Over the previous five years, the worldwide EV market has grown at a rate of 43 percent every year. India, too, is on the verge of a major breakthrough in this field. Ola e-scooter got a historic 1 lakh pre-bookings within only 24 hours, indicating the disruption. The arrival of new and dynamic firms such as Ola and Ather into the market guarantees a rapid growth trajectory in the next years.
The Indian government has unveiled a bold strategy to increase the adoption of electric vehicles in the country. Phase 2 of FAME (Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India) has been allocated a budget of Rs 10,000 crore.
EVangelise is looking for ground-breaking ideas for building, designing, and improving the efficiency of electric vehicles (EVs) for two and three wheels. Enthusiasts with EV sub-component improvements and ideas are welcome to join. With this initiative, iCreate hopes to give manufacturers a long-term competitive advantage. Supporting EV sub-component production on a national basis could help India become a worldwide powerhouse in this sector. Furthermore, manufacturing self-sufficiency would maintain quality standards and cost-effectiveness at the same period, with manufacturers facing numerous issues ranging from range anxiety to efficiency and performance.
Candidates can join the challenge at the idea, design, or build stage, depending on the state of their innovation. Cash prizes will be awarded to the winners at every stage. The top three winners will also receive a guaranteed incubation grant of Rs 50 lakh, accessibility to a significant market, and industry mentorship. The competition will culminate in a gala event in Kevadia, set against the Statue of Unity, where selected participants will have the opportunity to present their innovations to industry experts and venture capitalists.
While the innovation challenge finalists will receive a variety of benefits including monetary awards, incubation support, mentorship, and the opportunity to exhibit at the innovation expo, Electric vehicle manufacturers, such as global players, will be invited to compete in the Statue of Unity EV Race that will be held at Kevadia. Several government officials and business figures are expected to attend the event.
This is India’s decade to dominate the electric vehicle market. Bringing in entrepreneurial spirit and equipping them with the necessary resources will be a turning moment in the sector, from manufacturing to consumption. It’s a perfect time for EV innovators and companies to gain not just the funding they need, but also to make a reputation for themselves in the worldwide EV industry.