerating EV growth,” says Mr. Gupte. Looking forward to 2025, he anticipates robust growth in the sector, supported by investments in infrastructure and progressive policy measures. The industry is expected to embrace multi-powertrain solutions, including electric vehicles, hybrid technologies, and alternative fuels, to align with sustainability goals and emission reduction targets. Furthermore, Mr. Gupte highlights the growing demand for a skilled workforce with technical expertise and hands-on experience, as the sector expands. At Wardwizard Innovations, they remain committed to driving India’s green mobility transformation by delivering innovative solutions.
Sravan Kumar Appana, Co-founder & CEO of iGowise Mobility, provides a balanced view of the EV sector’s 2024 performance. He acknowledges the progress made, particularly with the launch of the FAME incentive program that stimulated demand in the LEV (Light Electric Vehicle) segment, including eBikes, electric two-wheelers, and three-wheelers. However, he also points out some challenges faced by the industry, including the influx of cheap imported knockoffs with questionable safety and reliability. Mr. Appana also notes that the supply chain and services were severely constrained relative to the demand for LEVs. “The government made corrective measures with stringent safety regulations like AIS-156 battery safety standards, and curbing the misuse of the FAME-2 incentives, sanity returned to the fold,” he says. Looking ahead to 2025, he envisions a year of real innovation, where startups that have survived and recovered from past challenges will now meet market standards. The HEV (Hybrid Electric Vehicle) market is expected to grow steadily, driven by new offers from legacy players and Chinese brands. However, he emphasizes the need for an expanded network of charging stations to meet the growing demand for electric vehicles in India.
Kunal Arya, MD & Founder of ZELIO Ebikes, highlights ZELIO’s achievements in 2024. The company expanded its footprint with 273 dealerships across 23 states and reached over 200,000 satisfied riders. ZELIO also launched a new manufacturing unit in Ladwa, Hisar, Haryana, which has set a new benchmark in production capabilities with an annual capacity of 72,000 vehicles per shift. “Our diverse range of low and high-speed electric two-wheelers, including the X-Men, Gracy, Eeva, and Mystery models, have redefined the riding experience for many,” says Mr. Arya. ZELIO also marked its entry into the e-rickshaw market with the showcase of the Tanga by Zelio at the EV India Expo 2024. Looking ahead, ZELIO is committed to driving the electric mobility revolution in India and beyond.
Dinesh Arjun, Co-Founder and CEO of Raptee.HV, highlighted India’s remarkable progress in sustainable mobility as 2024 concluded. With 26.04 million vehicles sold, electric vehicles (EVs) accounted for 7.46%, rising from 6.39% in 2023. Over 1.8 million EVs sold between January and November 2024 marked a 31% year-on-year growth, driven primarily by the electric two-wheeler (E2W) segment, which comprised 60% of all EV sales. This growth reflects the E2W’s vital role, particularly in rural areas, where they address diverse mobility needs. The EV-to-conventional vehicle sales ratio improved to 12.43:1 in 2024 from 15.67:1 in 2023, showcasing the gradual shift toward electrification. Investments by OEMs like Tata, Mahindra, Bajaj, and TVS underscore the industry’s commitment to EV adoption. Arjun expressed optimism for 2025, expecting more investments, a broader range of EVs, and enhanced distribution networks to accelerate EV adoption and performance further.
GT Force, under the leadership of Mr. Mukesh Taneja, CEO and Co-Founder, has seen a remarkable year in 2024, particularly through its strategic rebranding and expansion efforts. The company launched a new range of high and low-speed electric vehicles, including the GT Vegas, GT Ryd Plus, GT One Plus Pro, GT Drive Pro, and the flagship GT Texa motorcycle. “We have remained committed to providing eco-friendly, affordable, and performance-driven solutions for urban commuters,” says Mr. Taneja. GT Force has also formed meaningful partnerships, such as with ESAF Small Finance Bank, Ecofy I-Loan, CASHe, and Kotak Bank, to provide accessible financing to customers. With 50+ dealerships now operating across multiple states, GT Force is poised for national expansion in the coming year.
The battery recycling and critical minerals sector also saw significant developments in 2024, with companies in the industry reassessing the future of recycling. Mr. Manikumar Uppala, Co-founder and Chief of Industrial Engineering at Metastable Materials, shares insights on the state of the sector. Battery recycling grew steadily in 2024, but with the drop in metal prices like lithium, nickel, and cobalt, recyclers are reevaluating the economics of their business. “The recyclers’ business model depends on the prices of commodity metals, and the goal is to sell these metals for more than the cost to recycle them,” he says. Despite these challenges, India’s gigafactories are scaling up, and breakthroughs in lithium iron phosphate (LFP) recycling, the most popular chemistry for EVs, are underway. The Indian government’s Critical Minerals Mission is helping to safeguard these essential materials, ensuring a smooth energy transition.
Looking ahead to 2025, Mr. Uppala sees a bright future for the sector. He stresses the importance of innovation in recycling technologies to make the process more cost-effective. Greater collaboration between manufacturers and recyclers is also essential to ensure the viability of different chemistries and improve logistics for end-of-life batteries. Additionally, countries worldwide, including the US and EU, are ramping up efforts to secure critical minerals to support the green energy transition, which is likely to lead to increased geopolitical tensions.
Overall, 2024 has been a year of growth and innovation in the EV and battery recycling sectors. With government support, technological advancements, and collaborations between companies, India is well on its way to becoming a global leader in sustainable mobility and clean energy solutions. The outlook for 2025 is optimistic, with continued progress and expansion expected across the EV and battery recycling industries.
