{"id":110992,"date":"2023-10-01T12:30:00","date_gmt":"2023-10-01T07:00:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=110992"},"modified":"2023-10-01T10:56:23","modified_gmt":"2023-10-01T05:26:23","slug":"ev-industry-set-to-reach-113-99-bil-heres-5-industries-with-their-companies-that-might-benefit-from-the-growth","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/ev-industry-set-to-reach-113-99-bil-heres-5-industries-with-their-companies-that-might-benefit-from-the-growth\/","title":{"rendered":"EV Industry set to reach $113.99 Bil; Here&#8217;s 5 Industries with their companies that might benefit from the growth"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3820873312\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>India, a fast-rising country, is on the verge of becoming a manufacturing centre for a variety of industries, including the electric car industry. Under its &#8216;Make in India&#8217; project, the Indian government aspires to attain 100% local manufacture of EVs.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2607834231\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The Indian government is committed to achieving 30% electrification of total mobility by 2030, and with increasing demand from end users across the EV sectors, both domestic and foreign manufacturers are establishing manufacturing sites in India.&nbsp;<\/p><p>According to Fortune Business Insights, the Indian EV industry is expected to grow to $113.99 billion by 2029, at a compound annual growth rate of 66.52%.&nbsp;<\/p><p><strong>Here are five Industries and Industry related companies that might benefit from EV growth:&nbsp;<\/strong><\/p><div class=\"trade-content_5\" id=\"trade-539050016\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h4 class=\"wp-block-heading\" id=\"h-electric-vehicle-manufacturing-industry\"><strong>Electric Vehicle Manufacturing Industry&nbsp;<\/strong><\/h4><p>In the Union Budget 2023, The budget of Rs. 51.72 billion (about USD 631 million) was allocated for the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) scheme, which will provide incentives to manufacturers to produce EVs and also encourage infrastructure development. Additionally, the budget has proposed multiple steps in order to promote greener and cleaner mobility.&nbsp;<\/p><p>The Indian government has declared custom duty elimination on imports of certain items as well as machinery utilised in the manufacturing of lithium-ion auto batteries for electric automobiles. This is aimed at gradually lowering the overall price of domestically manufactured EVs and their Insurance premiums, including the mandatory third-party car insurance premiums, in the nation.&nbsp;<\/p><p>The Top Stocks that are involved in EV manufacturing include <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/TATAMOTORS\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Tata Motors<\/a><\/strong>, Mahindra &amp; Mahindra, <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/OLECTRA\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Olectra Greentech<\/a><\/strong>, TVS, and Hero.\u00a0<\/p><h4 class=\"wp-block-heading\"><strong>Electric Vehicle Battery Industry<\/strong><\/h4><p>The central government has exempted the customs duties on the company that manufactures Lithium-ion cells to benefit domestic companies.&nbsp;<\/p><p>To reduce the dependency on EV battery imports from countries like China and South Korea, the government has launched a production-linked incentive scheme to make batteries that power EVs domestically.&nbsp;<\/p><p>Here are the top electric vehicle battery manufacturers such as <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/TATACHEM\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Tata Chemicals<\/a><\/strong>, Amara Raja Batteries, Exide Industries, and <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/HSCL\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Himadri Speciality Chemicals<\/a><\/strong>.\u00a0<\/p><div class=\"trade-content-10\" id=\"trade-4264037430\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h4 class=\"wp-block-heading\"><strong>Electric Vehicle Component Industry&nbsp;<\/strong><\/h4><p>The Indian electric vehicle component is predicted to expand at a CAGR of 22.1% by 2030. Some of the electric vehicle components include a powertrain, electronic control technology, Onboard charger, Thermal system (cooling), and many more. The key players in the domestic market include <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/MSUMI\/standalone?standalone=true\" target=\"_blank\" rel=\"noreferrer noopener\">Motherson Sumi Wiring India<\/a><\/strong>, Talbros Automotive Components, Uno Mindaand, and <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/JBMA\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">JBM Auto<\/a><\/strong>.\u00a0<\/p><h4 class=\"wp-block-heading\"><strong>Electric Vehicle Charging Industry&nbsp;<\/strong><\/h4><p>The India EV charging market size reached a volume of approximately 1.05 million units in 2022. The market is further expected to grow at a CAGR of 22.20 percent between 2023 and 2028, reaching a volume of 3.86 million units by 2028.&nbsp;<\/p><p>According to a paper published by the Confederation of Indian Industry (CII) on &#8216;Charging Infrastructure for Electric Cars,&#8217; India may require a minimum of 1.32 million charging stations by 2030 to allow for the rapid adoption of electric vehicles (EVs), based on the fact that the industry has huge growth potential.&nbsp;<\/p><p>The stocks which might benefit include <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/TATAPOWER\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Tata Power<\/a><\/strong>, IOCL, BPCL, <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/POWERGRID\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Power Grid<\/a><\/strong>, and Motherson Sumi Wiring.\u00a0<\/p><h4 class=\"wp-block-heading\"><strong>Electric Vehicle Software Industry<\/strong><\/h4><p>The global EV Software Market is a dynamically expanding industry with projections for a value of USD 82.5 billion by 2030 and a CAGR of 17.3% between 2023 and 2030.&nbsp;<\/p><p>The software industry in EVs includes a wide variety of applications, such as battery management systems, driver assistance systems designed exclusively for electric vehicles, vehicle telematics, administration of the charging infrastructure, range prediction algorithms, and driver aid systems.&nbsp;<\/p><p>Here are the major players in this industry include <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/KPITTECH\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">KPIT Technologies<\/a><\/strong> and Tata Elxsi <\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Omkar Chitnis<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-3668714459\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>India, a fast-rising country, is on the verge of becoming a manufacturing centre for a variety of industries, including the electric car industry. Under its &#8216;Make in India&#8217; project, the Indian government aspires to attain 100% local manufacture of EVs.&nbsp; The Indian government is committed to achieving 30% electrification of total mobility by 2030, and [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[12664,9627,8890,948,936,8277],"class_list":["post-110992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-himadri-speciality-chemicals-share-price","tag-jbm-auto-share-price","tag-olectra-greentech-share-price","tag-stock-market","tag-stock-market-news","tag-tata-motors-share-price"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EV Industry set to reach $113.99 Bil; Here&#039;s 5 Industries with their companies that might benefit from the growth - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"India, a fast-rising country, is on the verge of becoming a manufacturing centre for a variety of industries, including the electric car industry. 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