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Economic Times
19-05-2025
- Automotive
- Economic Times
India set to drive in new leadership opportunities with EVs
ET Special India is well-positioned to create new opportunities in the EV space, leveraging its strengths in IT and software. India's ambitious vision for electric vehicles (EVs) positions it to become a global leader in sustainable transportation. As the fourth-largest automaker and home to one-sixth of the world's population, India is set for a significant energy transition, with the EV market expected to grow from USD 3.21 billion in 2022 to USD 113.99 billion by 2029.G20 Sherpa and former NITI Aayog CEO Amitabh Kant emphasizes the urgent need for India to embrace green mobility. "If we don't shift now, we risk missing the opportunity to become the world's largest EV manufacturer.' Projections indicate that by 2030, India could achieve a 30% market share for EVs, with a target of 80 million EVs on the road. The Indian EV battery market is also set to rise sharply, from USD 16.77 billion in 2023 to USD 27.70 billion by government's 7C vision—Common, Connected, Convenient, Congestion-free, Charged, Clean, and Cutting-edge—aims to establish low-cost financing, robust charging infrastructure, and collaborative frameworks among stakeholders. According to Ashim Sharma from NRI, India could achieve 12%-15% vehicle penetration by 2030, positioning itself alongside the US, Europe, and China as a top EV market. To secure long-term leadership, Sharma urges a focus on innovation in battery technologies and engineering talent, particularly for small and mid-sized vehicles.S&P Global Mobility predicts that India's electric car penetration could hit 19% by 2030 and 32% by 2035. EV adoption is not a luxury but a necessity. New models, positive consumer feedback, and innovative schemes like Battery-as-a-Service (BaaS) are vital for driving this change. Puneet Gupta from S&P Global anticipates reaching an inflection point of 3.5%-4% penetration by 2026. Government initiatives and industry trends China's EV success underscores the importance of government support in creating demand and supply. Incentives and robust policies have propelled the EV ecosystem, as highlighted by a Massachusetts Institute of Technology study: 'China focused its resources on an industry it wanted to grow. Norway's high EV adoption rates stem from strategic government incentives, including tax exemptions and free parking. Likewise, the recently announced PM E-Drive scheme underscores the government's firm commitment towards promoting sustainable mobility. Shailesh Chandra, President of the Society of Indian Automobile Manufacturers (SIAM) and Managing Director of Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd, believes that PM E-Drive will undoubtedly help accelerate the adoption of EVs across India, making clean and green transportation more accessible to and urban mobility solutions, particularly passenger EVs, are crucial for transforming India's transportation landscape. Integrating shared electric mobility can reduce congestion and emissions, fostering a sustainable urban to a Capgemini report, 41% of Indian consumers appreciate the availability of trained staff for EV-related concerns, surpassing the global average of 33%. Challenges and solutions To overcome hurdles, prioritizing charging infrastructure is essential. Whether driven by government or private sector initiatives, achieving a comprehensive charging network within two years is critical. Strengthening the business case for this infrastructure will attract investments, with FAME standing out as a key incentive for EV adoption and infrastructure development. Active collaboration with private players, including charging providers and resident welfare associations, is vital for innovative solutions like battery swapping. Additionally, enhancing the scope and efficiency of incentive schemes, particularly under FAME, can maximize impact with limited low-cost policies like Low-Emission Zones (LEZs) and legalizing e-bike taxis can spur EV adoption without significant public expenditure. A comprehensive approach focusing on battery technology investments and local manufacturing will accelerate the transition. Ashim Sharma suggests enhancing skilling initiatives through partnerships with global institutes to build a competent workforce. A growing EV ecosystem India has set ambitious targets for EV penetration by 2030, including 30% in private cars, 70% in commercial vehicles, 40% in buses, and 80% in two-wheelers and three-wheelers. This equates to an ambitious objective of 80 million EVs on Indian roads by also aims for complete domestic EV production through the 'Make in India' initiative. On the infrastructure side, as of February 2024, there are 12,146 operational public EV charging stations nationwide, A recent Confederation of Indian Industry (CII) report emphasized the necessity of establishing at least 1.32 million charging stations in India by 2030 to facilitate the rapid growth of electric vehicles, requiring over 4,00,000 installations annually. This presents a significant growth good news is that leading automakers are already working to establish the necessary ecosystem with even non-automotive players like JSW and Reliance Infra are entering the EV space. JSW MG has declared its intent to go all-in on electrification, while local players like Tata Motors and Mahindra & Mahindra have accelerated efforts. Tata Motors is the