World EV Day 2023: Accelerating the Electric Revolution
As the world strives for a more sustainable future, EVs are playing a crucial role in driving us towards cleaner and greener transportation options. On the occasion of World EV Day 2023, Energetica India celebrated the global push for sustainable mobility by actively engaging with industry experts to bring their insights, vision and innovation.
September 09, 2023. By Nivedita Ojha
Electrifying the Future Sustainably
EVs, with their potential to significantly lower greenhouse gas emissions, are perceived as a vital solution to combatting climate change. As technologies advance, these vehicles continue to improve in terms of range, performance, and affordability, making them an ideal choice for eco-conscious consumers.
Speaking about the proliferation of the EV sector and how it aligns with the business goals of Udaan, Mitull Batraa, Co-founder & CEO at Udaan, states, “World EV Day is an initiative aimed to make the masses aware of the importance of this sustainable medium of mobility. Following the global trends, EVs are fast climbing the popularity charts in India with Economics Survey 2023 projecting their growth at 49% CAGR between 2022 and 2030. While every category of EVs is witnessing a surge, the enthusiasm of buyers in the electric 3W (E3W) segment is worth mentioning. The E3W market touched the capitalization of $890 million in 2022 and going forward, research estimates the segment to reach $2156 million by 2028, thereby pegging the growth at a CAGR of 15.8% between 2023 and 2028. We, at Udaan, have captured the imagination of E3W buyers in India and thanks to our diverse range, rock-solid reliability, and affordability of products, we’ve consistently been ranked as a market leader in India for more than a decade.
Going forward, we’ll continue to upgrade the quality of our products, expand our touch points, and offer superior customer experiences to help the country reduce its carbon emissions and combat climate change. In addition, our R&D teams are working frantically to come up with cutting-edge, futuristic products that will be unveiled in the market in the due course of time.”
The role of EVs in promoting sustainability extends beyond reduced emissions, as the growth of renewable energy sources for charging, such as solar or wind power, further enhances the environmental benefits of EVs.
Ankit Mittal, Co-Founder & CEO of Sheru, asserts, “India’s EV sales are at a tipping point, with this being the first year that sales of EVs go past the 5% mark of all vehicles sold. This is an important figure, as Bloomberg analysis has shown that countries that crossed the 5% of new car sales being EVs see a jump to become 25% in just 4 years. India’s EV sector has thus crossed its infancy stage and is poised to enter the rapid growth stage. While we retrospect on this achievement, we must also be prepared for what’s to come next. If we successfully execute our plans, India’s mobility sector will witness a transformation in the coming years. Sheru is leading EV sustainability from the front.”
Boosting Growth via Pertinent Initiatives
The growth of the Indian EV market is not just limited to passenger vehicles. The nation is also seeing the adoption of electric two-wheelers and three-wheelers. Meanwhile, the growth of EV infrastructure in the country is not only benefiting the domestic market but also making it more captivating for global players for investments. The government’s support for EV adoption, innovative electric vehicles, investment in EV startups, and growing EV infrastructure are some of the key factors driving the growth of the Indian EV industry.
Ketan Mehta – Co Founder & CEO, HOP Electric Mobility, explains, “India’s pledge for carbon neutrality by 2070 spurs interest in New Energy Vehicles (NEVs) such as Hydrogen Fuel Cells and Electric Vehicles (EVs), among others. Electric Vehicles’ adoption has been gaining traction due to their lower carbon footprint and cost-efficiency. In the first half of CY-2023, the segment experienced consistent sales, surpassing the 100,000-unit mark each month as per government estimates. Efforts are also underway to establish a nationwide charging network by the government and companies collaboratively. For instance, we are expanding our 'HOP Infinity Energy Network’, which we piloted in Rajasthan, now rolling out to other states. Affordability is key for increasing access to EVs; Battery-as-a-Service is an option, keeping in mind its high upfront cost, separating battery costs from vehicle prices to sweeten the deal. Easy financing is also crucial. We, at HOP Electric, prioritize financial accessibility with financing at our ‘HOP Experience Centres’ and a PAY AS YOU GO system is in place to provide quality products at reasonable prices. Our commitment to decarbonisation is aimed at reducing greenhouse gas emissions in mobility.”
The Indian Electric Vehicle (EV) industry is the sector in the nation because of its growing appeal as an alternative to internal combustion vehicles. This rise in popularity is assisting as government regulations are fostering wider EV adoption to help meet emission targets by 2030.
