According to recent S&P Global Ratings research, South and Southeast Asia will invest more than $20 billion in electric vehicle (EV) development over the next few years, with India expected to benefit significantly. The paper emphasises India’s significant market potential, recognising it as a key driver of EV growth in the area.
Notably, the Tata and JSW groups are slated to spearhead these initiatives, with plans to invest more than $30 billion in EV production and materials over the next decade. Of this sum, around $10 billion will be devoted exclusively to projects in South and Southeast Asia, highlighting the region’s rising role in the global EV industry.
India’s EV adoption is expected to rise as new models are released at lower prices than traditional internal combustion engine automobiles. Furthermore, improvements in EV charging infrastructure are likely to aid in this transition. Hybrid and compressed natural gas vehicles will account for a sizable market share, particularly in the light-vehicle and passenger commercial segments. As per the reports, in India, the transition away from ICE vehicles would begin with alternate fuels rather than full electrification, giving a more diverse approach to cleaner mobility.
