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India's real estate consulting firm CBRE predicts that the demand for real estate in the manufacturing of Electric Vehicles (EVs) will reach 13 million square feet by 2030. The government's focus on EV adoption is driving this demand. The report also notes that the EV battery manufacturing industry will require 2,400 acres of land to produce 200 GWh of batteries by 2030. This could enable the production of around 4 million 4-Wheeler EVs and 23 million 2-Wheeler EVs by 2030.
Currently, EV manufacturers in India prefer built-to-suit (BTS) and leased facilities for their ease of capital deployment, flexibility in lease terms, speed to market, and location advantages. However, owning a facility offers more customization options, eliminates monthly rental expenses, and provides better prospects for land price appreciation.
To attract investment in the EV manufacturing sector, the Indian government and state governments have implemented policies that have resulted in significant investments. Maharashtra and Tamil Nadu lead in EV investments, with a 15% share each of the cumulative USD 28.8 billion invested between 2020 and 2023. Karnataka, Gujarat, Uttar Pradesh, and Telangana have also seen substantial investments.
Notable investment announcements in Q1 2023 include Gogoro Belrise Industries investing about USD 2.5 billion in a charging infrastructure manufacturing facility in Maharashtra, Ola Electric investing around USD 0.9 billion in a battery manufacturing facility in Tamil Nadu, and Tauschen E-mobility investing about USD 0.2 billion in an EV manufacturing facility in Uttar Pradesh. The total investment announcements in the EV sector for this year have reached approximately USD 6.2 billion.
In 2022, the EV industry experienced significant growth, with global and domestic players announcing investments of over USD 17.1 billion, a 287% increase compared to USD 4.4 billion in 2021. EV component manufacturers accounted for more than half of these investments.
Uttar Pradesh led in registered EV annual sales in 2022 with a 16% share, followed by Maharashtra with 13% and Karnataka with 9%. Together, these three states accounted for about 40% of India's EV sales in 2022. The Indian EV market is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 49% from 2021 to 2030, reaching annual sales of 17 million units by 2030.
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