The global automotive industry is experiencing a paradigm shift, with the consumer demand towards electric vehicles blooming in the automobile market as fast-growing as India. Addressing the demand, challenges and opportunities in the engineering, manufacturing and adoption sector of EVs, Pan IIT Alumni and Alumni Associations of IIT (BHU) Varanasi bodies organised, ‘The Future Series, the EV Ecosystem Conclave' in Delhi. The event welcomed experts from the entire e-mobility ecosystem, academicians and policy-makers, offering them a platform to discuss the relevance of EVs, innovations, adoption and challenges in the auto sector.
The event was supported by the Automotive Component Manufacturers Association of India (ACMA), IIT Delhi Alumni Association, PHD Chamber of Commerce and NASSCOM Centre of Excellence - IoT & AI. Debating upon the challenges and potential solutions, the experts looked to catapult the industry into the new age of mobility. As India aims to reduce carbon emissions by 45 per cent and attain 50 per cent electric power from non-fossil fuels by 2030, the conclave focused on driving growth and sustainability.
Sanjeev Nikore, President, Alumni Associations of IIT (BHU) Varanasi, said, "India is investing heavily in the e-mobility shift. With an ambitious target to transition from Internal Combustion Engine (ICE) vehicles to electric vehicles, India has a rather herculean task ahead of itself. The Indian automotive sector is undergoing a rapid and robust overhaul - to propel the nation towards a greener future with minimalistic dependence on fossil fuels.
Presently, the Indian automobile sector ranks fifth globally and is expected to rise to third by 2030. India, being the world's largest producer of two and three-wheelers, the second-largest manufacturer of buses, and the biggest producer of vehicles like tractors, its automotive industry is worth around $222 billion, while the EV market is estimated to be valued at $2 billion by 2023 and $7.09 billion by 2025. There are a total of 13, 92,265 EVs on Indian roads as on August 2022 (data by Ministry of Road Transport and Highways, India). By 2030, this will likely increase by 45-50 million EVs on the road.
With every session, the panellists focussed upon the importance of EVs in India and how various auto players, industry experts and policy makers play a key role in making EV ecosystem sustainable.
