Categories: Automobile

The market of EV components in India will rise to 11% approximately by FY-27. In terms of valuation, it is estimated to be valued at Rs. 72,000 crores. Crisil published this information in one of their research report on the Indian EV Market.

For the Indian component industry, the electric vehicle market presents both an opportunity and a challenge. Many conventional IC-vehicle components face the challenge of becoming obsolete in the EV space. Still, on the other hand, demand for new products could spur growth for the nascent industry.

According to a report by Crisil, the EV share in auto components will likely increase from its current 1% to 9–11% by fiscal 2027. This will increase from Rs 4,300 crore to Rs 72,500 crore in fiscal 2027 at a compound annual growth rate of about 76%. It forecasts that in addition to this, the supply of parts for vehicles powered by internal combustion engines (ICEs) will increase.

“Improving cost viability of EVs versus ICE vehicles and rising consumer demand for environmentally cleaner mobility will drive the transition to EVs,” said Pushan Sharma, Director of Crisil Research. Two-wheelers and passenger vehicles, two of the significant auto segments, are expected to lead the transition, increasing their penetration to 19% (from around 2.5% currently) and 7% (from less than 1% currently), respectively, over the next five fiscal years. Due to unfavorable economic conditions, commercial vehicles, the other significant auto segment, will see much lower penetration at around 3 percent (from 0.3% currently).

According to a study based on an examination of 220 suppliers who collectively make up one-third of the market for auto components, the switch to EVs will present both opportunities and difficulties.

“EV components such as batteries (60% of EV component revenue by fiscal 2027), drivetrains (15%), electronics (15%), and others (10%) present an opportunity for auto component makers to diversify their revenue base beyond ICE vehicles,” says Naveen Vaidyanathan, director of Crisil Ratings. Companies are already investing in electric component development, working with modern pure-play EV manufacturers and well-established ICE OEMs. Nearly 90% of EV component supplies will be provided for two-wheelers and PVs.

The traditional auto component suppliers’ body parts, chassis, suspension, electrical, braking, lighting, and seating divisions generate about 75% of their revenue. Growth shouldn’t present a problem for such suppliers because these will also be needed for electric vehicles. With incremental investments, businesses can partially re-engineer EV products, even though they might need to.

According to Crisil, the transition to EV could present difficulties for the remaining roughly 25% of auto component supplies that are specifically geared toward ICE engines and transmission components. These include components essential in ICE vehicles but unnecessary in EVs, such as starters, alternators, fuel injectors, radiators, gearboxes, clutches, pistons, cylindrical blocks, and exhaust systems.

It concludes that this transition will also be quicker for two-wheelers, putting component manufacturers with concentrated exposure to the market at greater risk than those who supply PVs or CVs. According to the report, “For example, engine and transmission component makers who primarily supply to two-wheelers account for only about 6% of the revenue of auto component companies rated by CRISL Ratings.”

Interestingly, most auto component manufacturers (roughly 50%) serve multiple end markets. By providing EV components and expanding their portfolio of non-auto and industrial products, businesses are also attempting to reduce the risk associated with their models.

“Lithium batteries are widely used in the manufacturing of the ev batteries. LFP-based ev batteries are much safer than NMC-based batteries. Other than the safety, they are also more durable than the NMC”.

The global automobile and transportation industries are one of the biggest sources of carbon emissions today. The trend of having one for every member of the home has expanded private ownership, increasing the number of automobiles on the road. In order to achieve the goal of reducing carbon emissions, governments of many countries are placing a greater focus than ever on the seamless transition from conventional vehicles to EVs.

