For global and regional investors, Indonesia and India represent the next fastest-growing markets in Asia, where the electric vehicle (EV) industry is primed to grow.

In the ‘State of the Electric Vehicle 2022’ report, DealStreetAsia and Rigel Capital lay down the factors that make these two countries a compelling proposition for the manufacturing industry, conglomerates, tech startups and a range of investors.

The Indonesian government has set a target for 2.2 million electric cars and 13 million electric two-wheeled vehicles by 2030. In India, the target is to have 80 million EVs by 2030.

The report traces the strengths of the two markets – Indonesia’s nickel ore reserves that are a critical raw material in EV batteries, and India’s software tech talent. It also distills the regulatory frameworks of each country, and tracks the first wave of investments that have occurred over the past couple of years.