According to CBRE, the demand for real estate would increase by about 13 million square feet by 2030 due to the increased requirement for production facilities for 4-wheeler and 2-wheeler electric vehicles (EV) in the real estate industry. Furthermore, electric vehicles battery manufacturing facilities are likely to expand, requiring 2,400 acres of land by 2030 to handle the manufacture of 200 GWh of batteries. According to the report’s estimations, by 2030, this real estate demand will allow for the manufacture of about 4 million 4Ws and 23 million 2Ws.
BTS and leased facilities are now favoured by electric vehicles manufacturers in India due to the ease of capital deployment, flexibility in lease terms, speed to market, and geographical benefits.
An owned facility, on the other hand, allows for greater customization, lowers monthly rental costs, and has better possibilities for land price appreciation. The country’s electric vehicles manufacturing ecosystem has witnessed new investments from both global and domestic businesses. During the 2020-2023 period (YTD), Maharashtra and Tamil Nadu dominated EV investments, accounting for 15% of the total $28.8 billion investment. Meanwhile, Karnataka had an 11% stake, Gujarat had an 8% share, and Uttar Pradesh and Telangana each had a 7% share.
In the first quarter of 2023, Gogoro Belrise Industries announced an investment of approximately $2.5 billion for a charging infrastructure manufacturing facility in Maharashtra; Ola Electric announced an investment of approximately $0.9 billion for a battery manufacturing facility in Tamil Nadu. Tauschen E-mobility announced an investment of approximately $0.2 billion for an electric vehicles manufacturing facility in Uttar Pradesh.
Between 2021 and 2030, the Indian EV market is predicted to develop at a compound annual growth rate (CAGR) of nearly 49%, with annual sales exceeding 17 million units by 2030.
Also Read:
- Ola Electric Dominates The 2-Wheeler EV Market As Registrations Cross 1 Lakh Mark In May
- Tata Nexon EV Max XZ+ LUX 2023 Launched in India: All Details Uncovered
