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The growth in sales of electric vehicles (EVs) will bolster a rapidly expanding market for Indian component manufacturers, presenting a $4-billion opportunity in the component manufacturing space and a 7x growth in charging infrastructure by 2025, stakeholders from the automobile industry said.
India has a huge opportunity in cells and battery packs, fast charging infrastructure, affordable electric technology in emerging markets and battery swapping technologies.
‘Huge opportunity’
Speaking an EV summit held in Bengaluru, Kamal Bali, MD of Volvo Group India, said: “The spotlight on India is like never before. An increasing number of international companies are looking at India not only for cost competitiveness but also for competence, capability and trust. This provides a huge opportunity for the Indian industry. Twenty years from now, around 20 per cent of the global talent will be from the country.”
Similarly, more attention was brought to the enormous potential that India is facing as the globe switches to alternative fuel technologies that emphasise digitisation, automation and net zero emissions. The speakers agreed that India offers enormous prospects in R&D, hydrogen and alternative fuel technology.
Hydrogen tech
“Hydrogen is an important alternative fuel technology, and India has the potential to become a global leader in hydrogen technology,” S Devarajan, Senior Vice President of BCIC and Senior Vice President of TVS Motor Company, said.
Recently, the Cabinet approved the National Green Hydrogen Mission with an initial investment outlay of ₹19,744 crore, including ₹17,490 crore for the SIGHT programme, ₹1,466 crore for pilot projects, ₹400 crore for R&D and ₹388 crore for other mission components. The Ministry for New and Renewable Energy (MNRE) will formulate the scheme guidelines for the implementation of the respective components.
Karnataka, too, has been witnessing an increase in the number of EV registrations. “Statistics show a drastic increase in the registration of EVs in Karnataka, with 1.93 lakh electric vehicles being registered, mostly in Bengaluru. Post-Covid, there has been a 5 per cent increase in registration of EVs in the State,” said Gnanendra Kumar, Additional Commissioner of Transport, Government of Karnataka.
The summit was hosted by the Bangalore Chamber of Industry and Commerce (BCIC) to discuss the difficulties, prospects and expansion of the EV Sector.
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