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

In: Proceedings of the 5th International Conference on the Role of Innovation, Entrepreneurship and Management for Sustainable Development (ICRIEMSD 2024)

Author

Listed:
  • 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)

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.

Suggested Citation

  • Neha Pathak & Abhishek Awasthi & Arun Kumar, 2024. "Innovating for a Sustainable Future: Exploring Business Opportunities in India’s Electric Vehicle Sector," Advances in Economics, Business and Management Research, in: Saurabh Gupta & Himanshu Vaishnaw & Manoj Kumar Mishra (ed.), Proceedings of the 5th International Conference on the Role of Innovation, Entrepreneurship and Management for Sustainable Development (ICRIEMSD 2024), pages 268-293, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-612-3_18
    DOI: 10.2991/978-94-6463-612-3_18
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