Electric vehicle producers throughout the world are emphasizing the need to build better-performing EVs in light of recent developments in the automotive industry. Even if new, futuristic-looking electric two-wheelers are all the rage, their performance is still heavily (40 percent) influenced by the power and output of their batteries. As a result, the threshold has been set for a fast accelerating pace to open new paths for advanced chemical compositions (ACC) in battery kinds for electric vehicles. Technical know-how and active research and development are now bringing batteries that are safer, perform better, charge quickly, and run for longer. LFP, advanced chemistry in the first-line gen of batteries that are readily available worldwide, is one such type of battery that has been demonstrated to be benign.

Due to their safer lithium chemistry, “LiFePO4” or “LFP” batteries are more durable than other commonly used EV batteries like NMC and perform better in terms of thermal and structural stability. In terms of cycle life and safety, they also outperform other Li-ion batteries that are frequently used.
And that is because the essential components of an LFP—Iron and Phosphate—are abundant and naturally present in the nation. Therefore, unlike nickel and cobalt, they don’t need to be extensively excavated at deeper depths. If a battery is being made in India, toxic materials like nickel and cobalt must be imported because they are not readily available there. The erratic price of the cryptocurrency nickel experienced a 107 percent price increase in March 2022, driving up the overall costs of making an EV in the nation and hindering the move to EVs.

It has been established scientifically that LFPs are a superior substitute to others after years of study and testing. Due to their capacity to resist temperatures 30% higher, they can also withstand the harsh tropical climes of India. The design of the battery pack for the LFP battery must also ensure maximum heat exchange with the environment in addition to efficient heat dissipation and thermal stability. Thus, it is important to keep the battery pack cold while using a two-wheeler.

Low self-discharge rates in LFPs allow for a greater range and a longer life cycle. Once further demonstrated, LFP chemistry offers three times longer lifecycles. They are made to discharge up to 80 to 90 percent of the total capacity without long-term harm, which translates to a greater range, and are therefore less vulnerable to issues brought on by the depth of discharge.

LFPs also pose less of a threat to the environment and are less poisonous. They prove to be significantly more beneficial and lasting not only during their useable life cycle in EVs but also during their end-of-life cycle, for example: for static applications like UPS. The Indian EV industry now requires goods that are conceived, developed, and manufactured locally taking into account the geography, environment and end-user in India.

“In order to push EV growth, the Haryana govt has come up with the EV policy 2022. With this policy Haryana govt is focusing on incentivising the EV adoption and inviting companies to do R&D in the EV industry”

Haryana govt has released its EV Policy 2022, let’s understand what there is in it for the EV Industry. The Haryana EV Policy aims to accelerate the EV revolution throughout the state by replacing all Haryana State Transport buses by 2030 with electric, fuel cell, or other non-fossil fuel-based vehicles.

Haryana govt declared the year 2022 as “Year of the Electric Vehicles.” This EV policy has clear roadmaps for supporting EV R&D, assuring talent development in the EV industry, and making Haryana a center for EV manufacturing. These objectives will help in the growth of EV adoption in the state. The purpose of the policy is to increase both EVs adoption and charging infrastructure in order to reach 100 percent e-mobility. Two cities—Gurugram and Faridabad—are designated as model cities for electric mobility.

But a sufficient number of charging stations are required to support the rising EV adoption.. The Department of Town and Country Planning is working on new policies to include arrangements for EV Charging in Group Residential Buildings, Commercial Buildings, Institutional Buildings, Malls, Metro Stations, and more to ensure that there is never a shortage of charging stations.

Haryana’s new EV Policy for 2022 was approved in a cabinet meeting presided over by CM Manohar Lal Khattar as a step to encourage EV adoption in the state. The program provides financial incentives to EV manufacturers through many channels, including incentives on fixed capital investment, stamp duty, job creation, net SGST, and others. Stamp duty will be fully refunded, while electricity duty will be excluded for 20 years.

For ten years, the SGST refund will be equal to 50% of the applicable SGST.

