A tech-dive into the Indian EV Market

[By: Dr. Nishat Fatima, Business & Market, EIP, 10th July 2024]

The Indian government is promoting electric vehicles due to their low carbon footprint and environmental sustainability. Key players like BYD, Mercedes, BMW, Tesla, Volkswagen, and many more are actively in EV manufacturing. The annual Indian market EV growth is at a CAGR of 35%; annual volumes are speculated to cross 27 million by 2032.

The voids in the Indian EV market: The major lacuna identified in EVs are- pricing, lack of enough charging ports, mileage, the shape of cars (sedan, hatchback, etc.), individual technicians skilled in the mechanism of EV, lack of charging infrastructure, charger compatibility and speed, grid capacity, charging pricing and financial support for set-up of such stations. India is a developing country with many challenges ahead of it for a free-flow EV set-up:

• The amount of power supply to support charging of EVs nation-wide at home, work, or charging stations with a plan to have generator set-ups to combat power cuts.
• Infrastructure to build the chargers to support a huge population without the queue waiting time for a population size of 1,441,981,744 as of Tuesday, July 9, 2024.
• Develop a well-designed Hatchback, Sedan, SUV, MUV, Coupe, Convertible, and Pickup Truck- EV to cater to the price range of below INR 0.7 Million in the current Indian economy. Also, to develop a two-wheeler- EV in a price range below INR 0.05 Million. India’s major population is in poverty and the buying range of the middle class is limited at this time. The scenario in India will change but it will take time to come out of poverty and become a part of the rising middle-class population which is currently 31% (2020-21) to ?61% by 2047 with an annual growth rate of around 6-7% as per People Research on India’s Consumer Economy (PRICE) and India’s Citizen Environment, a not-for-profit think tank.
• Higher EV skilled mechanics will be required to resolve the issue of getting price-friendly repair support instead of getting a company service engineer which can build a huge hole in the current scenario in Indian pockets.
• Government support will be required in terms of land and funding for EV manufacturers to achieve control over pollution, low carbon footprinting, and sustainable solutions.
• Charging adaptor consistency for all brands with faster charging solutions is required for sustaining in the market without binding the user to specific brands at higher prices.
• An industrial solution will be required to take up the damaged batteries or EV parts for either recycling or sustainable disposition.
• Price-efficient battery options will be required due to cater to the large population buying these vehicles with other parts in an affordable range for servicing and repair.
• A proper video on do’s and don’ts for fully automatic self-driven EVs for undeveloped roads with additional features of automatic stop only on such roads to safeguard animals and unruly people who pass the vehicle without any indication.
• Combat slow-moving traffic in the driver-less car where a diversion is sometimes required to overcome the barriers holding back other vehicles for too long, without causing any accidents on the road with proper sensors and AI-incorporated technology.

Current solutions: Various players have already started to look into these voids, like Amara Raja Group, which is providing skill development for the EV taskforce, which may enhance the people's capability to resolve problems at a subsidized price or may find alternative solutions to existing problems. Nissan, WiTricity, and many more are working on wireless charging solutions to overcome the charger-type issue across all brands in the EV domain with faster charging solutions. Ola, Bajaj, Ather, and many more have launched their EV two-wheeler in India with a higher price range

New EV Indian Government Policy Tweaks: The Indian government is currently deliberating on a revised EV policy aimed at addressing these challenges and accelerating the adoption of electric vehicles. Key aspects of the proposed policy include enhanced subsidies for EV purchases, incentives for setting up charging infrastructure, tax incentives for manufacturers, and stricter emission norms to encourage cleaner mobility solutions. The Indian Government has also approved import concession for EV vehicles with a minimum investment of USD 500 million with no restriction of import from any country including China.

EV policies around the globe: The Australian Government has passed a new government policy that encourages the population to go for zero-emission vehicles, money-saving, and fuel efficient. Regulation (EU) 2019/631 sets stricter EU-wide CO2 fleet targets from 2025 onwards leaving the clock ticking and people will surely have to anyways move towards EVs.

Players confiscating Indian market: BYD has made a smart move of appointing another Indian after the retirement of Sanjay Gopalakrishnan, i.e., Rajeev Chauhan with Honda and Volvo car Indian experience to spearhead their EV domain in India. Tata Motors, Mahindra Motors, Hyundai, Mahindra, and many more along VinFast will also be competing in the Indian EV market trying to captivate a population of more than 1.4B.

Conclusion: We can constructively conclude, that the future of electric vehicles in India and other countries appears promising with the introduction of the new EV supporting Government policies. Being a population of 1.4B and growing, there will be a projected growth in sales, expansion of the market, technological advancements, and positive environmental impacts. This signifies a transformative phase for the automotive industry in India and around the globe as well. Stakeholders across the EV ecosystem, including manufacturers, policymakers, and consumers, are poised to benefit from these developments as India moves towards a greener and sustainable transportation future.

[For further detailed reports and insights in the EV domain please feel free to connect with Ennoble IP (EIP) team, as we cater to wider clients from all walks of industries and invention stages with our expert consultancy and customized reports to support their objective, or lend them insights into battling the lacunae with alternate technologies, or alerting with the changes in regulations. We also help our clients by providing sustainable & cost-effective solutions to gain higher ROI]

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