World EV Day: Innovation, Policy, and Market Growth Drive a Greener Future From cutting-edge advancements in battery technology to the expanding network of charging infrastructure, the EV industry is accelerating at an unprecedented pace.
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Electric vehicles are at the forefront of a green revolution which has offered solution to cut down the greenhouse gas emissions and combat climate change. As the world grapples with environmental challenges, EVs have emerged as a beacon of hope, representing innovation.
From cutting-edge advancements in battery technology to the expanding network of charging infrastructure, the EV industry is accelerating at an unprecedented pace.
Sameer Aggarwal, Founder & CEO, Revfin said, "As India accelerates its efforts towards becoming a global leader in EV adoption, the focus on sustainable fleet mobility and infrastructure development is more critical than ever. With India's automotive market set for significant expansion, it's essential to prioritize electric vehicles as the primary mode of transportation to curb fossil fuel consumption."
The industry is supported by various government policies including PLI and FAME which have pushed the sector to new heights.
According to India Brand Equity Foundation (IBEF), In 2023, electric vehicle sales in India saw a significant increase of 49.25 per cent, reaching 1.52 million units. Although the sector is still in its early stages, it is steadily gaining traction. According to Fortune Business Insights, the Indian EV market is forecasted to expand from USD 3.21 billion in 2022 to USD 113.99 billion by 2029, with a 66.52 per cent CAGR.
Devndra Chawla, MD & CEO, GreenCell Mobility said that climate change is one of the biggest challenges today and the transport sector is the largest contributor. Buses are the backbone of India's mass mobility system, yet electric buses contribute to only 1 per cent of the total fleet.
"Transitioning existing diesel buses to electric will significantly reduce carbon emissions, enhance passenger comfort, and lower overall urban pollution," he said.
He said that the electrification of India's bus fleet will be a game changer in our quest for a sustainable, zero-emissions future.
"With continued government support and collaborative efforts from all stakeholders, we are confident that India will lead the global EV revolution. Electric vehicles are a testament to our shared responsibility in combating climate change and ensuring a cleaner, greener planet for future generations," Chawla said.
Where government subsidies and incentives play a crucial role to elevate the sector, the technology and innovation also play a major role in the success of the industry.
Innovation in battery technology and charging infrastructure have played vital role in shaping the electric vehicle sector in India. These innovations have helped the country and industry players to achieve milestones in several areas of the newly emerged sector.
Samarth Kholkar, CEO & Co-founder, BLive said, "Electric vehicles aren't just the future—they're already here. These vehicles symbolize more than just technological advancement; they reflect our dedication to a sustainable world."
Together, we continue to push the limits of what's achievable. We're collectively driving change for the better, marking the day by celebrating the innovation and commitment fuelling each electric vehicle on the road, he added.
Ankit Sharma, Co-Founder & Director, Vidyuta Materials said, "Our vision embraces both innovation in battery technology and the creation of employment opportunities through targeted skilling initiatives. We believe that a sustainable future is built on the pillars of advanced technology and a skilled workforce."
Given the rapid advancements in electric vehicle technology and the growing emphasis on sustainability, the question arises of specific strategy that is being implemented by the industry players to enhance the accessibility and adoption of electric vehicles and when we think of technology, and strategy, we certainly need to recongnise the prevalent challenges in market.
Madhumita Agrawal, Founder & CEO, Oben Electric said, "We are committed to enhancing the accessibility and adoption of electric vehicles in India, particularly in the two-wheeler segment, which is the primary mode of transport for many. Our strategy focuses on four key pillars including, design, performance, ease of charging, and safety."