Incentives will take the form of subsidies for businesses that produce EVs and EV parts like charging infrastructure and batteries. Large industries will receive a subsidy of up to Rs. 10 crores or 10% of FCI, whichever is less, while mega industries will receive a capital subsidy at 20% of FCI or Rs. 20 crore, whichever is lower. Similar to how the small business would receive 20% of FCI up to Rs. 40 lakhs and the medium industry will receive 20% of FCI up to Rs. 50 lakhs. With 25% of FCI up to Rs 15 lakhs, even the microindustry will profit.

Battery disposal facilities will also receive incentives; they will receive 15% of FCI up to Rs. 1 crore. In lieu of Haryana-native labor being employed by EV enterprises, the Haryana EV policy would also pay an employment-generating subsidy of Rs. 48,000 per employee per year for 10 years.

“The government intends to build an electric highway between Delhi and Mumbai, according to Nitin Gadkari, the Union Minister for Road Transport and Highways. And at the same time, Delhi government has decided to install at least one charging station for every 15 vehicles over the next three years”

The government intends to build an electric highway between Delhi and Mumbai, according to Nitin Gadkari, the Union Minister for Road Transport and Highways. To reduce pollution, he also urged owners of heavy vehicles to employ alternative fuels including ethanol, methanol, and green hydrogen. The Road Transport and Highways Minister reportedly claimed that the government is building tunnels worth Rs. 2.5 lakh crore. In addition, he said “We intend to build an electric motorway connecting Delhi and Mumbai. You can operate trolley trucks in the same way as trolleybuses.”

“An electric bus that is powered by overhead wires is referred to as a trolleybus. In general, an electric highway is a route that provides electricity to moving cars, including through overhead power lines.”

Nitin Gadkari added that the ministry has decided to build four-lane roads to link all of the districts. I urge owners of large vehicles to use alternatives like ethanol, methanol, and green hydrogen because these are affordable import alternatives, the man continued. Nitin Gadkari said that the corruption in the Regional Transport Offices is causing problems for owners of heavy vehicles. “So, we have to digitise all services supplied by RTOs,” he continued the conversation. He added that he wants to reduce the number of fatalities and accidents on the roads. “We require qualified drivers. India needs all sorts of transportation because its economy is expanding quickly.”

In addition, the Minister noted that India’s logistics costs are high when compared to those in the US, China, and the European Union.

The Delhi government has decided to install at least one charging station for every 15 vehicles over the next three years in order to provide a reliable charging infrastructure for electric vehicles in Delhi. For the more than 1.6 lakh EVs that are now registered in the city, Delhi has more than 2,000 public charging stations. Senior Delhi government officials predicted that the number of charges will likely reach 4,000 by the end of the year and that the aggregate amount of EVs—including two- and three-wheelers, vehicles, and buses—will surpass 1.8 lakh.

“The three-kilometer charger goal we set when we first introduced the EV policy has been met. Now that our action plan for the next three years has been released, our goal is to have a charger for every 15 registered electric vehicles in Delhi “said Jasmine Shah, deputy chairman of the Delhi Dialogue and Development Commission (DDC).

On August 22, DDC will host the fourth Delhi EV Forum in partnership with RMI India where it will present a report on its accomplishments in the EV sector, reveal the action plan for the next three years, and honour stakeholders with Switch Delhi EV Awards for their contributions to developing the EV ecosystem in the national capital.

Even though 90% of EV owners charge their vehicles at home or work, Shah argued that a robust charging infrastructure should be made available in public areas to promote EV buyers. He added that the “One Delhi” smartphone application would display both free chargers and the data and locations of those installed by government organisations and in public-private partnerships.

The ability for vehicle owners to make online reservations and payments will also be added, according to Shah. The Delhi administration has also asked for suggestions on how to honour the stakeholders who have helped the city’s EV eco-system grow.

“Punjab govt is rolling out its EV policy for the next 5 years with Y-o-Y review plan. The objective of this policy is to be the part of the central government’s EV policy and reduce the carbon emission of the state.”

