GameChanger Law Advisors and Speciale Invest have jointly released the “Charging Ahead” report, a comprehensive analysis of electric vehicle (EV) battery packs in India. The report provides a regulatory overview, highlights the potential for domestic battery manufacturing, and offers policy recommendations for Indian policymakers. It also discusses current Indian EV market trends and forecasts significant growth, with the Indian government targeting 30% electrification of the country’s vehicle fleet by 2030.
GameChanger Law Advisors, a prominent corporate and commercial law firm based in Bengaluru, and Speciale Invest, a leading seed-stage venture capital firm, have joined forces to launch an unprecedented report titled “Charging Ahead.” This innovative report provides an in-depth cross-jurisdictional, regulatory, and industry analysis of electric vehicle (EV) battery packs, focusing on the Indian market. It sheds light on the regulatory landscape for EV battery packs in India, offering valuable insights for industry stakeholders, investors, and policymakers.
India’s electric vehicle industry is experiencing significant growth and transformation, positioning the country as a key player in the global shift towards sustainable and environmentally conscious solutions. As the demand for electric vehicle battery packs continues to surge, this report serves as a comprehensive guide to navigate the evolving regulatory framework.
Key Findings from the “Charging Ahead” Report:
- Potential for India’s Battery Manufacturing: The report underscores the enormous potential for India to manufacture EV battery packs, as the country currently imports a substantial portion of the required components.
- Projected Growth: The Indian EV battery market is projected to grow from USD 16.77 billion in 2023 to USD 27.70 billion by 2028, at a CAGR of 10.56% between 2023 and 2028, highlighting the industry’s imminent expansion.
- Policy Recommendations: The report provides a set of policy suggestions for Indian policymakers, drawing comparisons with regulations in California, the European Union, and the United Kingdom. These recommendations include concepts like Carbon Footprint Declaration (CFD), Battery Swapping Policy, Battery Passport, Second-Life Battery Policy, and Safety Standards for Second-Life Batteries.
- Indian EV Market Trends: The report outlines current trends in the Indian EV market, emphasizing that the sector is expected to grow significantly, with a compound annual growth rate of 66.52%. Furthermore, it indicates that the Indian government is committed to achieving 30% electrification of the country’s vehicle fleet by 2030.
- Forecasted Growth: The Economic Survey 2023 predicts a 49% compound annual growth rate in India’s domestic EV market between 2022 and 2030, with annual sales projected to reach 10 million units by 2030.
Amrut Joshi, Founder of GameChanger Law Advisors, stated, “This report is an outcome of a unique collaboration between lawyers, investors, and electric mobility industry operators. In this report, we have examined the current legal landscape for EV battery packs in India and provided a comparative reference point for Indian policymakers.”
Vishesh Rajaram, Managing Partner of Speciale Invest, added, “‘Charging Ahead’ aims to empower founders, investors, and policymakers with the knowledge and guidance needed to accelerate India’s transition towards a sustainable, electric future. Established in 2011, GLA is a reputable corporate and commercial law firm specialising in Venture Capital, Technology, Social Enterprises, Impact Investing, Climate Tech, and Electric Mobility in India. The GLA team offers expert legal and governance guidance to clients operating in these industries.