clear leader in the EV space and is determined to maintain its position. Industry experts believe that India is well-positioned to scale up its EV presence, given its success in local production of auto components for ICEs. Two decades ago, few believed that India could become a global player in the auto industry; today, it's the third-largest producer of cars worldwide. Anirudh Bhuwalka, CEO of Blue Energy Motors, believes that with the PM E-Drive, the industry can look forward to new opportunities for innovation in dramatic surge in the industry was driven by leaders recognizing the long-term advantages of localization. A similar spirit of collaboration between the industry and government is now essential to position India as a global EV hub. With the new PM E-Drive scheme, the key objective is to speed up the transition to EVs by offering upfront incentives for purchases and the development of charging infrastructure. These schemes must enhance the scope, utilization, and efficiency of their incentives in line with growing demand. Nishant Arya, Vice Chairman & Managing Director, JBM Auto Ltd, said that "INR 3,435 crore investment towards payment security mechanism will provide the much-awaited impetus to OEMs and will act as a cornerstone to establish the electric bus sector and attract substantial global the progress made, the overall impact remains limited, with a need for a significant increase in EV volumes over the next three to four years. At present, EV penetration is higher in two- and three-wheelers, while the passenger car segment still has considerable ground to cover. The future looks promising, though. The EV journey is still in its early stages, and greater localization will help keep costs in check — a critical factor as subsidies won't last forever. As manufacturers crack the code on cost structure, sales will soar, creating a need for more skilled workers in the EV Gupta, CEO & Co-founder of Attero, believes PM E-Drive presents a major opportunity to scale up recycling operations and meet the increasing demand for sustainable solutions. With the government investing in developing fast chargers, e-ambulances, e-trucks, and e-buses, there are promising opportunities to forge strategic partnerships with EV manufacturers and public transport recent months, major announcements from manufacturers like Ford and Tata Motors have revealed large electrification plans, particularly in Tamil Nadu. Hyundai has also committed massive investments to the state, signaling the creation of an aggressive roadmap. This will gain further momentum as free trade agreements with ASEAN, Europe, and the UK progress. Collaborations with international entities for cutting-edge technologies and fostering innovation in the EV industry will also add great value to this journey. India is well-positioned to create new opportunities in the EV space, leveraging its strengths in IT and software. The world will increasingly view India as a reliable hub for manufacturing and supplying electric vehicles. Disclaimer: The opinions and views in the article are of ETAuto Desk only, and provided for general information purposes. The news and editorial staff of ET had no role in the creation of this article nor vouch for or endorse this content.
Economic Times
13-05-2025
- Automotive
- Economic Times
Accelerating towards tomorrow: India's electric vehicle revolution
ET Special India's strengths in frugal engineering and its talented workforce offer a remarkable opportunity to cement its position as a leader in the global EV ecosystem, driving a cleaner and more sustainable future India's electric vehicle (EV) revolution is charging ahead, driven by dynamic policies, hefty investments, and a surge in consumer interest. Bloomberg NEF's EV Outlook 2024 forecasts a leap to 5.9 million EV sales by 2040, with a remarkable 199% growth by 2027. This growth is fueled by a broader range of models and increasing consumer initiatives, including the FAME and Production Linked Incentive (PLI) schemes, have bolstered local manufacturing and competitiveness. PM E Drive underscores India's policy dedication to innovation and sustainability in the EV Tata Group have played a pivotal role in mainstreaming EVs in the country. While Tata Motors led the EV revolution by offering customers a choice of EVs to select from even as other OEMs took time, Tata Power laid a robust foundation to bolster the charging infrastructure with its offerings of home, community and public charging. A comprehensive ecosystem of suppliers, vendors and charge point operators has also been fostered to accelerate the transition towards electric mobility with more aggressive and ambitious plans. With nearly all other OEMs announcing their plans to launch and promote EVs at the recently concluded Bharat Mobility Global Expo, it is now established beyond doubt that that EVs are definitely the India accelerates its transition to electric mobility, key innovations in critical areas are playing a supportive role in shaping the landscape and setting the stage for a sustainable future. Battery Technology – Batteries significantly influence EV costs, depending on the vehicle segment. Traditional lithium-ion and lead-acid batteries have their limitations, and this is rapidly emerging alternative battery chemistries show promise. Pune-based KPIT Technologies recently launched its sodium-ion battery technology, and several other companies are in the technology readiness phase. Sodium-ion batteries offer advantages