Market share of top 2 OEMs in E2W segment grew by 12% in CY2023 India has shown ~5% E2W adoption in overall 2W segment in CY2023. The segment has shown a 35% year-on-year sales growth in the country. The overall E2W market is fragmented with more than 150 players in the category. However, the top 2 E2W players captured more than 50% of the market share in CY2023. Fig 1: Market share analysis of E2W OEM’s in India Source: Vahan…
Uttar Pradesh Green Hydrogen Policy 2024 On 4th January 2023, The National Green Hydrogen Mission (NGHM) was launched with an initial outlay of Rs 19,744 crore from FY2023-24 to FY2029-30. This initiative supports the green hydrogen policy, aiming to make India a global hub for the production, usage, and export of green hydrogen and its derivatives. The mission targets developing a green hydrogen production capacity of at least 5 million metric tonnes per annum by 2030, alongside adding approximately 125…
6.5% of total vehicles sold in India in 2023 were EVs The electric vehicle market in India is witnessing rapid growth with a year-on-year (y-o-y) surge of ~50% in CY2023. EVs accounted for 6.5% of total vehicle sales during the last calendar year. This growth reflects the rising electric vehicle market share in India, with the E2W segment leading at 56% of total EV sales in CY2023. In terms of y-o-y sales growth, the electric car segment saw the highest…
Pump Hydro Storage and FDRE tenders accounted for 91% of the entire ESS tender issuance in 2023 Akin to the rise of renewables, large-scale tendering is playing a crucial role in the growth of the Energy Storage Systems (ESS) market in India. Over the past few years, grid-scale ESS tendering in India has had unprecedented growth. Remarkably, tender issuance for grid-scale ESS in India (including pump hydro storage) has shot up by >35 GW in 2023 alone. Over the years,…