“India is moving ahead towards making electric vehicles. In due course, we will be the number one EV maker in the world. E-mobility will be an important tool to develop pollution-free transport”
- Nitin Gadkari, Union Minister for Road Transport, Highways, and MSMEs
Mahindra Electric has achieved a new milestone recently, it has become the first Indian Electric Car company to cross the 170 million eKilometers ( Kilometers covered by electric vehicles ) mark through its fast-growing fleet on the Indian roads.
It wasn’t a great start for the EV industry in India when the first Indian Electric Car The Lovebird - was launched by Eddy Current Controls India in 1993. This two-seater car was powered by a lead-acid battery and failed to make an impact on the market and faded away very soon.
( Readers should take note that the REVA built by Chetan Maini in 1990 is considered by many as India’s first electric car, this was done as part of a competition and the car was powered by solar power.)
However, around 20 years later when another Indian car manufacturer - Reva Electric Car Company - launched REVAi electric car, we are in a whole different world where the very fundamental perspective towards electric cars has changed in many unimaginable ways.
The obvious point that is being driven here is that the electric vehicle industry in India is entering a new phase of growth, some of it is fueled by the government level policies supporting the electric vehicle ecosystem and most of it because of the advancements we have made in battery technology and material science R&D. This essentially converts to huge job opportunities in the next 5 years across the various disciplines involved in manufacturing electric vehicles and associated business models.
The Electric Vehicle Industry in India is expected to grow at a CAGR of 44% (2021 - 2026) and is expected to reach 47 Billion USD by 2026. The pandemic has brought many devastating consequences in the broader macroeconomic theater, but the electric vehicles growth story is an unstoppable juggernaut in India. The electric vehicle sales have surged 64% in the two-wheeler segment and 68% in the case of four-wheelers so far in 2021.
According to a report by the Council on Energy, Environment and Water, India can save Rs 1 Lakh Crore ($14 Billion) in the form of reduced crude oil imports just by meeting the 30% of Electric Vehicle penetration target. By 2030, this 30% EV penetration in the market will create 1,20,000 new jobs in the EV Industry.
“Electric is the Future of Mobility and we are reimagining the user experience of owning an electric vehicle. Our plan to build a comprehensive charging network is a key piece of this”
- Bhavish Aggarwal, Chairman and Group CEO, Ola Electric.
Within the Electric Vehicle, BEVs are outperforming PHybrids and expected to account for 84% of EVs sold globally by 2030. This can be partly attributed to the falling battery costs which make up around 20 - 30 % of the manufacturing cost of the BEVs.
A study by the Center for Energy Finance has a very hopeful prediction for fresh graduates who are aspiring for a career in the Electric Vehicle industry. The study pegs the value of market opportunities in EV to reach $206 Billion by the end of 2030.
From the policy side, advanced cell chemistry battery storage development has been allocated Rs 18,000 crores by the central government under the production-linked incentive scheme for private players in India. This is expected to incentivise the production of battery technology in India creating more job opportunities for graduates with Bachelors in Sciences with specialization in subjects like chemistry. People with more advanced degrees in research can play a huge role in R&D for Electric vehicle battery technologies in the next 5-10 years.
To meet the Sustainable Development Goals ( SDGs) both the developed and developing countries have come together to sign a non-binding agreement at the UNFCCC Paris conference in 2015. As part of this agreement, all the signatories have come up with their voluntary national contribution to combat climate change and global warming.
FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) and FAME II by India as part of its National Mission on Electric Mobility is seen as a step towards fulfilling SDGs by 2030.
Various segments of Electric vehicles and EV component manufacturers will be directly benefiting from these schemes encouraging more and more manufacturers to enter into the business of EVs, in turn creating career opportunities for young talent across various job roles.
A great growth story anticipated for the Indian Electric Vehicle market, but there are some key bottlenecks to overcome before reaching there. While some of the bottlenecks are purely technical and infrastructural in nature like the availability of charging stations, lack of skilled talent is the least discussed of it all.
Our education system lacks the key infrastructure and expert guidance in emerging industries like electric vehicles. A proper course that covers the various aspects of the EV ecosystem and business models with an overview of the policy level framework of Electric Mobility in India is the need of the hour.
Enroll now for Edifypath’s Course for Electric Vehicles under the mentorship of Rajeev YSR - an automotive engineer by qualification from IIT Madras with experience of working with leading brands like TVS, BOSCH, Mahindra and Mahindra, and Gati. Mr. Rajeev holds a membership position in the Policy Drafting Committee of Telangana and works closely with NITI Aayog at the center.