The mobility industry with the electric vehicle sector growing exponentially both in India and worldwide, gives us the chance to impact lives and address many environmental concerns through our solutions. With tax exemptions and the FAME II incentives, the Indian market for Electric Vehicles has gained substantial momentum. As per industry estimates, the Indian EV market is expected to grow at a CAGR of approx. 25% from 2021-26. And unlike western markets, the Indian auto industry is predominantly in the small vehicle segments of 2 and 3 wheelers.
Despite the global vehicle sales slowdown caused by the COVID-19 pandemic, which saw global automobile sales decrease by 16% in 2020, considerable demand and momentum were evident in the global EV sector, which saw roughly 3 million electric cars sold in a challenging period. As automotive technology increasingly turns digital, the scale of change in the end-to-end value chain is tremendous. And this is the opportunity Steam-A looks to address in the mobility space.