World EV Day 2022: How India will be EV powerhouse in coming years - EXPERTS DECODE

World EV Day 2022: Electric vehicles are in demand and gaining widespread recognition. The alarming rates of emission and skyrocketing fuel prices are among other factors driving the adoption of EVs. India, being the second most populous country, is one of the largest markets for EVs in Asia, behind China and ahead of Japan. 

Nitin Kapoor, MD, Saera Electric Auto, said that if India achieves its true potential of 50 per cent electrification, every 10th EV globally sold could be manufactured in India, making it the global EV powerhouse.

As per the Electric Mobility Mission, there is a target of producing 6-7 million electric and hybrid vehicles in the country by 2025. 

In addition, India's 2030 vision presented by Niti Ayog is a mammoth market opportunity, i.e., 70 per cent EVs in the commercial cars segment, 30 per cent private cars, 40 per cent buses, 80 per cent 2W and 3W sales to be electric, which translates to 102 million EVs.

EV Adoption On Rise

While EV adoption is on the rise, a lot needs to be done at the grass root level like improving the charging infrastructure, providing subsidies to industry players and converting public transport to all-EV in the near future. Nitin Kapoor said that when it comes to EVs, it is not only the carmaker but the industry that is composed of companies focused on its components.

Manav Kapur, Executive Director, Steelbird International, said that the steady growth of the EV sector in the country and around the world has prompted the need for an evolution in the auto component industry as well. 

"The Indian component manufacturers are extensively chalking out strategies to expand their capacity and create new skill sets to adapt to the EV evolution and the revolution it is bringing about," Manav said.

EV Manufacturing In India

For a faster adoption of electric vehicles, the Centre and state governments are introducing various schemes to encourage people to switch to EVs and also boost domestic production. Under the Production Linked Incentive (PLI) scheme, 75 companies plan to invest Rs 29,834 crore over the next five years.

Kunal Gupta, co-founder, EMotorad, said that gone are the days when EVs were just limited to golf carts. The world is changing significantly with the adoption of  EV technology and vehicles. 

"India is witnessing a huge shift with people moving to EVs. With proper EV adoption, we can move a step closer to net zero emissions by 2070 for India. The future is EVs not only here but across the globe," he said.

ALSO READ: World EV Day 2022: Top Electric Vehicle stocks to buy in India