such as lower costs, enhanced safety, and abundant raw materials. Phinergy, an Israeli cleantech firm, which collaborated with Tata Motors to develop a prototype of the Tata Tiago EV, is utilizing its proprietary aluminum-air battery while Log9 Materials is close to commercializing their aluminum-air technology Infrastructure - Bengaluru-based startup Exponent Energy claims it can charge EVs from 0 to 100% in just 15 minutes while Hopcharge, is revolutionizing convenience with its on-demand, doorstep fast-charging service. Another notable initiative is by GPS Renewables, which has set up an EV charging station in Mumbai powered by - The sustainable journey of EVs encompasses eco-friendly manufacturing, efficient operation, and responsible end-of-life disposal and recycling. Many EV manufacturers have adopted green manufacturing practices and circular economy principles in their operations. Further, startups like Attero, Lico Materials, Metastable Materials, and Lohum Cleantech are pioneering technologies to efficiently recycle lithium-ion batteries. These companies focus on recovering valuable materials such as lithium, cobalt, nickel, and manganese, thereby bolstering the battery circular economy and contributing to a more sustainable future. Lightweighting – Use of advanced lightweight materials is enabling EV manufacturers to either extend vehicle range or minimize size and cost of the battery pack required for a given range. Gurugram-based startup Planet Electric, founded by former ISRO engineers, is making strides in manufacturing four-wheeled cargo EVs. By leveraging materials engineering for lightweighting technologies, they are developing cost-effective solutions that enhance performance while addressing the challenges of battery weight. Energy Efficiency in Motors - Electric motors are a vital component of EV powertrains and here significant innovations are underway to reduce dependence on rare earth metals. Axial flux motors show potential for improving efficiency and reducing material dependency. Vecmocon is making strides in this arena, offering a comprehensive range of services—including battery management systems, vehicle intelligence, chargers, and instrument clusters. The company plans to expand its offerings to include motor controllers specifically designed for EVs. Retrofitting - Retrofitting—converting older vehicles into electric models—plays a vital role in accelerating the adoption of electric mobility and one notable startup in this space is RACE Energy, which specializes in creating retrofit kits for transforming conventional three-wheelers into EVs. Similarly, ETrio offers electric kits along with retrofitted electric light commercial vehicles (eLCVs). Bengaluru-based E3V Industries is making an impact by producing both EVs and kits designed for the conversion of traditional vehicles to electric. The company emphasizes the use of renewable energy and off-grid power systems to optimize last-mile logistics. Vehicle-to-Grid (V2G) Integration - This technology enables EVs to not only charge from the grid but also discharge energy back into it, potentially stabilizing the grid and creating additional revenue streams for EV owners. Delhi-based battery technology startup Sheru has developed a bidirectional energy flow platform called NetBat, which facilitates vehicle-to-grid (V2G) interactions, allowing EVs to draw power from the grid while also supplying energy back during peak demand periods, thereby enhancing grid stability and efficiency. Sheru has partnered with BSES Rajdhani, a prominent utility company, to implement this. Startups like Magenta Mobility and VoltUp are exploring the integration of smart grid technologies and may expand into V2G services in the future, further advancing the potential of EVs in the energy ecosystem. Last Mile Mobility - India's rapidly growing urban population and escalating air quality index (AQI) crisis make last-mile mobility a critical sector for innovation. In addition to established vehicle manufacturers including Tata Motors, Mahindra & Mahindra, several startups, such as Euler Motors, Bounce, Cell Propulsion, BGauss, Baaz Bikes, Amo Mobility, and Altigreen, are providing last-mile transportation solutions through two-wheeler, three-wheeler, and four-wheeler EVs designed for commercial use. India's competitive advantage in affordability means that many of these solutions are engineered to be cost-effective and accessible, ensuring that electric mobility can reach a broader audience and contribute to a cleaner urban environment. Battery Swapping - India's expansive automotive market and rapidly growing EV sector make it an attractive hub for collaborations between domestic and international players in the battery swapping space. Domestic companies like Sun Mobility, Chargeup, and Battery Smart provide customers with the ability to swap their EV batteries at designated swap stations, enhancing convenience and reducing downtime. Lithion Power is also exploring battery swapping solutions, particularly for two-wheelers and LCVs. India's strengths in frugal engineering and its talented workforce offer a remarkable opportunity to cement its position as a leader in the global EV ecosystem, driving a cleaner and more sustainable future. Disclaimer: The opinions and views in the article are of ETAuto Desk only, and provided for general information purposes. The news and editorial staff of ET had no role in the creation of this article nor vouch for or endorse this content.
