A dynamic professional with over two decades of rich and extensive experience, Dr Yogesh Bhatia has worked across the country’s Mobility Business market. Currently, he is associated with S.G. Corporate Mobility and Wow eCarts under the S. G. Group. He has been associated with them since 1995.
The pandemic and the lockdown have made people realise the importance of clean energy and environment-friendly alternatives. India has the potential to become one of the largest Electric Vehicles (EVs) market in the world. With air pollution and climate change becoming burgeoning environmental problems, a sustainable and environmentally friendly approach for public and private transportation. The government is already taking noteworthy steps in this direction, with various policy initiatives as it strives to enable electrification the way forward.
According to a study conducted by Avendus Capital, the EV market in India is likely to be a Rs 50,000-crore opportunity by 2025, with commercial and two-wheeler segments to lead the way. Transition to EVs is inevitable, with the industry working towards a holistic solution and developing a strong EV value chain. EVs also registered a 20 per cent year-on-year increase in sales in FY20 (e-rickshaws excluded), with the surge driven largely by two-wheelers, according to the Society of Manufacturers of Electric Vehicles (SMEV).
Critically, the economic incentive of profit margins in electric which are several times that of ICE which makes a straight case for electrification. Further, the lower battery costs are also an incentive to EV adoption. The average price of a lithium-ion battery pack is down to $209/kilowatt-hour, globally and they are set to fall further at $100/kWh by 2025, according to a Bloomberg New Energy Finance (BNEF) survey.
The FAME scheme, together with various smart city projects, has been a huge impetus to the demand and purchase of electric vehicles.
As the government has set an ambitious target of replacing 30% of the total vehicle population with an electric fleet, India has a long road ahead to achieve this. Currently, the Indian EV Ecosystem is at its early stages. While vehicle manufacturing capacities exist, we still depend on imports for batteries and other components need to be reassessed, and new sourcing hubs will need to be built. Batteries are the main drivers for EVs, and India needs to step up in battery manufacturing capabilities within more partnerships and collaborations for mass adoption of EVs.
Growth of EVs means changes in the auto value chain- newer capabilities, reinvent business focus and explore in house manufacturing of components and batteries. The automotive ecosystem needs to re-align their product portfolios as the industry transitions to EVs, with working towards addressing the infrastructure challenges first. The opportunity is immense, as western economies such as the Netherlands and Norway have led the revolution, countries like India have a lot to inspire from, and becoming an EV hub.
The path towards electrification is also in line with the government’s vision for India to be Atmanirbhar and set an example for other economies. India is the fourth largest automobile market in the world, and with a paced transition to EVs, the country can enhance local manufacturing, lower oil dependence and consumption, and indeed enable a global clean transition. Further, localisation of the EV value chain will reduce the acquisition cost for the customer boosting their TCO (total cost of ownership) savings.
As consumers are much more environmentally conscious now, going forward, we shall witness a change in the overall sentiment towards EV penetration. Making a shift to e-mobility will breathe worthy change to the future as EVs are strongly connected with environmental benefits. EVs will provide willing businesses with numerous opportunities to develop and stay at the forefront of the industry.
More About Dr Yogesh Bhatia
Dr Yogesh Bhatia’s knowledge and expertise have helped the organisation to explore new growth horizons. His vision has enhanced the diverse services provided by the company and has enriched their clientele. The company has easily overpowered others in this competitive market scenario with the effective guidance of Dr Bhatia. He holds a degree in commerce from Kurukshetra University.