India's Electric Vehicle (EV) industry has come a long way since the launch of EVs such as Lovebird (by Eddy Electric) and Reva (by Mahindra) to name a few. However, limited infrastructure and high costs kept electric vehicles from becoming mainstream, confining them to a niche market. Since then, the Indian EV industry has come a long way, and it's experiencing a phase of rapid adoption. This has put India on the map for electric mobility. A major turning point came in 2015 with the launch of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme. This government initiative provided financial support for both EV adoption and charging infrastructure development. This gave the EV industry a significant boost and we may witness a surge in EV adoption, particularly in two- and three-wheeler segments, where four-wheelers are catching up fast.
Rising EV Sales and Market Growth
In 2023, total EV sales reached 1.53 million, up from 1.02 million in 2022, showing a strong trend in EV adoption. According to the Economic Survey of India 2023, the domestic electric vehicle market is expected to grow at a robust Compound Annual Growth Rate (CAGR) of 49% from 2022 to 2030, with an estimated 10 million annual sales by 2030. This upward trend is encouraging. However, the question remains whether Indian OEMs can handle this strong demand and adapt to modern manufacturing practices that are agile, secure, and scalable. The answer is clear: it will be imperative.
The Need for Smart Automation
This story is from the Efficient Manufacturing - September 2024 edition of EM - Efficient Manufacturing.
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This story is from the Efficient Manufacturing - September 2024 edition of EM - Efficient Manufacturing.
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