It is quite clear that the Electric Vehicle segment is going to take centre stage in the Indian tech landscape for the next decade. However, with sales as low as only a million units last year, what are the chances of the Indian EV industry reaching global heights?
Experts point to ongoing innovations that are poised to address certain crisis points within the EV ecosystem. The truth is that the Indian consumer segment is ripe for an EV revolution, but the technology itself faces certain handicaps that appear to be preventing it from reaching the masses. Simultaneously, climate change is looming, necessitating an immediate increase in the number of EVs on the road and a reduction in fuel-based vehicles.
Key Innovations
Among other things, the Battery Management System (BMS) in the current fleet of electric vehicles requires immediate upgrading. Presently, alternative battery technologies are under research, and it is expected that the situation will improve with the entry of new raw material suppliers.
Some of this alternative technology under research is still in the prototype stages, but we can anticipate seeing demos soon. On the other hand, various digital technologies are under development to provide a better experience for the average Indian driver. Indian EV manufacturers are working on enabling IoT and app-based monitoring, diagnostic systems, and various other updates.
The government is supporting various EV projects, including the development of Li-ion batteries. Certain PLI schemes have also been established to incentivize local manufacturing.
Startups in The Game
For the past half-decade or so, traditional tech manufacturers in India have shied away from the EV segment. However, with newfound government support in place, tech startups are actively involved in the development of various next-gen EV components.
Charging infrastructure is another significant segment that startups have embraced. Ensuring accessible and budget-friendly charging solutions will have a profound impact on the sale of EVs shortly. Additionally, alternative options like battery leasing are being explored by other startups.
Summing up
The EV segment in India is brimming with innovations in core technology, component development, and emerging business models. Not only is there support from various government schemes, but it is also proving to be an attractive market for startups to enter the vehicle manufacturing ecosystem.
It can be expected that in the next half-decade, these innovations will begin to be implemented, and EV sales will pick up with the launch of new user-friendly and cost-effective electric vehicles.
