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Global mobility is undergoing a transformation, with countries turning to innovative solutions to tackle urban congestion, emissions, and last-mile connectivity. Air mobility—leveraging drones, eVTOLs, and helicopters—is emerging as a promising frontier to complement ground transport and reshape the future of movement.

India’s electric mobility transition is contingent not only on accelerating EV adoption but also on establishing a resilient and integrated battery supply chain. With battery packs constituting 35–45% of an EV’s total cost structure, they represent the most significant cost driver in EV manufacturing. Historically dependent on imports for battery cells and modules, India now faces a strategic imperative to localize production and build domestic capabilities across the battery value chain to ensure long-term competitiveness and supply security

India’s passenger vehicle market is witnessing a significant transformation, with electric vehicles (EVs) gaining strong traction. While the initial push for EV adoption came largely from government policies and incentives, the current momentum is being driven more by consumer demand. Urban buyers, in particular, are becoming more informed and value-conscious, actively choosing EVs for their long-term benefits. This newsletter delves into five key factors that are influencing this shift and explains why more Indian consumers are opting to go electric.

As India advances in electric mobility, the strategic focus is shifting from vehicles to the infrastructure needed at scale. A key question now is whether to prioritize fixed battery charging or battery swapping. While both models offer distinct advantages, they cater to different segments of the EV ecosystem. Charging suits personal use with fixed batteries and user-owned models, whereas swapping, which separates battery ownership, is ideal for high-usage commercial fleets. This choice will shape OEM strategies, capital flows, and policy design—making a deep understanding of each model critical to unlocking long-term value.

India's urban public transport sector is experiencing a paradigm shift, with electric buses (E-buses) taking center stage in the drive toward sustainable mobility. Under increasing pressure to decarbonize, optimize operational costs, and enhance service quality, E-buses offer a strategic solution to meet these challenges. Supported by robust government initiatives like FAME II and the National Electric Bus Programme, along with favorable total cost of ownership (TCO) dynamics, E-buses are gaining momentum through policy-backed procurement incentives, demand aggregation, and the shift to opex-based models.

India’s retail credit market reached $884B in FY24, fueled by economic formalization and rising incomes. Vehicle financing, now at $172B, is the second-largest segment after housing loans. Notably, two-wheeler financing has emerged as a key growth driver, supported by greater rural reach and improved credit access.

The UAE's electric vehicle (EV) market is expanding rapidly, driven by rising awareness and fuel prices. In CY24, 217K new vehicles are expected to be added, with Toyota leading the market, holding a 30% share. The number of battery electric vehicles (BEVs) is projected to grow at a CAGR of 19% from CY24 to CY29, highlighting the strong growth potential in the region.

The Electric mobility ecosystem is expected to become a ~US$ 250B opportunity by FY30, growing at a CAGR of 38%. One of the key drivers behind this growth will be technological innovations that enhance efficiency, reduce costs, and improve vehicle quality.