Mobec Newsletter (22 April - 28 April)

Hey Byters,

Charge Up Your Curiosity: Our Electrifying Mobec Bytes!

Gear up for a high-voltage journey into the world of electric vehicles (EVs)! This week, we're hitting the fast lane with a power-packed newsletter.

Buckle up and get ready to explore:

• EV Latest News
• Global electric car trends
• India's Tuk-Tuk Tango?vs.?Global Supercar Symphony
• Charging Horizons: Powering Tomorrow's Roads
• EV statistics for 2024

EV Latest News

Latest news on the Indian electric vehicle (EV) market from April 22 to April 29, 2024:

1. Tata Motors Launches New Electric Sedan:?On April 24, Tata Motors unveiled its latest all-electric sedan?called?the Tata Nexon EV+. The new model features improved battery range,?faster-charging?capabilities, and enhanced performance compared to the previous Nexon EV model.

2. Indian Government Increases EV Adoption Incentives:?The Ministry of Heavy Industries announced on April 26 that it is expanding the FAME-II scheme, which provides purchase subsidies for electric vehicles. The revised incentives will now cover a?wider?range of EV models and increase the subsidy amount for?both?personal and commercial EVs.

3. Ola Electric Plans to Set Up EV Battery Swapping Network:?Leading e-scooter manufacturer Ola Electric revealed its plans on April 22 to build a widespread battery swapping infrastructure across major Indian cities. The company aims to install 10,000 battery-swapping stations by the end of 2024 to facilitate faster EV adoption.

4. Mahindra to Launch New Electric SUV in May:?On April 27, Mahindra & Mahindra announced that it will launch its highly anticipated electric SUV, the XUV400 EV, in the first week of May 2024. The new model will compete against the Tata Nexon EV and MG ZS EV in the growing Indian EV SUV segment.

5. Ather Energy Expands Retail Network in South India: The Bengaluru-based electric two-wheeler manufacturer Ather Energy inaugurated five new experience centres across Tamil Nadu and Andhra Pradesh on April 25 as part of its strategy to enhance its presence in southern India.

Global electric car trends:

1. Rapid Adoption: Electric cars are?zooming into the mainstream?at an impressive pace.In?2023, nearly?one in five cars sold?was electric, marking a significant shift toward sustainable mobility.
2. Impressive Sales Figures: The total number of electric cars globally reached?40 million?in 2023.During the same year,?electric car sales?hit an impressive?14 million?units worldwide.
3. Regional Leaders: China,?Europe, and the?United States?are the driving forces behind this electrifying revolution.These three regions accounted for?95% of electric car sales?in 2023.
4. Battery Electric Dominance: Battery electric cars?are leading the charge, constituting?70% of the electric car stock.Their dominance continues to grow as electric car markets mature.?
5. Local Market Share: China?took the lead with?8.1 million new electric car registrations?in 2023, reflecting a?35% increase?from the previous year.Europe?contributed to just under?25% of new electric car registrations, while the?United States?accounted for?10%.Together,?these regions made up?nearly 95% of global electric car sales.
6. Continued Transition: Electric cars now constitute around?18% of all vehicles sold, up from 14% in 2022 and a mere 2% in 2018.The transition to electric mobility is in full swing, and the future looks electrifyingly bright.

Stay charged up, and keep an eye on the road ahead!?

India's Tuk-Tuk Tango?vs.?Global Supercar Symphony

Let's compare the latest electric vehicle (EV) market trends between India and the global scenario:

1. India's EV Market:Current Penetration: EVs accounted for approximately?5% of total vehicle sales?in India between October 2022 and September 2023. Projected Growth: India's overall EV penetration is expected to?grow 8x by 2030, reaching more than?40% penetration?in the automotive market. Segment Breakdown:Two-wheelers (2W)?make up the majority of EV sales, accounting for?85%–90%?of all EV units sold in India.Three-Wheelers (3W): Experienced strong adoption (45%+) and surpassed?50% penetration?in fiscal 2023.Four-Wheelers (4W): Account for?7%–9%?of EV sales
2. Global EV Market:Sales Growth: Globally, EV sales increased by?55%?in 2022. Fastest Growing Markets:Indonesia: Experienced significant growth.India: Recorded a remarkable?223% increase?in sales.New Zealand?Also saw a substantial?151% growth?compared to 2021.Long-Term Outlook: By?2040, electric cars are projected to outsell internal combustion engine vehicles globally, with a market share of about?60%.Electric two-wheelers are expected to reach?a market share of 77%, and the overall electric fleet will constitute?47%.
3. India's Revenue Potential:India's EV market needs to grow more than tenfold in volume over the next 6–7 years to realize its $100 billion revenue potential. Key?Areas for Interventions: New Product DevelopmentGTM/Distribution OptimizationB2B FocusSoftware DevelopmentCharging Infrastructure Scale-Up.

In summary, while India is making significant strides in EV adoption, the global market is also witnessing rapid growth. Both regions face unique challenges and opportunities, and concerted efforts are essential to accelerate the transition toward sustainable mobility.?

