India’s electric vehicle (EV) market is likely to attract investments of USD 12.6 billion over the next five years, as per estimates by Colliers India and Indospace.
As per a joint report, Tamil Nadu is the frontrunner accounting for about 34 percent share in total planned investments for EV, followed by Andhra Pradesh and Haryana with a share of 12 percent and 9 percent respectively.
This is interesting to note keeping in mind the EV policies many of the other states have approved in order to attract similar EV firms to set their base and grow the state. Currently, 15 Indian States have either approved or notified EV policies, with 6 more states in the draft stage.
The report mentioned that the EV industry in India is currently at a nascent stage but it is likely to grow, backed by government initiatives and a move towards recognising climate change.
Along with the automotive spectrum of the market, Property consultant Colliers estimated about 13.5 million sq ft space will be required by 2025 for about 26,800 public charging spots.
“There is ample opportunity for landlords across the spectrum from manufacturing to charging infrastructure,” it said.
“Landlords can outsource dedicated charging stations to charging service providers at busy locations. They can also enter into a revenue share model with charging service providers. There is also ample scope for developers to develop retail and recreation spaces in proximity to charging stations,” the report said.
“Real estate players can tap into the opportunity for manufacturing, warehousing, charging stations, and dealerships of EVs,” Colliers India Chief Executive Officer Ramesh Nair said.
