- Indian electric vehicle market was valued at USD 1,434.04 billion in 2021, and it is expected to reach USD 15,397.19 billion by 2027.
- India’s automotive sector is dominated by two-wheelers (scooters, motorbikes) and three-wheelers (autos and rickshaws) that play a significant role in last-mile mobility in the country.
- The total sales of electric two-wheelers, including high-speed and low-speed, in the 12-month period (January-December) in 2021 increased by 132% over the corresponding year 2020.
SANTA CLARA, Calif., Oct. 12, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions and innovative clean energy, announced that the Company has forayed into two/three-wheelers automotive space by developing the Telematics Control Unit (TCU) and has successfully demonstrated the newly developed TCU in India Mobile Congress held in New Delhi from October 1 to 4. The newly developed TCU is installed on a two-wheeler and connected to the internet via the cellular network.
“We’re very excited that our TCU product is ready for market deployment, especially in India,” stated Hareesh Ramanna, GM of Borqs IoT Business Unit and MD of Borqs India. “We believe that there’re also huge opportunities in this kind of products in the entire Asia.”
The TCU, developed by Borq’s design team in India, supports global cellular bands, dual band Wifi and GPS. The TCU enables the connected 2-wheeler to provide mobile telephony, data connectivity, vehicle diagnostics, location services, remote vehicle control, battery management. and sensing capabilities. Through a companion Application on a smart phone, a user can locate and control the 2-wheeler, locate near-by charging/gas stations, etc. Connected to a cloud, a whole set of analytics and guidance can be provided to various stake holders. The TCU is modular in architecture and has ample I/Os for any custom design. Borqs having its core strength in development of cellular radios can support OEMs for system integration on the vehicles to get better connectivity.
According to market research, the Indian electric vehicle market was valued at USD 1,434.04 billion in 2021, and it is expected to reach USD 15,397.19 billion by 2027, registering a CAGR of 47.09% during the forecast period (2022-2027). The automotive sector in India is dominated by two-wheelers (scooters, motorbikes) and three-wheelers (autos and rickshaws) that play a significant role in last-mile mobility in the country. Rising government emphasis and focus on private and government players partnership to enhance EV ecosystem in the country. Increasing investments and product launches by major OEMs into the country and their focus on localizing supply chain facilities are expected to create a positive outlook in the market.
The electric vehicle market has been on a path to a positive growth and the year 2021 saw substantial sales, especially in the electric two-wheeler category in India. The total sales of electric two-wheelers, including high-speed and low-speed, in the 12-month period (January-December) in 2021 increased by 132% over the corresponding year 2020. The industry registered sales of 233,971 units as against 100,736 units sold in 2020. The high-speed electric two-wheelers, which have speeds greater than 25 km/h and require a full license, registered a whopping 425% growth, while the low-speed ones (less than 25 km/h, no license, no registration) grew only by 24%.
Reference:
https://www.mordorintelligence.com/industry-reports/india-electric-vehicle-market#:~:text=The%20Indian%20electric%20vehicle%20market%20was%20valued%20at%20USD%201%2C434.04,period%20(2022%2D2027)
https://www.financialexpress.com/auto/electric-vehicles/electric-two-wheeler-sales-increase-by-132-top-10-ev-players-in-india/2399833/
About Borqs Technologies, Inc.
Borqs Technologies (Nasdaq: BRQS, “Borqs”, or the “Company”) is a global leader in software and products for the IoT, providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider leveraging its strategic chipset partner relationships as well as its broad software and IP portfolio. Borqs’ unique strengths include its Android and Android Wear Licenses which enabled the Company to develop a software IP library covering chipset software, Android enhancements, domain specific usage and system performance optimization, suitable for large and low volume customized products, and is also currently in development of 5G products for phones and hotspots.
Borqs acquired controlling shares of the solar energy storage system entity, Holu Hou Energy LLC (HHE), in October 2021. Holu Hou Energy, LLC, a Delaware Corporation, brings state-of-the-art renewable energy and energy storage systems to the Single-Family Residential, Multi-Dwelling Unit Residential and Commercial building markets. With operations in California, Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage system and control platform solutions, including a breakthrough “HHE Energy Share” technology that is key to development of the Multi-Dwelling Unit Residential housing market. HHE is a vital partner for investors and asset owners that are seeking ESG solutions. For more information, visit www.holuhou.com.
Forward-Looking Statements and Additional Information
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Investor Contact:
IR@borqs.com
Borqs Technologies, Inc.
www.borqs.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5d8c6871-ed4a-41de-b8e8-fa4253c7bb54
