It is undeniable that the die and mould industry is the cornerstone and backbone of mass manufacturing. India’s die and mould sector has developed over the years and now holds a prominent position in the world of the manufacturing.
India’s market for dies and moulds is anticipated to grow at a CAGR of 9% during the forecast period. The industry is booming with prospects since it can meet a variety of unique demands from many growing industries, namely automotive, construction, electronics and electrical, healthcare, and machine tools. Many OEMs have started manufacturing in India in line with the Make in India initiative. This will further drive the growth of the die and mould industry.
EV revolution in India
Amid growing concerns over fossil fuels and global warming, electric vehicles are gaining popularity. By 2030, the Indian government wants 30% of private cars, 70% of commercial vehicles and 80% of two and three-wheelers to be electric. Consumers are preferring electric vehicles over ICE as the former provides more advantages in terms of environment and finance. Moreover, there are many policies announced by the state government which will further escalate the growth and demand for EVs.
Policies like monetary subsidies on EV purchases, exemption from road tax, vehicle registration fees, & low loan interest rates on EV purchases will increase the demand among end consumers considering the benefits. The government liberalised the EV standards to establish a productive environment for EV charging. According to the new regulations, public charging stations (PCS) can be installed by any individual or organisation without a license.
Adapting the EV ecosystem
This story is from the September 2022 edition of EM - Efficient Manufacturing.
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This story is from the September 2022 edition of EM - Efficient Manufacturing.
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