Innovating for a Sustainable Future: Exploring Business Opportunities in India’s Electric Vehicle Sector

Neha Pathak (), Abhishek Awasthi and Arun Kumar
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Neha Pathak: Guru Ghasidas Vishwavidyalay, Koni, Department of Commerce
Abhishek Awasthi: University of Lucknow, Department of Commerce
Arun Kumar: University of Lucknow, Department of Commerce

A chapter in Proceedings of the 5th International Conference on the Role of Innovation, Entrepreneurship and Management for Sustainable Development (ICRIEMSD 2024), 2024, pp 268-293 from Springer

Abstract: Abstract This study assesses the current state of the sustainable vehicle market in India, focusing on key opportunities and challenges for entrepreneurs. India’s electric vehicle (EV) market is growing rapidly due to government incentives and increasing consumer awareness. However, there are significant challenges such as limited charging infrastructure, high battery costs, range anxiety, CO2 emissions from EV and battery production, and rising electricity demand. The research identifies business opportunities in EV production, battery technology, charging infrastructure, battery swapping services, electric mobility, retrofitting services, and software development. Government regulations have played a key role in promoting EV adoption, but more efforts are needed to overcome infrastructure barriers, increase consumer interest, and reduce costs. This study is based on secondary data and a literature review. The research provides insights for entrepreneurs, policymakers, investors, and consumers interested in understanding India’s sustainable vehicle landscape. The recommendations include continued government support, battery technology advancement, alternative energy solution exploration, and greater customer adoption of sustainable vehicles to foster a thriving EV ecosystem.

Keywords: Electric vehicles; Sustainable vehicle ecosystem; Entrepreneurship; Government policies and incentives (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-612-3_18

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DOI: 10.2991/978-94-6463-612-3_18

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