By Pritesh Mahajan
Being a country with the largest population globally, India has always been a hub for innovation and new technologies. As we progress into more sustainable products, the adaptability of Indian consumers acts as the biggest asset for many new players in the market. One such industry is the Electric Automobile sector which is growing immensely in India in the past few years.
The concept of mobility has been witnessing a fundamental shift globally and the electrification of vehicles is unveiling a dazzling array of innovation, design and sustainability on roads. This has especially accelerated post-pandemic with more users and industry players and India is gradually witnessing this EV revolution while having the potential to become a global hub for Electric Vehicles.
An early contributor to the reduction of carbon emissions.
The market for both two, three and four-wheelers in India has always been widespread. Every household has access to these right from urban cities to towns and remote villages. As per data shared by IISD Trade and Sustainability Review, Volume 1, Issue 3, July 2021 almost 97.5% of all-electric vehicles sold in India were two-wheelers, indicating an especially strong market in the two- and three-wheeler segment. Moreover, in the past few years, the country has seen a significant number of people shifting to EV alternatives instead of traditional petrol-based vehicles making the country an early contributor towards the reduction of carbon emissions. However, even then, India still stands behind China, Europe, and the United States which are currently the largest contributors to the EV industry today. In many ways, the ‘Revolution of EV’ in India still has to come in and key players in the Indian EV industry are innovating relentlessly to optimise this new wave of sustainable mobility.
The play of Cultural and Economical Dynamics
The cultural and economic dynamics of the country have a huge role to play in making India an EV hub. With a large chunk of people working independently and providing essential services, investing in an affordable and sustainable option is the best way forward. Many startups have aced this consumer bracket and have launched practical EV scooters that are designed with the aim of being multi-functional. The inception of these solves essential concerns for Indian consumers, thus playing a key factor in increasing EV sales.
Increasing demand for EVs and potential expansion
With these diverse users present in India, the demand for EVs is definitely on the rise. However, the country needs to now focus on accelerating supply for the same. With more startups launching EV alternatives, it is a no-brainer that we also require a systematic and practical line of framework to match the production requirements, technology and manpower in order to sustain a consistent development and growth. A bird’s eye view of the growth plan of the EV industry in India gives us a deeper insight into all key areas of focus that the country needs in order to make itself an EV hub globally.
1. Need for sustainable automobile pioneers
Sustainable mobility and revolutionalising the shift towards that requires coordinated participation between all industry players. Right from suppliers of raw materials, technological resource generators, designers, engineers and of course the government. What the country really needs today is credible pioneers who are ready to fast-track this movement and make them available to the end users.
2. Creating a powerhouse of EV Battery Recycling
Although Electric Vehicles help eliminate carbon emissions and act as a catalyst towards transforming the transportation and mobility sector, one major battle to overcome is the hazardous e-waste that EVs can potentially generate. The country needs to establish systematic disposal and recycling units for lithium-ion batteries. It is only with a strong regulatory framework that we can all ensure the growth of EVs is going ahead in the right direction.
3. Government Policies and Initiatives
A must-have for Indian markets, the support from the Indian Government and Initiatives that encourage the purchase of EVs will further enhance sales and even trade of EV essentials across the globe. The sustainable mobility sector is only going to rise and the right incentives by the government can put India on the map as a global leader in this sector. Reduced taxes, funding opportunities towards startups, incentives and regulations are all fundamental in ensuring EVs are the next big thing for India.
4. Indian Roads & Infrastructure
Lastly, the transportation infrastructure of India is extremely crucial in ensuring the safety and adaptability of Electric vehicles on road. The quality of roads, electric charging stations, easy availability of help in case of emergencies and safe movement rules have to be established for both startups and end users to have a hassle-free experience. The rider’s safety is a top priority and that has to be taken into consideration at all costs.
To give a broader picture, the scope of India being a global transformer in the sustainable electric vehicle industry is quite possible as the huge population and essential demand for EVs are definitely present. However, this impact can only come to reality provided there is a logical and practical framework designed in coordination with all parties involved.
The author is the CEO and Co-founder, Revamp Moto.
Disclaimer: Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited).