Electric vehicles (EVs) are gaining popularity due to increasing concerns over environmental pollution, sustainability and rising fuel prices. Technological advancements and Govt initiatives to promote clean energy and sustainable transportation have led to the growth of EVs in recent years. 

In 2015, the Indian government launched the FAME India scheme to encourage the adoption of electric and hybrid vehicles. 

• The EV market in India will experience a remarkable growth rate of 49% CAGR projected from 2021 to 2030. By 2030, it is estimated that the sales volume for this market segment will surpass 17 million units annually.
• The sales of electric vehicles (EVs) in India have witnessed an 86% increase, from 2,37,811 units sold in 2021 to 4,42,901 units sold in 2022-23 
• In Budget 2023-24, ₹5,172 crores have been allocated towards the FAME India scheme, as compared to ₹2,898 crores in 2022-23
• To encourage domestic EV manufacturing, customs duty exemption is also being extended on the import of capital goods and machinery required for lithium-ion batteries

The growth in electric mobility will be led by companies from diverse segments like two- and four-wheeler manufacturers, oil and gas refining companies, chemical manufacturers, etc. This smallcase comprises companies that are investing in the electric vehicle ecosystem and are expected to grow with increased adoption of EVs.