CIEL READS
The Story of Indian Startups Growth Trajectory Over Decades
The history of EVs began in the late 19th century, but gained popularity at the turn of the 20th century. Due to cheap gasoline & internal combustion engines, interest declined until the 1970s oil crisis. The modern era of EVs started in the early 2000s with the launch of HEVs and the lithium-ion battery. Growth of this sector has accelerated due to advances in technology & government policies promoting EVs, leading to a rapidly growing number of EVs on the road and a shift away from gasoline-powered vehicles by major automakers
The Evolution of EV sector in India
The EV sector in India began with small-scale production of battery-powered three-wheelers in late 1990s. Government launched the NEMMP (National Electric Mobility Mission Plan) & FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) scheme to promote EV adoption in 2010 & 2015. Despite efforts, growth was slow due to lack of charging infrastructure, high cost & limited availability. Affordable EVs by local manufacturers led to market growth in the late 2010s. The Indian government aims for 30% EV vehicles on the road by 2030. Major automakers have entered the market, with plans for EV launches like Tesla, General motors, Volkswagen, Ford, BMW etc. The EV sector in India will play an important role in future
Sustainable Transportation:
The Future of EVs
Electric vehicles (EVs) are seen as a key solution for sustainable transportation as they emit less pollution and greenhouse gasses compared to traditional gasoline-powered vehicles. The future of EV is promising with advancements in battery technology, charging infrastructure, and declining costs making them a more accessible and practical choice for consumers. Additionally, the shift towards renewable energy sources, such as wind and solar, will make charging EVs even more environmentally friendly. Governments, Car makers and industry players are investing in the development and adoption of EVs, leading to a growing market and increased competition. The future of transportation is likely to be increasingly electric, connected and sustainable
Charging Ahead:
Innovations in EV Charging Infrastructure
As the electric vehicle (EV) market continues to grow, so does the need for reliable and efficient charging infrastructure. Innovations in this field include the development of wireless charging, faster charging speeds, and the integration of renewable energy sources. Governments and private companies are investing heavily in EV charging infrastructure, with projections showing that the market for EV charging stations will reach $226.3 Billion by 2031 (globally). The EV charging infrastructure market in India was assessed at USD 1.9 billion in 2022 and is projected to attain USD 16.8 billion by 2030, exhibiting a compounded annual growth rate (CAGR) of 31.4% during the period from 2023 to 2030.(Source: global News Wire). These advancements in EV charging infrastructure are critical to the success of the EV industry, as they will provide drivers with the convenience and confidence they need to make the switch to electric. Prominent companies in the industry, including Delta Electronics, ABB India, and Fortum India, are significantly involved in the advancement and implementation of electric vehicle (EV) charging infrastructure throughout India
The demand for
Electric Vehicles (EVs) in India
In February 2023, cargo and passenger vehicles comprised the majority of the total EV sales in India, with over 1 lac units sold out, accounting for 95% of the total EV sales. Notably, high-speed E-2Ws such as Ola Electric and TVS Motors recorded impressive year-on-year growth rates of 351% and 709%, respectively. In addition, electric three-wheeler (3W) passenger vehicles made up 52% of the total 3W sales for the month. Mahindra & Mahindra led the market in Electric-3W cargo sales, achieving a Y-o-Y growth rate of 135%, followed closely by Omega Seiki with 116% Y-o-Y growth. Electric-4 Wheeler had 82.9% sold in Feb 2023 where TATA motors stands leader in this. (Source: Vahan Dashboard)
Employment in the EV sector
Over the last two years, the Electric Vehicle sector has seen a 215% increase in employee numbers. The importance and impending growth of the EV industry in the last two years has resulted in an increase in employment in the sector.
Despite the impending economic slowdown and geopolitical challenges, industry insiders remain optimistic about the sector. In a CIEL survey, 63% of respondents expect an increase in hiring intent in the next six months. In keeping with their business vision, EV manufacturers are making some strategic mid-level hires. Companies in the industry are looking to hire technical and specialised workers. The title ‘Software Engineer’ stands out the most. Some common job titles for Software Engineer include ‘Embedded Software Engineer’ and ‘Firmware Development Engineer.’
Bengaluru remains the hottest location for EV talent, with 50% of the job postings in this region