At least 25% of new vehicle registrations each year are expected to be electric by the end of the five-year Punjab EV policy’s implementation phase.
The state government’s devoted strategy is to promote electric cars (EVs) and EV component production and to boost EV adoption in the state with a focus on cleaner mobility and jobs since it recognizes the potential of EVs as a long-term sustainable solution. The policy’s goals are intended to influence numerous UN Sustainable Development Goals both directly and indirectly (SDGs).

According to notification G.S.R. 525(E) dated August 2, 2021, Rule 81 of the Central Motor Vehicles Rules, 1989 will also exempt electric vehicles (EVs) from paying fees for the issuance or renewal of registration certificates. The Punjab EV policy will undergo a thorough review each year and is effective for 5 years from the date of notification. Unless specifically stated or otherwise notified, the incentives will only be continued for the policy period. With the appropriate notices, the Department of Transportation may change any other provisions in this policy, including the policy period.

By the End of the Policy, The Policy Will:

• Reduce vehicle emissions;
• By the end of the policy, the policy will: • Reduce vehicle emissions; •
• Promote Punjab as a preferred location for producing batteries, parts, and electric vehicles.
• Become a center for R&D on electric cars under the direction of a Center of Excellence (CoE).
• Facilitate the introduction of academic training programmes, vocational (skilling and up-skilling) training, and job development initiatives to meet the human resource requirements of the EV ecosystem.
• Promote recycling and reuse of used batteries to reduce environmental harm.

The bus, taxi, LCV, 3W, and 2W vehicle sectors produce the greatest emissions in these cities. Adoption of EVs in these markets would significantly reduce vehicle emissions. The Punjabi government is aware that encouraging adoption in these markets would necessitate providing incentives for lowering EV costs and creating a sufficient infrastructure for charging them. The goal of this strategy is to promote the use of two-wheelers through financial incentives, encourage the use of electric vehicles for public, shared, and commodities transportation (such as buses, taxis, LCVs, and 3W), and provide sufficient arrangements for EV charging infrastructure.

E-two-wheelers: From 2013 to 2019, more than seventy-six percent (76%) of new vehicle registrations in the state were for 2Ws (motorcycles, mopeds, and scooters). This strategy seeks to dramatically raise the share of e-2Ws to 25% of new sales over the policy period. Commercial fleet & delivery firms will be urged to achieve a maximum transition towards electric in ‘target cities’ in a stepwise way in order to boost the adoption of EVs in last-mile delivery services. A purchase incentive of INR 3,000 per kWh of battery capacity will be given each vehicle, up to a maximum incentive of INR 10,000/- per vehicle, to the first 1,00,000 registered owners of electric two-wheelers in addition to the incentives under the FAME phase-II plan.

E-cycles: With over 10 million units manufactured annually, the state has been the main manufacturer and exporter of cycles in the country. The recent announcement by the Indian government to include e-cycles in the Performance Linked Incentive (PLI) programme will provide the industry the much-needed boost. If an e-cycle meets the performance and eligibility requirements, such as having a speed limit of 25 km/h, weighing no more than 60 kg when empty (excluding the weight of the battery), having a minimum range of 20 km for passenger e-cycles and 40 km for cargo e-cycles, and being powered by an advanced battery, the policy will offer purchase incentives to e-cycles in the state (as per FAME-II)

E-3W Electric Vehicles In Punjab, 36,839 passenger 3Ws were sold in total between FY14 and FY21, with more than 75% of the fleet being diesel-powered. This scenario offers a compelling chance to transition from diesel to electric vehicles. With the help of this policy, new sales of e-autos are expected to rise dramatically in the target cities during the program’s lifetime, reaching 25% of all new vehicle sales.

Fleet owners will be able to acquire and hold e-auto licenses as long as they follow the regulations set down by the Punjabi government’s Department of Transport. A purchase incentive of INR 3,000 per kWh of battery capacity shall be paid to each vehicle in addition to the incentives under the FAME phase-II programme, with a maximum incentive of INR 30,000 per vehicle to the first 10,000 registered owners of electric auto-rickshaw (e-auto).

