India added 20 GW of solar and wind capacity in the first nine months of 2024 From January to September 2024, India added about 17,444 MW of solar and 2,627 MW of wind capacity. This represents a significant increase of 105.8% for solar installations and 14.8% for wind installations compared to the same period in 2023. Notably, the total solar capacity added during the first nine months of 2024 is the highest recorded capacity in any previous year. With these… The post India added 20 GW of solar and wind capacity in the first nine months of 2024 appeared first on JMK Research & Analytics ..read more

Andhra Pradesh Issues US$ 119 billion Integrated Clean Energy (ICE) Programme In a bid to transform Andhra Pradesh into a clean energy hub and achieve net zero by 2047, the state government has issued its Integrated Clean Energy (ICE) policy on 17th October 2024. The policy with a control period of 5 years until 2029 envisages approximately Rs. 10 lakh crore (US$ 119 billion) of investment inflow and 160 GW of new installed RE capacity. The policy looks to leverage… The post Andhra Pradesh Issues US$ 119 billion Integrated Clean Energy (ICE) Programme appeared first on JMK Research & Analy ..read more

From ICE to EV: Traditional Players Navigating Change The rapid shift towards Electric Mobility has compelled the traditional Indian automotive industry to shift gears and embrace EVs. From personal vehicles, including two-wheelers and cars, to public transportation options, such as three-wheelers and buses, although the pace of EV adoption has varied across the segments, there is a clear trend towards greener, more sustainable transportation solutions. This transition presents a unique landscape where traditional Internal Combustion Engine (ICE) vehicles continue to… The post From ICE to EV ..read more

Cabinet approves PM E-Drive scheme with outlay of INR 10,900 Crore In a significant move towards promoting electric mobility, the Indian government has launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme. This initiative, managed by the Ministry of Heavy Industries, marks a crucial step forward from the expiring FAME scheme and aims to accelerate the adoption of electric vehicles (EVs) across various segments. Policy Timeline: Budgetary Outlay and Coverage: With a budget of INR 10,900… The post Cabinet approves PM E-Drive scheme with outlay of INR 10 ..read more

Solar and wind capacity added in H12024 outpaced CY2023 installations In H12024, from January to June, India added about 12,156 MW of solar capacity and 1,920 MW of wind capacity. This marks a 78.9% increase for solar installations and 2.3% for wind installations compared to the same period in 2023. Notably, the total capacity added in the first half of 2024 has already surpassed the total additions in CY2023. With these new additions, India’s total installed renewable energy (RE) capacity… The post Solar and wind capacity added in H12024 outpaced CY2023 installations appeared first on JMK Res ..read more

EV Sales in India increased by 21% in H1 2024 Electric vehicle (EV) sales in India reached an impressive 9,27,097 units in H12024 (Jan-Jun-24), with the E2W and E3W passenger segments leading the charge, accounting for 89.13% of the total sales. Sales have increased by 20.73% in H12024 compared to H12023 EV sales. E2W sales reached 5,56,091 units in H1 2024, about 58% of the total E2W sales in CY2023. In H12024, sales in the E3W passenger segment reached 2.70 lakh units, accounting for nearly 51% of the total E3W passenger sales in 2023. This indicates that sales have remained stagnant a ..read more

Can India achieve 30 GW offshore wind capacity target by 2030? Offshore wind technology utilizes turbines installed at sea and offers a reliable and clean renewable energy source with higher efficiency due to consistent, unobstructed winds. Offshore wind technology offers a significantly higher (~10-15%) capacity utilization factor (CUF) vis-à-vis onshore wind. Although the global offshore wind market size is close to 75 GW, India doesn’t have any installed offshore wind capacity. However, India’s target of 500 GW renewables by 2030 includes approximately 100 GW from wind, out of which 30 GW w ..read more

India installed 15 GW solar and 3.3 GW wind capacity in FY2024 In Financial Year 2024 (FY) i.e., from April 2023 till March 2024, approximately 15,033 MW solar capacity and 3,253 MW of wind capacity was added in India. Solar and wind installations increased by 17.6% and 42.9% respectively as compared to the same period the previous year. In terms of cumulative installations, according to the data released by the Ministry of New and Renewable Energy (MNRE) till March 2024, India’s RE installed capacity reached 190.6 GW. Figure 1: RE installation trends in India Source: CEA, MNRE, JMK Research ..read more

EV Sales surge by 42% in FY2024 to clock 1.67 million units EV sales in India increased 42% year on year (YoY) in FY2024, with 1.67 million units registered. The e-car segment registered maximum YoY growth of 90%. Riding on the booming logistics and e-commerce sector, as well as favourable cost economics, the E3W cargo segment saw an 82% rise in sales. Further, even with the limited models in the e-cars segment in India, the sector was able to achieve 90% growth in FY2024. This clearly shows the future potential of the e-car segment. If fueled with incentives, as done for the E2W and E3W segme ..read more

Market share of top 2 OEMs in E2W segment grew by 12% in CY2023 India has shown ~5% E2W adoption in overall 2W segment in CY2023. The segment has shown a 35% year-on-year sales growth in the country.  The overall E2W market is fragmented with more than 150 players in the category. However, the top 2 E2W players captured more than 50% of the market share in CY2023. Fig 1: Market share analysis of E2W OEM’s in India Source: Vahan Dashboard, Telangana Dashboard, JMK Research In CY2023, the top 2 E2W OEMs- Ola Electric and TVS Motors saw an increase of ~12% in market share, while Hero Electr ..read more