Electric vehicles (EVs) are gaining popularity and acceptance around the world as people become more aware of the benefits they can provide. As a result, constant ground-breaking innovations in this field have accelerated. This industry has grown in popularity in India in recent years. In contrast, the COVID-19 pandemic disrupted supply chains and forced the closure of manufacturing plants across the country, including in the electric vehicle industry. Now that things have returned to normal, all stakeholders in India’s electric vehicle industry are working together to move the industry forward..

INTRODUCTION

It should be noted that India’s electric vehicle (EV) industry is still in its infancy, and significant infrastructure is required to support it. The process, however, has begun and is expected to accelerate significantly during the forecast period as a result of various government initiatives and policies.

As public opinion in India shifts toward electric vehicles, demand is gradually increasing. Furthermore, the government is stepping up its efforts to promote domestic EV production in India through various initiatives, red tape reduction, and various schemes. All of this adds up to a lot of activity in the electric vehicle sector, with new companies entering the market with zeal, whether with four-wheelers or two-wheelers EVs, or announcing imminent plans to do so.

India’s electric vehicle manufacturers are overjoyed at the prospect of producing four and two wheelers in the country. Every major Indian automaker has either introduced or announced plans to introduce electric vehicles.

According to a report published by Statista in 2021, the top three players in India’s passenger car market held approximately 75% of the market share. Maruti Suzuki, Hyundai, and Tata are the top three players, with Maruti alone accounting for up to 50% of the market.

UPDATES PERTAINING TO MANUFACTURERS

The government has pushed for the adoption and growth of the EV ecosystem in India through various initiatives, schemes, and incentives. However, EV sales have not increased at a breakneck pace thus far.

According to many experts, one of the main reasons is that Maruti, India’s largest car manufacturer, which controls up to 50% of the market through its various models, has yet to enter the market. In addition, their entry into the electric vehicle market may hasten the industry’s adoption rate.

According to latest reports, they have started work it and plan to launch their first EV in the country by 2025 and the company which already provides Hybrid cars in India has also said that it plans to invest $9 Billion by March 2026 for R&D into automotive electrification.

According to recent reports, they have begun work on it and plan to launch their first EV in the country by 2025. The company, which already provides Hybrid cars in India, has also stated that it plans to invest $9 billion in R&D into automotive electrification by March 2026. According to the company, they will target aggressive pricing for the upcoming EVs by opening a battery manufacturing plant in India, which will help them achieve this.

Despite Maruti’s plans to enter the EV market in a few years, a number of manufacturers, including TATA, Mahindra, MG, and Hyundai, have already done so with their various models.

Tata’s EV has already claimed the title of best-selling EV in India due to its early launch. They’ve also revealed their electric vehicle lineup’s future roadmap.

Avinya, an electric SUV coupe concept, has also been revealed. According to Tata, the new Avinya will be entirely built on the Gen-3 platform and will have a minimum certifiable range of 500 kilometres. Many experts believe this has given TATA a significant competitive advantage in the electric vehicle market. And, given TATA’s group TCS’s expertise in technology and software, other manufacturers will face a significant challenge.

Further developments in the EV industry include Toyota’s announcement of a $625 million investment in India to develop and manufacture EV parts. Suzuki, a Japanese automaker, has announced a $1.26 billion investment in India to produce electric vehicles and batteries.

INITATIVES/POLICIES

EVs also have an impact on vehicles other than four wheels. Electric vehicles for two and three wheelers are also on the rise.

The government recently announced a tender for 100,000 electric two- and three-wheelers through EESL. EESL is the world’s largest public energy service company (ESCO) and is owned by the Indian government. The government owns it completely. And the tender specifies that it will be used in a variety of applications, including garbage disposal, freight loaders, food and vaccine transport, and passenger vehicles, among others.

Various manufacturers have been active in the two-wheeler EV market. Hero Electric was one of the first companies to recognize the potential of electric two-wheelers, and it is now India’s most popular electric two-wheeler manufacturer.

However, there are several market players with various models, such as Okinawa Autotech, Ampere Vehicles, and Ather Energy. Several other manufacturers have announced plans to enter the market, including Ola Electric, launched its first electric scooter on August 15, 2021. According to reports, their aim was to price their two-wheeler aggressively, potentially disrupting the market. According to recent reports, they are having battery problems after launching their first electric scooter.

India and Japan have also teamed up to create an electric vehicle charging standard for emerging markets. The two countries will work together to develop easy-to-build electric vehicle charging stations based on Japanese protocols that are said to reduce costs.

In order to advance India’s EV infrastructure, the NITI Aayog, a government think tank that provides directional and policy inputs, has recently requested input from all stakeholders in the EV industry in order to draft a policy on battery-swapping technology in the country.

ADOPTION BY BUSINESSES

EV’s adoption has also been embraced by a number of Indian businesses. Flipkart, Amazon, and Bigbasket, the country’s leading delivery companies, have all pledged to use electric vehicles. Amazon plans to have 10,000 electric vehicles delivering packages in India by 2025, while Flipkart plans to deploy more than 25,000 electric vehicles by 2030 and BigBasket says it will reach its 90 percent EV goal in three years.

Also, Tata’s which are the India’s largest commercial vehicle manufacturer have announced the launch of all new Ace EV – An electric advanced zero-emission four-wheel small commercial vehicle which will aim to be a green and small transport solution. And they have already announced signing of strategic MoU’s with leading e-commerce companies and logistic service providers.

DEVELOPMENTS

Tesla, a leading international electric vehicle manufacturer, has expressed serious interest in expanding in India, with CEO Elon Musk tweeting recently that he is “certainly interested” in bringing Tesla to India, but that “India’s Import Taxes concern him.”

Would love to be in India. Some challenging government regulations, unfortunately. Deepak Ahuja, our CFO, is from India. Tesla will be there as soon as he believes we should.

— Elon Musk (@elonmusk) May 30, 2018

Furthermore, according to some reports, the parties are in talks. According to recent reports, India’s Transport Minister has invited Tesla to establish a manufacturing base in the country.

CONCLUSION

There’s no denying that there’s still a lot of work to be done in the area of electric vehicle adoption across the country as of this writing. But, as we’ve seen, everyone is working toward the same goal of EV adoption and ecosystem development, whether it’s the public sector, the private sector, or the government. And as I close this article, I’ll leave you with the thought that I’m excited to see where India’s electric vehicle journey takes us in the coming decade.

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