E-Carts & E-Rickshaws: There were 2548 registered e-rickshaw sales from FY’14 to FY’21. A purchase incentive of INR 3,000 per kWh of battery capacity will be given to each vehicle, up to a maximum incentive of INR 30,000/- per vehicle, to the first 10,000 registered owners of e-rickshaws in addition to the incentives under the FAME phase-II plan. Only single buyers and one E-rickshaw per buyer will be eligible for the purchasing incentive on an e-rickshaw.

The first 5,000 registered owners of an e-cart will receive a purchasing incentive of INR 3,000 per kWh of battery capacity, up to a maximum incentive of INR 30,000 per vehicle. Fleet owners are permitted to take advantage of the e-cart purchase incentive.

Electric light commercial vehicles (L5N and N1 category): These vehicles are excellent for low-capacity use as goods haulers. The policy acknowledges their significance and will work to encourage a quick electrification of this vehicle category. The first 5,000 registered owners of e-LCVs (L5N and N1 category vehicles) would get a purchase incentive of INR 3,000 per kWh of battery capacity, up to a maximum incentive of INR 30,000 per L5N category vehicle and INR 50,000 per N1 category vehicle.

The first 2,500 garbage collection vehicles (excluding vehicles eligible for the incentive under 3.1.5.1) shall be eligible for the applicable purchase incentive of INR 5,000 per kWh of battery capacity (not exceeding INR 50,000 per vehicle); these vehicles could be of L5N and N1 categories.

Buses: Almost 90% of Punjab’s bus fleet is currently powered by diesel. The goal of the policy is to gradually replace 25% of Punjab’s bus fleet over the next three years in order to get rid of the outdated vehicles. The Department of Transportation would designate: City Bus fleets within target cities to be considered for transition to EV; High Volume Intercity Bus Routes to be Considered for Transition to EV on Priority; Private bus operators would be encouraged to employ electric buses on designated routes, while PUNBUS/PRTC would be encouraged to purchase and operate electric buses. The state would make an effort to take part in any and all e-bus aggregation programmes offered by the Indian government as part of its FAME phase-II programme.

“An encouraging step for the industry is the Punjab Government’s decision to provide a purchase incentive of INR 3000 per kWh (Max. incentive of INR 10,000 per vehicle) of battery capacity per vehicle to the first 1,00,000 buyers of EV 2-wheelers and INR 3000 per kWh (Max. incentive of INR 30,000 per vehicle) to the first 10,000 registered electric auto rickshaws. Additionally, the government has offered comparable benefits to light commercial vehicles (L5N and N1 Category), paving the door for India to become the world’s leading EV market “Founder of the EV manufacturing company OSM, Uday Narang, remarked.

“Commercial vehicle segment is one of the largest in the entire automotive sector. Electrifying the logistic and transport sector is very necessary for India to achieve the Net Zero Target by 2070”

According to the Vahan Dashboard of the Ministry of Road Transport and Highways, EV sales in India have increased by 330% year on year. This represents just about 5% of total new vehicle registrations.

The transport and logistics sector, which is the single largest contributor to vehicle emissions, is vital to India achieving net zero carbon status by 2070. EVs should be included in the Reserve Bank of India’s (RBI) priority sector lending policy. While 20 Indian states and union territories have passed EV policy frameworks, none of them provide incentives for commercial EVs.

India must identify the residual value of batteries to incentivize financial institutions to cut lending rates on EVs. In 2020, the Ministry of Environment, Forestry, and Climate Change [MoEFCC] issued the draught Battery Waste Management Rules. The document describes recycling techniques and standards, but it lacks standardization of battery residual values, which is required for circularity in EVs – from production to recycling and reusing battery components.

