2024: Embrace Resilience and Growth, Experts Say
Ashish Sahay, Country Manager & Sales Director – SEA, Wirepas
“As 2024 draws to a close, the IoT and smart metering sectors in India have witnessed significant growth. At Wirepas, we’ve continued to drive innovation with our European RF technology, which aligns with market demand and current deployments in India. Our focus has remained on providing ultra-resilient, and scalable connectivity technology for large-scale, demanding industrial needs, such as smart electricity meters.
During 2024 Wirepas RF technology has become a cornerstone for large-scale IoT deployments, offering seamless connectivity across urban and rural landscapes, while enhancing the performance and cost efficiency of smart metering systems. With over 4 million smart meters currently connected with our technology across multiple Indian states, we are proud to support India’s ambitious Advanced Metering Initiative (AMI), contributing to smarter energy management and driving sustainability across the country.
Looking ahead to 2025, we see tremendous potential for further advancements in IoT applications. India’s continued focus on sustainability and digital transformation is expected to accelerate the smart meter deployments. At Wirepas, we are excited to continue our role in supporting this transition with cutting-edge, reliable, and scalable IoT connectivity solutions.”
Mr. Navkaran Singh Bagga, CEO & Founder, AKVO
“2024 has been a pivotal year for the water sector, reflecting both the escalating urgency of water security and the remarkable resilience of innovative solutions in addressing this global challenge. Across the industry, we have witnessed considerable momentum in designing and deploying technologies that harness atmospheric moisture, reduce reliance on diminishing groundwater reserves, and minimize environmental footprints. Governments and private stakeholders alike have begun acknowledging that ensuring a sustainable water supply is not a luxury but an absolute necessity for thriving communities and economies.
In the year ahead, I anticipate a surge in cross-sector collaborations that will drive greater awareness about alternative water sources and the critical need for holistic water management. By 2025, I believe we will see advancements in atmospheric water generation technology that make systems more compact, cost-effective, and energy-efficient. This evolution will not only bolster water-scarce regions but also help industries adopt innovative water stewardship practices. Additionally, stronger policy frameworks and incentives at both national and global levels are likely to fuel wider adoption, leading to a more concerted approach in protecting our planet’s most precious resource.
At Akvo, we remain committed to our mission of delivering high-quality and sustainable water solutions. Our goal is to continuously refine our technology, forming meaningful partnerships to expand our reach and create a lasting impact. As we close out a year marked by challenges and achievements, I’m confident that 2025 will usher in even more transformative breakthroughs, ultimately bringing us closer to a future where every individual and community has reliable access to clean water.”
Gunjan Malhotra, co-founder, Komaki Electric
“The Indian electric vehicle (EV) industry has witnessed transformative growth this year, especially in the two-wheeler (2W) and three-wheeler (3W) segments. As the year bidding adieu, the electric two and three-wheelers have registered a robust double-digit growth, contributing to the EV industry inching towards the two million-units milestone.
In the first 11 months of the year, electric two-wheelers, entailing electric scooters, motorcycles, and mopeds, made up for 60% of the total 1.80 million units of EV volume of the country between January and November 2024. Along with this, it also projected a robust 85% sales growth on a Y-o-Y basis in the month of October, accounting for sales of 1,39,031 units during the month. Similarly, even electric three-wheelers clocked a 20% surge in sales between January and November 2024, surpassing the 583,597 units sold the previous year, reaching 631,855 units.
Giving impetus to the momentum, the government recently replaced the flagship scheme FAME with PM E-Drive to speed up EV adoption and create a charging ecosystem nationwide, which will encourage cleaner and more sustainable transportation. With such progressive efforts, EVs have steadily become a viable and preferred option for millions. At Komaki, we are proud to have contributed to this momentum, introducing innovative and sustainable mobility solutions that cater to both urban and rural needs.
Looking ahead to 2025, the trajectory for the Indian EV market is promising. We anticipate exponential adoption fuelled by further infrastructure developments, such as expanded charging networks and battery swapping solutions. Additionally, the government’s commitment to achieving a greener future will continue to incentivize both manufacturers and consumers to embrace EVs. 2025 will not just be a year of growth, but a milestone for India’s journey towards clean and green mobility,
Kunal Sethi, CEO, The Detailing Mafia
“2024 as a year performed fairly well for the car detailing industry. With car enthusiasts opting for professional car services and products, the sector experienced gradual growth during the year. At the same time, there were various factors that contributed to the rising preference for professional car detailing services. The customers are continuously in search of high-end detailing and premium services such as ceramic coating, PPF, graphene-based solutions, etc., for their cars to prolong the longevity of their vehicles. In the pursuit, the sector has been gaining a lot of traction across the year. With the year coming to an end, the sector saw some major progress with the integration of sustainable practices in the form of biodegradable products and waterless car washing.
Looking at the performance of the industry in 2024, it is expected that the momentum will continue even in the upcoming year, with car owners prioritizing high-end car maintenance more than ever before”.
Himanshu Arya, Founder & CEO, Luxury Cart“India’s pre-owned luxury car market is set to accelerate and is projected to grow at 16.30% CAGR by 2032. With consumers becoming increasingly value-conscious, pre-owned luxury vehicles offer an attractive combination of premium features, performance, and significant cost savings. Likewise, the year witnessed a surging preference for pre-owned luxury vehicles in the first quarter of 2024 clocking a growth of 14% Y-o-Y basis. Moreover, with the Indian luxury car market experiencing remarkable growth in the year, it has been invariably giving impetus to the pre-owned luxury car market as well.
