The EV market across the globe is still at its nascent stage. This is no different in India. The availability of affordable vehicles for the majority of the population would be a catalyst to the market growth. The fast-paced growth of this market is constrained by several factors like the efficiency of batteries, manufacturing and technology prowess. With pandemic, the availability of chips is another short terms bottleneck. The production of lithium-ion batteries in a safe manner and in large quantities are other hurdles the industry has to overcome to deal with replacing the traditional Vehicle market.
The demand for Batteries is expected to grow 10 times that in 2020 by 2030. The global production capacity is projected to be short by 50% of the demand by 2026 YE. This gap is only going to increase significantly unless there are other alternatives available to the market.
Mean whilst there are a lot of startups in the market who are developing EV charging equipment. In India, there are a lot of players who are trying to be horizontal players in the hopes of capturing the market all by themselves. Europe & US has already matured relatively and seen that the EV market is all about collaboration and partnerships if one has to succeed.
A new startup Tecell India Pvt Ltd is eyeing its sights to play the role of the e-Mobility service provider by collaborating & partnering with Charge point operators, Grids and manufacturers. Their ambition is to provide the best consumer experience in the use of Electric vehicles.
We look forward to seeing how this pans out in the next 3 years.