Over the past year and a half, the mobility industry has significantly outperformed many of the top-performing industries. Like most industries, the electric vehicle industry was heavily impacted by the disruption caused by the COVID-19 pandemic that changed the course of many Industries in India – some for the good and some not so much. One industry that has seen a significant shift during this time and gained momentum is the automotive industry. Just as several driving forces were finally making electric vehicles a viable mobility platform prior to the pandemic, the industry has for the large part overcome the challenges and is expected to continue its growth trajectory into 2030 and beyond.
We have seen the industry take shape and shift towards a completely new model- one that focuses on a clean and green environment. Today, there is significant EV momentum as consumer perceptions about EV viability as a primary vehicle have improved significantly. A convergence of government-driven incentives and regulations has resulted in further private investments into the entire electric vehicle value chain to create the scale needed to achieve cost reductions and technological advancement. There has been wider awareness among the Indian consumer on gradually switching to green lifestyle solutions.
The trends in any industry are always changing and shaping themselves according to consumer needs, the same has happened with the EV industry in India. With the rise in sales, more people are investing in the industry and a lot of start-ups have also taken birth. Electric vehicles in India is a bright reality and the trends they would be shaping this industry beyond 2021 are:
EV will not be a mobility purchase but a lifestyle choice
Electric vehicles are not just the wave of the future, they are saving lives today. Electric vehicles have a smaller carbon footprint than gasoline-powered cars, no matter where your electricity comes from. Consumers are willing to pay extra for the added value of being environmentally responsible. EVs are so much less expensive to own or operate. The maintenance costs of EV are like non-existent you’re not worrying about going to, going to the shop for oil changes or anything like that. The early adopters’ electric vehicles know this and consumers in future will certainly have this mindset shift. Those now looking to buy an EV feel it is their responsibility to reduce their personal environmental impact, and understand that buying an EV is one way to achieve this goal
Further Boost in Charging Stations or just Charging your vehicles anywhere
The infrastructure in India is moving at a rate wherein all the goals set up for it to become a green nation- they are achievable once the structural demands are met.
The Indian government with the FAME-II policy has set up a budget exclusively for charging stations all over the country. From West Bengal to Maharashtra- each state has a certain goal they need to reach to set up EV stations for the anticipated boost in EV sales. The focused areas are where consumers are most likely to take rest- on flyovers and pit stops. The transition to EVs is already underway globally, and decisions made today will determine where and how EVs, batteries, and charging infrastructure are built.
Many automakers, suppliers and utility companies recognize the importance of developing a stable, reliable infrastructure and have invested in charging start-ups and solutions. Home charging is the most dependable and affordable option. But as more electric vehicles hit the market and are used more broadly, new recharging solutions — including adding more public charging locations in shopping centres, parking garages, and workplaces — will be required for people and businesses without the same access at home.
Shift from Lithium-ion Batteries to Hydrogen Fuel Cells
The Indian government has changed its previously proposed $8 billion scheme under which the government will give incentives to manufacturers to build hydrogen cell cars only. This is a noteworthy shift from their previous proposal of manufacturers only building mostly gasoline vehicles. With foreign brands entering the Indian market with low import duties, the Indian government wants to rely on the latest technology to give the citizens the best possible machinery.
Advancement in Technology
With the rapid technological advancements, we’re seeing a development that has never been charted before. Companies are providing real-time data-mapping and automotive giants are looking to include this feature within the vehicles themselves. From battery health to mapping nearby charging stations, engine self-checks- the new technology is unprecedented and unique in a way that attracts consumers. We’ve already seen improvements in the range EVs can travel between battery charges, yet continued advancements in battery technology are critical to overcoming range anxiety.
Make in India in practice
Make in India which seemed like a far-fetched dream, is a reality today, for the mobility industry in India. While India, does depend on imports from other nations but the country is slowly moving towards make in India. India has reached technological advancement on par with the other countries but there is a requirement for a more consistent push. Companies like BGauss are spearheading this in the Indian industry. We at BGauss are looking at a 100% Make in India product.
In order to further the national goals for the EV Industry, India needs to build competitive domestic supply chains in industries that are at the frontier of technological change. India does not have reserves of some of the most important li-ion components including lithium, cobalt and nickel used in batteries of EVs. Hence, ensuring a reliable supply not just of the raw materials, but also of the processed functional materials used in the anode and cathode is essential.
Looking at the road ahead, India aspires to reach its vision of 100% Electric Vehicles by 2030. However, there is still a long way to go. The entire EV ecosystem in India seems to have gained momentum and is ready to be a noteworthy contender in the global EV race. India’s progress on electric mobility has been commendable, but the transition will certainly take place at a steady pace. India is racing at warp-speed to be the hub of battery manufacturing and an all-EV environment is definitely on course. What is important is that the right path has been laid and the shift has started to happen.
Author: Hemant Kabra, Founder and Managing director of BGauss
Disclaimer: The views and opinions expressed in this article are solely those of the original author. These views and opinions do not represent those of The Indian Express Group or its employees.
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