Along similar lines, the surge in demand for hybrid and electric luxury vehicles is becoming a trend as India’s EV infrastructure improves and environmental consciousness grows, models from BMW, Mercedes-Benz and Audi are likely to dominate pre-owned luxury car searches. Advanced technology features like AI-enabled systems, autonomous driving capabilities, and connected infotainment solutions will also become essential criteria for buyers.”
Mr. Konark Trivedi, Founder and CEO, Frog Cellsat Ltd.
“The year 2024 has been transformative for India’s telecom sector, marked by significant policy initiatives and remarkable achievements that have strengthened the national digital infrastructure. Key initiatives such as the Telecom PLI Scheme and the BharatNet project have played a central role in expanding broadband access, boosting local manufacturing, and fostering over 22,000 job creation; positioning India as a global manufacturing hub.
The Telecommunication Bill 2024 was a milestone in modernizing regulations, addressing issues like spam calls and ensuring consumer protection. Similarly, the accelerated rollout of 5G, supported by programs like GatiShakti, tackled deployment challenges through coordinated efforts between the government and private players. A focus on energy-efficient networks and infrastructure sharing also helped manage rising operational costs, ensuring growth remained sustainable.
Looking ahead to 2025, the sector must build on these achievements by fostering innovation in areas like public-private partnership, facilitating R&D and promoting penetration of better connectivity in lesser connected areas. Ensuring data security and stringent policies to avoid surpassing any regulation should also be the key focus to ensure privacy rights of the patrons.”
Satyendra Prasad Narala, Managing Director, Regency Ceramics Ltd
“The increased housing demand, along with a growing middle-class segment seeking to buy or build homes, has significantly boosted the demand for ceramic tiles in 2024. While we have faced challenges in exports due to logistics costs, the domestic market, which accounts for 64% of our industry’s revenue, remains resilient with strong real estate demand. Leading ceramic manufacturers are also focused on expanding their presence in Tier-II and Tier-III cities, driven by infrastructure development, urbanization, and rising end-user consumption. These factors will further strengthen the Indian ceramics sector, positioning it for long-term growth and global competitiveness in 2025 and beyond. The integration of technology with sustainable practices will shape the future of ceramics industry, reinforcing the sector as an important part of building materials sector which is a cornerstone of India’s economic growth.”
Mr. Satish Shukla, Co-Founder of Addverb
“Automation capabilities across industries have witnessed remarkable growth in 2024 because of wonderful developments around emerging technologies. The convergence of advanced robotics, machine learning, and artificial intelligence has made robots more cooperative, flexible, and perceptive, enabling seamless human-robot collaboration even in the most challenging of environments. These have allowed more advanced sensors and AI-enabled vision systems to facilitate robots’ ability for performing advanced tasks without a hitch. For instance, Cobots are already changing industrial production by having significantly improved safety and efficiency in sectors such as manufacturing, logistics, and healthcare. Also, growing attention to R&D in material and sensor technologies nurtures further innovation within the industry. They foster increased adoption of automation by companies and help boost productivity, thus bringing down costs of operations. In the forward-looking paradigm toward 2025, it will be important to note that robotics and automation will continue to be tools that dictate the way forward. These technologies shall drive forth a different era of innovation, bringing forth the possibilities of human-robot collaboration. At Addverb, we are proud to be the harbinger of this change, with solutions defining the next generation of industrial automation and pave the way for more efficiency and a more sustainable world.”
Vivek Banka, Co-Founder, GoalTeller
“The recently announced changes in RIA regulations have been a step in the right direction by SEBI to ease rules for genuine advisors coupled with limitations on influencers association with SEBI registered entities have surely added a ray of hope to the entire advisor community and also will go a long way in protecting the right of investors. I hope 2025 SEBI will act further to curb the unbridled run some of the influencers have had without any questioning which will level the playing field and most importantly ensure that euphoric messaging in social media about stocks and other exotic investments are curbed. This will greatly help in avoiding investment bubbles.”
Prashasta Seth – CEO, Prudent Investment Managers LLP-
“The Indian capital market has seen significant growth over the past five years. Demat accounts grew 4.4x (179 million), NSE active accounts rose 4.9x (49 million), unique mutual fund investors increased 2.4x (50 million), and monthly SIPs expanded 3.2x (INR 253 billion) from FY20 to October 2024.
During this period, the Indian alternative investment industry has outpaced the broader market, with a current size of USD 400 billion, consisting of SEBI-registered AIFs (USD 130 billion) and other funds (USD 270 billion). The industry is expected to grow over five-fold, reaching USD 2 trillion in the next decade.
A key shift in the Indian market has been the decoupling from global trends, with local investors—including pension funds, mutual funds, alternative investment managers, and retail & HNI investors—taking a more dominant role. This trend is expected to strengthen, driven by a demographic dividend, with over 100 million people joining the workforce and 100 million households entering the middle class in the coming years.In recent years, the growth of the Indian alternative investment industry has been fueled by deeper market sophistication. This includes individual fund managers launching their own firms, global players introducing strategies tailored for India, and SEBI accommodating new investment structures. As investors become more knowledgeable and financially capable, they are willing to take on greater risks, further propelling industry growth. With Indian markets still lagging behind global counterparts, this gap is expected to close in the coming years, supporting continued growth.”