The electric automobile industry is regaining traction
The government has announced an increase in electric vehicle subsidies
EV startups are making significant investments in R&D
The COVID-19 epidemic shook the automobile industry, as it did any other firm or sector. Before the epidemic, electric vehicles were rapidly gaining traction. Annual sales of battery electric vehicles and plug-in hybrid electric vehicles topped two million units for the first time in 2019.
Even though economic volatility and fluctuating customer tastes have made meeting this goal more challenging, it is nevertheless worthwhile to analyse the electric vehicle business now. As the economy improves, the government has announced an increase in electric vehicle subsidies. FAME II is a mechanism for transferring faster adopters smoothly and seamlessly.
Now, as the economy is slowly but surely improving, the government has announced an increase in EV subsidies. The FAME II plan aims to provide a smooth and seamless transition to the rapid uptake of electric vehicles, hence benefiting the EV ecosystem across the country.
EV and OEM manufacturers are ecstatic with the FAME II program, and it’s spreading across the country. This has a significant impact on the EV ecosystem, as adoption trends and developments are poised to take a significant step ahead – something that will change the sector in the future.
The epidemic has had a significant influence on the EV sector and market, posing unique issues and complications in India’s shared automotive and mobility sector. Many electric vehicle firms face the difficult problem of frugally innovating to survive in the long run.
The epidemic has posed several hurdles for the electric vehicle and automobile OEM industries, but it has also opened the door for startups to push superior technology adoption through situational innovation. With its India-focused innovations in purpose-built trucks for last-mile logistics, many EV Last-Mile Delivery firms are already gaining traction.
The goal of these rising trending technologies in emerging markets like India is to make electric vehicles (EVs) more affordable and accessible through mass distribution and reachability. The availability of vehicle service facilities, spare parts, and related expenses are in high demand in the new expanding market. Because Indian consumers are sensitive to metrics such as mileage and fuel efficiency, higher-quality batteries with quick replacements will assist to attract more people to EVs.
With electric vehicles, range anxiety is a significant element that determines their global acceptance. Startup electric vehicle companies, in particular, should concentrate more on developing vehicles that can run on the country’s current power regulations. Accessibility and the expansion of charging capabilities via regular wall outlets could be crucial elements in EV adoption. Many businesses are researching to develop better battery chemistry at a lower cost, which is predicted to cause a paradigm shift in Indian consumers’ attitudes about electric vehicles.
The motor has to be the most important factor in the sustained adoption of EVs in 2021. Electric motors are at the heart of EVs because they turn electric energy into mechanical energy, which powers the drivetrain. Low consumption in difficult Indian conditions, combined with optimal power regeneration, is the key to providing superior products that are carefully positioned to satisfy market needs.
Customers today expect more from their delivery providers, and a highly competitive climate, along with customers’ great cost sensitivity, has pushed the sector to develop technology that will assist it to meet these needs. It has the potential to encourage last-mile players to adopt these new technologies. The complete ecosystem, including competitive dynamics and value distribution across industry players, will be affected by these changes and new technology in the EV last-mile market.
Integration of electric vehicles with technologies such as the Internet of Things (IoT) that are based on telematics to provide a host of features to businesses, individuals, and aggregators such as vehicle management, routes and directions, tracking and monitoring vehicle health, and service issues that can assist people in adopting EVs.
The government’s subsidy program is a big step forward in this regard, as businesses will be able to add technologies like telematics and IoT-based solutions with relative ease and at a reasonable cost. By using the power of the internet to penetrate farther into tier 2 and tier 3 cities, geolocation and real-time map data, as well as its access with EVs and OEMs, logistics and last-mile deliveries are projected to become faster and more user-friendly.
Many EV startup firms are significantly investing in AI, R&D, and technology to develop better vehicle management systems and “Peace of Mind” usage for drivers. The usage of IoT-based telematics has opened new opportunities for both drivers and businesses, providing them with rapid access to a wealth of information such as vehicle tracking and driving status, regular EV maintenance, and proactive alarms to prevent vehicle downtime. In some ways, it is groundbreaking because vehicle manhandling is a well-known problem in the commercial vehicle industry.
We should make every effort to recuperate our financial losses, and once we’ve overcome the hurdles posed by the second COVID wave, becoming ecologically conscious looks to have been everyone’s creed. OEMs will come up with better batteries based on Li-ion and current technology, allowing them to add more kilowatts at a lower price, as the sustainability of EVs grows dramatically.
Unique trends and modern technologies in the EV segment must be built and supported based on Indian conditions, as contrasting weather conditions and load management on uneven Indian roads can be challenging for manufacturers, and thus more emphasis must be placed on topography and transportation channels that are unique to India in the first place.
The focus of the EV last-mile delivery players at the drivetrain level will be on optimizing the EV gearbox through gear tooth micro-geometry advancements, assuring long life even in severe Indian circumstances. The clutchless EV gearbox can more efficiently transmit power between the electric motors.
With the government’s continued support and these new technology trends in bringing EVs to the forefront, the entire EV ecosystem has benefited greatly, providing more fantastic prospects for greater trends, innovation, better acceptability, and deeper penetration in the expanding Indian market.