Throttle engine ’Sneak peek into the future’

The automobile economy seems to have a bright future in the upcoming year. The traditional source of fuel used i.e., petrol, can be replaced with hydrogen fuel and battery-operated vehicles. With the growing need to be eco-friendly the automobile sector is investing leaps and bounds in the EV sector

(Electric Vehicle).

The EV industry is growing at a very rapid speed. According to EV graph the electric vehicle sales have reached global share of 8.3%. These EV vehicles are grabbing attention across the globe as they help to reduce emissions which in turn reduces natural resources.

EV MARKET

As per the graph above its visible that electric vehicle sales in 2020 to 21 had a huge surge. As population rises the demand for vehicles also grow, dependence on conventional energy resources is not a sustainable option as India imports close to 80% of its crude oil requirements. The ongoing electric vehicle acceptance is based on Paris agreement to reduce carbon emissions, to improve the air quality in urban areas and reduce oil imports. The Indian automobile industry is at 5th position in the world but according to the graph by the year 2030 it is expected to come at 3rd position.

This is in line with the goal to attain net zero carbon emission by 2070. EVs recorded robust growth in 2021, supported by the performance of favourable policies and programmes by the government. Hero Electric, Okinawa and Ather Energy manages the electric two-wheeler market in India with a combined market share of 64%. Hero Electric has a market share of 36% followed by Okinawa with 21%. Ather Energy with an 11.1% market share is slowly incrementing market share, as the company is currently refining its distribution network across India.

WORK OPPURTUNITIES

Faster Assumption & fabrication of (Hybrid) & Electric Vehicles (FAME) India was launched in 2015 for encouraging growth and early adoption of hybrid and electric conveyance in the country.

The government introduced Production Linked Incentive for Advanced Chemistry Cell Battery Storage (PLI-ACC) scheme. The scheme is expected to boost India’s battery infrastructure. As per the Union Budget, the total outlay for the scheme is US$ 2.45 billion, which would be spent to beneficiaries over five years once the manufacturing facility is set up.

According to the Ministry of Skill Development and Entrepreneurship (MSDE), the EV industry could tally 10 million direct jobs by 2030 which would build 50 million indirect jobs in the district.

THINK ABOUT IT !!

The Indian EV industry is slowly collecting momentum and also sustained by government initiatives and upsurge in crude oil prices, as people look for equivalent sources to reduce their monthly bills.

Afterall, a majority shift from internal combustion engine to EVs requires expansion of infrastructure facilities, including charging stations, and vehicles that could provide a higher range. There are several initiatives taken by the government to support the manufacturing and validation of electric automobiles in the country should help in achieving the target of 100% EVs adoption by 2030.

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