The Japan Battery Recycling Centre (JBC), a producer-responsibility organization, is a great model for other countries to emulate. JBC repurposes spent batteries in home emergency power systems (inverters) and has a systematic battery disposal procedure.

Rising EV demand will hurt the supply of crucial battery components such as lithium and cobalt. To compete in the global EV industry, India must rapidly consider localization. State policy frameworks must encourage the car sector to invest in local resilience and capacities for materials, components, and skilled labor. In India’s EV business, start-ups have been the epicenter of innovation.

Few EV regulations provide financial or production-related incentives to new businesses. Patent registration in India is an expensive process. Other states could look to Chandigarh’s EV policy framework, which reimburses half of national patent registration fees for new OEMs.

To meet expanding demand, the EV industry will require a massive influx of trained employees. Talent development will be aided by an NSDC-inspired skill development subsidy for EV production. OEMs might investigate skill development collaborations with the country’s top skilling institutes.

In India, two main states, Delhi and Maharashtra, have a single-window approval system for establishing critical charging infrastructure. Currently, India is concentrating on slow and moderate charging, as well as a swapping network for e2Ws and e3Ws. However, for the commercial e4W market, a fast and ultra-quick charging network is required. EV charging stations near gas stations would increase EV adoption across all categories. As a result, public-private partnerships between oil and gas companies and charging infrastructure providers are emerging.

“Karnataka is leading the market of electric 2-wheelers in India. With more than 20K units sold, Karnataka is proving that India roads will be pollution free on time”

Bangalore has been leading EV sales in Karnataka, accounting for the biggest share of 57% of 20,059 sold units, of which 90% are exclusively electric two-wheelers.

The world needs EV adoption in all respects. All parties involved in the Indian context—consumers, government agencies, and OEMs—are motivated by the desire to develop the EV market to its maximum potential. A new analysis from CEEW-CEF predicts that the Indian EV market would reach Rs 16,24,722 crore by 2030, despite numerous studies also supporting this.

The acceptance is widespread, not just in Tier-1 states, which is more intriguing. The most recent statistics show a favourable trend, with Karnataka leading the way with a market penetration rate of 4.66 percent, followed by Goa and Maharashtra, which stand at 4.39 Percent and 3.14 Percent, respectively, for electric bikes and scooters.

Bangalore has been leading EV sales in Karnataka, accounting for the biggest share of 57% of 20,059 sold units, of which 90% are exclusively electric two-wheelers.

Electric two-wheelers are the most successful in terms of demand and sales as the nation prepares for rapid expansion in the EV sector. Sales of electric two-wheelers increased by three times, from 134,821 units in FY20–21 to 429,217 units in FY 21–22, according to the Federation of Automobile Dealers Associations (FADA), showing the industry’s increased pace.

According to Vahan data, the nation’s total E2W sales for the month of June 2022 were a staggering 42,245 units, accounting for a 61 Percent share of all EV sales.

Electric mobility has propelled forward repeatedly, outgrowing challenges like component and chip shortages and EV fire incidents, summarizing the journey’s ups and downs to the transitional stage.

“The Indian EV market will reach $150 billion by 2030, all thanks to the new players venturing into the EV manufacturing sector and the government support provided to them. The new state EV policies is again a positive step taken by the Indian government  to grow this market.”

The whole transportation sector is going electric, from public transportation to e-scooters. The winds of the electric vehicle ecosystem are now pointing the country in the direction of a more promising, affluent, and sustainable future. The government of India’s blatantly serious and comprehensive attempts to increase the country’s adoption of e-mobility by establishing numerous plans and laws only serve to highlight a clear-eyed vision of electrifying the country’s automotive industry.

The market for electric vehicles in India is anticipated to develop at a Compound Annual Growth Rate (CAGR) of 90%, reaching $150 billion by 2030. Larger automakers and financial investors find the industry appealing due to the demand incentives offered by FAME II, the implementation of state policies, rising fuel prices, stricter emissions regulations, and growing awareness of the environment’s sustainability, to name a few.