Charging Horizons: Powering Tomorrow's Roads

In the electrifying symphony of wheels and electrons, let's explore the?2024 charging infrastructure expansion—a vital movement in the EV overture:

1.?Global Charging Crescendo

• Public Chargers: The global stage sets the tempo! By?2030, the number of public charging points will?quadruple to 15 million, up from 4 million in 2023.
• China's Leading Waltz: China, the maestro, orchestrates 70% of global public charging for light-duty vehicles (LDVs). Their dance continues with recently issued high-quality charging infrastructure guidelines.

2.?India's Charging Raga

• Budget 2024: The Indian EV ecosystem rejoices! The government harmonizes the melody by supporting?manufacturing and charging infrastructure. A symphony of e-buses and entrepreneurship opportunities unfolds.
• Home Charging: Over 90% of EV drivers in India have home chargers. But we're tuning in for those without home access—workplaces and public spaces are key.

3.?Global Encore: 2035

• Fast & Slow: The charging ballet features both fast and slow chargers. By 2035, there will be?7.5 million fast chargers?and?8.2 million slow chargers?worldwide.
• Interoperability: Let's harmonize! Ensuring interoperability ensures a?wide?audience benefits from this electrifying performance1.

4.?Eco-Chic Stations

• Solar Serenades: Charging oases bloom, serenading the sun. Solar panels join the chorus, powering our EVs sustainably.
• Transparent Pricing: Charging services sing transparently. Easy, reliable, and fair—our audience demands nothing less.

And so, the electric odyssey continues—a global ensemble charging toward a greener horizon. Let's plug in, power up, and compose a cleaner future!?

Electric Vehicle Diversification: A Multi-Pronged Approach

The electric vehicle (EV) market is no longer limited to cars. We're witnessing a surge in diversification, with various vehicle types joining the electric revolution. Here's a breakdown with some key statistics:

1. Electric Two-Wheelers:

• Explosive Growth:?The electric two-wheeler market is booming, particularly in Asia. Sales are expected to reach 50 million units globally in 2024, driven by affordability, fuel efficiency, and government subsidies.?
• Urban Champions:?Electric scooters and motorcycles are ideal for urban commutes, offering a clean and cost-effective alternative to gasoline-powered options.

2. Electric Buses and Trucks:

• Commercial Push:?Governments and companies increasingly invest in electric buses and trucks to reduce emissions and meet sustainability goals.
• Early Stages:?Electric buses and trucks are still nascent?while?electric car adoption is accelerating. However, significant growth is expected in the coming years, with projections suggesting a global electric bus market size of over $40 billion by 2027.?

3. Electric Delivery Vehicles:

• Last-Mile Advantage:?Delivery companies use electric vans for their last-mile delivery needs.?This?reduces emissions and offers operational benefits like quieter operation and lower maintenance costs.
• Rapid Adoption:?The electric delivery van market is anticipated to witness a compound annual growth rate (CAGR) exceeding 20% in the next five years.

4. Electric Micromobility:

• Urban Solution:?Electric scooters, e-bikes, and other micromobility options are becoming increasingly popular for short-distance trips within cities. They offer a convenient and environmentally friendly way to navigate urban landscapes.
• Market Expansion:?The global electric micromobility market is expected to reach over $50 billion by 2028, indicating its growing importance.

This diversification in the EV market signifies a well-rounded approach towards sustainable transportation. It caters to various transportation needs, from individual commutes to commercial logistics, promoting cleaner air and a greener future.

EV statistics for 2024

Here's a compilation of some key EV statistics for 2024:

Global Sales:

• Sales Boom:?Electric car sales are expected to hit a record high of around 17 million units globally in 2024.?This?translates to roughly 1 in 5 new cars sold worldwide being electric.

Regional Breakdown:

• China Leads the Charge:?China is anticipated to be the frontrunner in EV adoption, with electric vehicles accounting for a whopping 45% of all car sales in the country in 2024.
• Europe on the Rise:?Europe is close behind, with electric vehicles expected to make up 25% of new car registrations in 2024.
• US Market Growth:?The United States is also experiencing significant growth, with projections suggesting electric vehicles?capturing?around 11% of the new car market share in 2024.

Battery Technology:

• Range Anxiety Relief:?Battery advancements are a?major?focus,?to?increase energy density for longer driving ranges on a single charge.

Charging Infrastructure:

• Expansion Efforts:?Investments are being made to expand the availability of charging stations, focusing on faster charging options like DC fast chargers.

Beyond Cars:

• Electric Two-Wheeler Boom:?Electric two-wheeler sales, particularly scooters and motorcycles, are expected to reach 50 million units globally in 2024, driven by affordability and rising fuel costs.
• Electric Buses and Trucks Gain Traction:?The electric bus and truck market is still in its early stages, but significant growth is expected in the coming years, fueled by sustainability goals and government incentives.

Additional Stats:

• India's EV Surge:?India's electric vehicle industry witnessed record-breaking sales in fiscal year 2024, with over 1.66 million EVs sold, reflecting a 41% annual increase.?

These statistics paint a picture of a rapidly growing EV market. As technology continues to improve and infrastructure expands, electric vehicles are poised to play an increasingly dominant role in the future of transportation.

And here we conclude this?amazing, enlightening, and fact-filled newsletter.

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