India is the fifth-largest global automotive market, which includes both ICE (Internal Combustion Engines) and electric vehicles, and is predicted to grow to be the third-largest market by 2030.
In the words of Nitin Kapoor, Managing Director, Saera Electric Auto Ltd (Mayuri ERickshaw), “With 40 different types of vehicles and USD 4.23 billion market value, the Indian EV market stood at 11th position in the world on the readiness index. Thus, there is an urgent need to accelerate the EV transition of the country in line with sustainable development goals. The large market with huge domestic demand augurs a golden future for green mobility. Electric rickshaws, which are phenomenal in first and last-mile connectivity in metros and provide affordable commutation to the sub-urban & rural populace, can further propel India’s EV industry with government support. The industry seeks a more amicable approach from the government with favourable initiatives like subsidies, lower taxes, simple financing alternatives, the development of EV charging infrastructure, and uniform infrastructure standards. These measures are essential in driving India towards a more sustainable future powered by electric vehicles.”
Charging Forward: Growing EV Infrastructure
In India, the growth of EVs is accompanied by a burgeoning infrastructure to support them. Over the past few years, the government & private entities have made significant investments in expanding the EV charging network.
Ashish Deswal, Founder, EarthtronEV, states, “With more people shifting to EVs, the Indian electric vehicle market size of USD 4.23 billion in 2023 is expected to grow at a CAGR of 68% to reach USD 152 billion by 2030. The country aims to achieve 100% electric mobility by 2030, which requires rapid expansion of EV charging infrastructure. Still, the charging infrastructure is not sufficient to provide an adequate pace for mobility transition. Besides, a move towards standardization of EV charging connectors will benefit the EV charging industry and accelerate the transition to sustainable transportation. PPPs can be an effective solution to this limitation because they facilitate public funds, R&D, standardization, and interoperability. Also, to accelerate the growth of EV charging infrastructure, the government can provide incentives, simplify regulations, collaborate with private industry, standardize infrastructure, launch awareness campaigns, provide financial support, integrate with renewable energy, and invest in R&D.”
Additionally, government initiatives and policies, like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, have spurred the growth of EV infrastructure. These efforts not only make EV adoption more seamless but also align with India’s ambitious renewable energy goals, further emphasizing the country’s commitment to a sustainable and electrified future.
Dr. Lalit Singh, CEO, TelioEV - India’s leading Electric Vehicle (EV) Charging Management Solutions Provider Company, claims, “To hasten the adoption of electric vehicles in India, effective management of EV charging systems is essential. A well-coordinated network of charging infrastructure orchestrates the transition to electric mobility. We can connect with consumers and stakeholders such as charging station owners and allay range concerns by making charging stations accessible, affordable, and reliable. Additionally, energy use can be optimized via intelligent charging solution management systems, which ease the strain on the grid and encourage sustainability. A well-managed charging infrastructure is the conductor of this transformative symphony, directing us towards a brighter, electric future as India seeks cleaner, greener transportation.”
Mahesh Wagle, Co-Founder & CEO, of Cybernetik, stated, “Electric Vehicles are propelling an industry-wide revolution, charting a green path ahead. Fueled by the resonating impact of the FAME II subsidy, our trajectory leads us to a horizon where sustainability converges seamlessly with mobility.
As a company, our vision extends to a future where technology seamlessly enables sustainability, resonating with the promise of a cleaner, brighter, and electrified tomorrow. Within this transformative quest, we consider battery solutions that embody both efficiency and safety, fuelled by the comprehensive tracking of quality parameters to optimize battery life. Moreover, acknowledging the vehicular congestion within specific regions in the country emerges as a pivotal factor in the electric mobility landscape.
In the pursuit of EV charging infrastructure, the path ahead requires focus and commitment. Disseminating insights about error prevention through Poka Yoke methodologies and energy preservation via regenerative discharging empowers a diverse array of users, leading to a widespread adoption of EVs across the nation.”
The Way Ahead
With the support of electric vehicle adoption through policy incentives, investing in charging infrastructure, and promoting sustainable energy sources are essential steps. Consumers can contribute by opting for electric vehicles for their transportation needs and advocating for further progress in the industry.
As the EV revolution expedites, World EV Day stands as a symbol of hope and progress, reminding us all that a cleaner, greener future is not only possible but within our grasp. It’s a day to celebrate the strides made and to pledge ourselves to the journey towards a more sustainable world. India is a rapidly growing economy and is well poised to become a manufacturing hub for various sectors including the EVs industry.
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