The biggest automotive paradigm shift has drawn overwhelmingly enthusiastic interest from both the government and the automobile industry itself. Companies from all industries have now revealed their own roadmaps in an effort to participate in the biggest automotive revolution. The post-covid macroeconomic environment has given rise to several advantages for India relative to other emerging markets as we navigate our way out of the pandemic. These advantages have given rise to new opportunities that the nation needs to seize in order to accomplish the government’s goal is to expand the economy to $5 trillion.

One of the most intriguing, important, and crucial fields of innovation today is the field of electric vehicles. In 2020, the industry for electric vehicles was worth an estimated $163.01 billion, and by 2030, it is expected to be worth $823.75 billion. India has already expressed a strong desire to play a significant role in this automotive paradigm shift. In addition, India has already expressed a desire to take the lead in the future as the largest centre for electric vehicles. Industry leaders view electric vehicles as a promising alternative. Additionally, decreasing automobile emissions—which annually cost the country 14 lakh crores or 7 percent of its GDP—will be made possible in large part by electrification.

The current Government has been more proactive in creating the framework to enable widespread acceptance of digital technology, in contrast to the previous strategy, where a particular technology was introduced first but its supporting infrastructure took years to develop.

The transition from the conventional mobility paradigm to the E-mobility paradigm is already speeding thanks to “Make in India,” and there are already a number of startups and well-established companies entering the EV market.

India is about to undergo a significant upheaval. This time, it’s in the transportation sector, where the nation’s preference for electric vehicles (EVs) is growing swiftly. Indian highways now have a far higher percentage of two- and three-wheeled electric vehicles than they did two years ago. These days, almost all automakers have EV ambitions. Additionally, the government intends to switch a sizable number of vehicles on Indian roads over to electric vehicles in less than ten years.

“The EV industry is creating more jobs, and the industry witnessed a growth rate of 108%. Bengaluru is the most popular place for EV talent, with 62% of job posts followed by 12% in Delhi, 9% in Pune and 6% in Coimbatore”

It was discovered that the engineering function rules the EV industry, with the operation, sales, quality assurance, business development, IT, human resource, and marketing following closely behind.

CIEL HR Services who is a recruitment and staffing company published a report highlighting how jobs are increasing in the EV Industry.

According to this report, the Indian electric vehicle (EV) industry has had a 108% increase in employment over the past two years, with Bengaluru taking the top spot for talent.

As per the survey done by CIEL HR Services, the EV market is seeing significant growth in metro areas.  Bengaluru is the most in-demand destination for EV talent, with 62% of job listings in this area. Delhi comes in second with 12%, followed by Pune with 9%, Coimbatore with 6%, and Chennai with 3%.

The survey found that there has been tremendous employment growth, with the average annual increase in employee numbers over the past two years coming in at a staggering 108%.

52 enterprises employing 15,700 people participated in the report titled “Latest Employment Trends in EV Sector 2022.”

Over the past six months, some of the top EV companies have hired 2,236 people.

In practically every area in India, there are women, and they are moving up the corporate ladder.

By 2030, the EV industry is expected to generate one crore direct jobs, according to the Ministry of Skill Development and Entrepreneurship. We may anticipate that this will result in the creation of about five crore indirect jobs. EV companies would emphasize technical and specialized skills to meet the rapid development of demand. While office occupations would increasingly require knowledge of artificial intelligence, analytics, and app development, the basic manufacturing, and industrial setup would continue to require a steady supply of blue-collar workers.

As this cohort would provide the domain experience and maturity in areas like supply chain, operations & procedures, and customer behavior that any new-age organization would want to use, it is most likely to see a positive bias towards employing workers from the core automotive & allied sectors. Upskilling some of these profiles with electrical and electronics ideas needs to be the main goal.