Top 3 Rising Businesses of 2024 in India

India's dynamic economy is brimming with opportunities, and 2024 is set to be a year of substantial growth in several sectors. Here, we delve into the top three rising businesses of the year, exploring what makes them stand out and why they are poised for success.

1. Electric Vehicles (EVs)

As the world moves towards sustainable energy solutions, the Electric Vehicle (EV) industry in India is gaining momentum. With government initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and significant investment from both domestic and international companies, the EV sector is set to boom.

Key Drivers:

  • Government Policies: Incentives and subsidies to promote EV adoption.
  • Environmental Awareness: Increasing consumer preference for eco-friendly options.
  • Technological Advancements: Better battery life and charging infrastructure.

According to a report by the India Energy Storage Alliance, the Indian EV market is expected to grow at a CAGR of 44% between 2020 and 2027 .

2. Health and Wellness

The health and wellness industry in India is witnessing unprecedented growth, driven by a shift in consumer behavior towards healthier lifestyles. This includes everything from organic food products and fitness services to mental health apps and wellness retreats.

Key Drivers:

  • Post-Pandemic Awareness: A significant increase in health consciousness post-COVID-19.
  • Technological Integration: Rise of telemedicine and health apps.
  • Holistic Health Approach: Growing popularity of traditional practices like yoga and Ayurveda.

Nielsen India reports that the health and wellness sector is expected to grow by 20% annually over the next five years .

3. EdTech

Education technology, or EdTech, has transformed the way education is delivered in India. With the pandemic accelerating the adoption of online learning platforms, this sector continues to innovate and expand.

Key Drivers:

  • Accessibility: Online platforms make education accessible to remote and underserved areas.
  • Personalized Learning: AI and data analytics offer customized learning experiences.
  • Investments: Significant venture capital funding is driving growth and innovation.

As per a report by RedSeer Consulting, the EdTech market in India is projected to reach $10.4 billion by 2025, up from $2.8 billion in 2020 .

Conclusion

The Electric Vehicles, Health and Wellness, and EdTech sectors are not just rising businesses but also reflect the changing consumer preferences and technological advancements in India. Investing in or starting a business in these sectors could be highly profitable and contribute to the nation's economic growth.

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