EVs to account for 35% of vehicle sales in India by 2030, says Frost & Sullivan
After the conclusion of India Auto Expo, 2018 early this month, noted global consultancy firm Frost & Sullivan has come out with a quick analysis highlighting signals which emanated from this grand show and one of the key takeaways it has emphasized is: electric vehicles will increasingly get into a prominent position in the country. And analyzing different segments across the EV value chain, the company’s forecast is pointing at a massive gain for the environment friendly new age vehicles on the Indian streets by 2030. “EVs will account for about 30-35% of the new vehicles market by 2030, translating to about 2.0-2.5 million new passenger vehicles annually. In this regard, as we see more OEMs using auto shows as a platform to showcase their design language, technology roadmap and customer-centricity, the importance of electric mobility is higher than ever before. With non-automotive stakeholders such as insurance companies, energy suppliers and software companies jumping into the fray, the EV ecosystem is fast turning into an eclectic mix of players who will play a key role in the long run,” says Kaushik Madhavan, Director, Mobility (Automotive & Transportation) Practice, Frost & Sullivan.
In specific terms, the Frost & Sullivan analysis piece has pointed at the passenger vehicles segment where players like Mahindra and Tata Motors seem to be bracing up to develop an expansive portfolio of EVs in the domestic market. However, quoting the CEO of a leading Japanese manufacturer, the report indicates the real action to begin only after there is enough assurance from the country to develop a vibrant supporting infrastructure. “We will wait for the EV charging infrastructure to develop before we bring our EVs into the Indian market,” he has been quoted as saying.
More than passenger cars, the study predicts more action in the two and three wheeler EV space in the near to medium run. “ The 2018 edition saw not only established mainstream OEMs such as Mahindra, Greaves and Piaggio but also smaller bespoke manufacturers focusing solely on electric 3-wheeler (3W) offerings such as Lohia and Vikram including Chinese OEMs such as Shigan. Lohia also had a solar powered 3 wheeler rickshaw on display. With the Government emphasizing the need to move toward renewable energy sources, these products are likely to build long-term viability for mobility operators,” the report says.
