World EV Day: Championing Green Mobility Technologies for a Sustainable Tomorrow

Global celebration of electric vehicles on World EV Day - driving towards a sustainable future. Read here how India has embraced EV's.

CIOL Bureau
New Update
World EV Day

Introduction: In today's world, safeguarding the environment has become our paramount responsibility, and one of the pivotal sectors where significant strides have been made towards sustainability is mobility and transportation. Numerous initiatives have been launched, harnessing alternative energies and greener technologies. On this World's Electric Vehicle (EV) Day, we shine a spotlight on how India has embraced electric powertrain vehicles, ushering in a new era of consumer personas, innovative business models, and localized industry efforts that are reshaping the automotive landscape in favor of cleaner and more sustainable energies.

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The Evolution of EV Adoption: India is swiftly advancing towards its electrification goals, driven by the government's vision for 2030 and its unwavering support through schemes like FAME (Faster Adoption and Manufacturing of Electric Vehicles in India) and PLI (Production-Linked Incentive Scheme). According to insights from CyberMedia Research (CMR)'s Smart Mobility Practice, India has emerged as one of the fastest-growing EV markets, witnessing an astonishing >78% growth in the first half of CY2023. CMR's insights point to the 3-Wheeler segment leading the charge, commanding >50% market share and an impressive >82% growth in H1 CY2023.This surge is primarily attributed to the surge in demand for last-mile delivery services, which are enhancing profitability margins and overall service quality. Following closely is the 2-wheeler segment, characterized by high-speed advanced vehicles that claim approximately 90% market share. This segment boasts a variety of brands, including pioneering startups, delivering added value to consumers by reducing Total Cost of Ownership (TCO). While the Passenger Vehicles and Commercial Vehicles segments are still in their nascent stages of adoption, they have seen remarkable YoY growth rates of >105% and >56%, respectively, in H1 CY2023. In the passenger segment, EVs are gaining traction not only for personal use but also in shared mobility services. In the Commercial Vehicles sector, Electric Vehicles are causing disruptions in Light Commercial Vehicles and Bus segments.

Accelerating EV Adoption: To expedite the adoption of EVs in India, it is imperative to provide the same level of convenience for recharging electric vehicles as refilling fuel tanks for Internal Combustion Engine (ICE) vehicles at gas stations. This entails ensuring the availability of charging stations within close proximity and reducing the time required for vehicle charging. Technologies and innovative partnerships/business models are being developed to enhance charging convenience, thereby eliminating range anxiety, particularly during long journeys.


Evolving Trends:

Charging Infrastructure Solutions: Collaborations and partnerships among various stakeholders, including Charging Infrastructure Providers, Gas Station Organizations, Original Equipment Manufacturers (OEMs), and Fleet Operators, are expanding the network of public charging stations. Initially concentrated in major tier-1 cities, this expansion aims to encompass tier-2/3 cities in the near future.

Charging Technology Optimization: Continuous technological advancements are being pursued across the entire value chain to deliver faster charging times. Innovations such as Fast DC charging and battery swapping technologies offer enhanced convenience, reducing consumer charging time and bolstering electric vehicle demand.


Digitalization and Embedded Connectivity: The EV industry is experiencing rapid digitalization and real-time connectivity, which provides consumers with invaluable support, including real-time information on travel routes, charging stations, payments, vehicle state of charge (SOC), and more. This digital transformation adds substantial value and convenience to the EV ownership experience.

Battery Localization: To reduce the upfront cost of EVs, which is significantly influenced by battery costs (comprising 30 -40% of the total vehicle cost), efforts to localize battery manufacturing are gaining momentum. Numerous organizations, including OEMs and Tier-1 suppliers, have initiated infrastructure development and technology research in pursuit of more efficient and cost-effective battery solutions.

Future Outlook for the EV Market: The rapid transformation toward EVs, coupled with consistent government support, underscores our confidence in the trajectory of EV adoption. The current trends are poised to serve as catalysts, propelling the growth of EV adoption and encouraging consumers to opt for greener and more sustainable mobility options. As per insights from CMR Smart Mobility Practice, in the first quarter of CY2025, the Electric Vehicle market share in India is anticipated to surpass 24%. This promising outlook bodes well for both the environment and the future of mobility in the country.

This Article is Attributed to: John Martin, Sr. Analyst- Smart Mobility Practice, Industry Intelligence Group at CyberMedia Research