The global electric CV market is forecasted to grow at a CAGR of 25.1 per cent during 2023-28. Barnik pinpointed the use of electric propulsion technology provided by a majority of Indian CV players. Barnik drew parallels with the traction witnessed in India and the constant sales growth and R&D investment in the electric bus and truck segment globally. He projected that by 2030, India is estimated to have three lakh electric CVs almost 100x with 2023 as the base. "It is noteworthy that most market segments are led by new entrants specialising in electric variants," he mentioned. The study covered a diverse mix of players, from majors like Tata Motors, Ashok Leyland, and VE Commercial Vehicles to new entrants like YC Electric Vehicles, Omega Seiki Mobility (OSM), and PMI Electro Mobility Solutions.