Like other developed nations, India is witnessing a significant global acceleration of the electric vehicle (EV) revolution. India’s switch to electric mobility is essential in the fight against climate change and the reduction of air pollution because it is the second-most populous nation in the world and contributes largely to global greenhouse gas emissions. The projected market size for EVs in India by 2030 is anticipated to be sizable due to the Indian government’s push for electric mobility and rising consumer interest. In fact, by 2030, India’s government hopes to have a 100% electric vehicle. According to the government’s new plan, all cars sold in India from 2030 will be electric. In this blog, we will know about the market size of EVs in India and Mikro EV, a significant player in the Indian electric vehicle market.
The Growth Potential of EVs in India
According to the Economic Survey, India surpassed Germany and Japan to become the third-largest automobile market in 2022 December. Its total EV sales in 2022 were close to 10 lakh units.
In the year 2021, India was ranked the world’s top producer of two- and three-wheelers as well as the fourth-largest producer of passenger cars.
An electric vehicle substitutes electricity for petrol or diesel as its primary fuel. Hybrid and electric vehicles are becoming more and more popular in the nation, and more manufacturers are focusing on this specialized market with the express purpose of reducing fuel import costs and vehicle operating expenses. By avoiding the dependence on imported petroleum products, which would cost the nation valuable foreign currency, switching to electric vehicles can save fossil fuels worth about $100 billion annually. This will also reduce city pollution by 80–90%.
In order to immediately reduce the production of carbon from the transportation sector, the government wants EV sales to increase by 30% for private cars, 70% for commercial vehicles, and 80% for two- and three-wheelers by 2030. By 2030, India could reduce its consumption of crude oil by 156 million tons, or Rs 3.5 lakh crore, if electric vehicle sales reach 40% in the car and two-wheeler segments and close to 100% in the bus sector.
According to the Economic Survey 2022–23, the Indian market for electric vehicles (EVs) is anticipated to generate about five crore direct and indirect jobs.
Thus, the Indian EV market is expected to experience significant growth in the coming years and is going to present a vast opportunity for EV manufacturers, and EV components manufacturers, such as Mikro EV to capitalize on the growing market.
Mikro EV: A Disruptor in the EV Segment
Mikro EV, the market leader in Electric vehicle line assembly and automation, offers the most advanced solutions for battery packs, motors, rotors, transmissions, EOL and BDU. It has emerged as a disruptor in the EV segment with its innovative and affordable offerings. The company specializes in offering customized solutions for the electric vehicles industry.
One of the key advantages of the Mikro EV is its affordability. By focusing on cost-effective engineering and localized manufacturing, Mikro EV has been able to offer products at highly competitive prices. This affordability factor is crucial in a price-sensitive market like India, where the majority of consumers seek value-for-money products.
Mikro EV has a cutting-edge manufacturing facility in Pune where an experienced and knowledgeable team work with the latest technology to give its customers the best products.
We rely on our automation, which has carved out a niche for itself in the industry for about 15 years, to ensure that our engineering solutions meet the most exacting quality requirements of the EV manufacturing industry.
From time to time we invest and upgrade our systems to cater to the growing demand of the EV industry.
Mikro EV is concentrated on continuous innovation, expanding its line of products, and meeting the changing demands of Indian consumers. In order to become a significant player in the Indian EV market, Mikro EV aims to provide a wide variety of solutions for EVs.
Conclusion
The growing market of electric vehicles in India offers a sizable opportunity for companies like Mikro EV. The company is ready to take advantage of the enormous potential of the Indian EV market thanks to its emphasis on affordability, localized manufacturing, and cutting-edge product offerings. By diversifying its product offering, investing in infrastructure improvements, and attending to the changing needs of its customers, Mikro EV is well-positioned to support India’s electric mobility revolution and have a significant impact on the direction of sustainable transportation.
