India EV profile: $4 bn market in component manufacturing
India EV profile: $4 bn market in component manufacturing
Gnanendra Kumar, Additional Commissioner of Transport, Government of Karnataka, highlighted Bengaluru as one of the leaders in the rapid adoption of EVs, revealing, “There has been a drastic increase in registration of electric vehicles in Karnataka, with 1.93 lakh electric vehicles being registered, mostly in Bengaluru.” According to him, there has been a 5% increase in the registration of electric vehicles in the state since Covid.
According to Ashim Sharma, Senior Partner & Group Head Business Performance Improvement Consulting (Auto, Engg. & Logistics) Nomura Research Institute, increased EV sales will support a rapidly expanding market for Indian component manufacturers, presenting a $4 billion opportunity in component manufacturing by 2025.
Cells and battery packs, quick charging infrastructure, affordable electric technology in growing markets, and battery swapping technologies present enormous opportunities for India.
Furthermore, EV charging stations in India will increase sevenfold from the current stock of 3,980 to 28,093 by 2025, beginning with nine major cities with populations greater than 4 million, including Delhi, Mumbai, and Bengaluru, and progressing to state capitals and other major population areas, Sharma said on Monday, speaking at the Bangalore Chamber of Industry and Commerce’s EV Summit. (BCIC). Industry participants also identified obstacles in the EV domain, such as a shortage of R&D in the electro-transition sector, the need for innovative charging schemes, and a mismatch in new skills required for new jobs.
“The transition of energy is going to be daunting, complex, and costly. To be able to transition to new technologies we need more realization of human potential for which upskilling, and education will play a vital role,” said Kamal Bali, MD of Volvo Group India adding that 20 years from now around 20% of global talent will be from India. Deccan Herald News now on Telegram – Click here to subscribe
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