There are many successful electric mobility players on the global scene who are looking towards India, with the aim of setting up business in the country. However, India poses a unique challenge for all of them. The Indian mindset and market demands are very different from that of the West. For example, the mass transit systems and fleet owners in India have a higher potential towards adoption of electric vehicles compared to private ownership. Hence, the business models revolving around them have also to be unique and tailored to the local factors.
Shared mobility is expected to contribute towards almost half of the EV market in India for the next decade or so. We expect them to be the first adopters of electric vehicles backed by central and state transport agencies. In this space we are also looking at public and private buses, fleet operators and cab aggregators. Also, there is a huge market here for intra-city electric autos and inter-city shared car rentals.
There are innovations in the charging space like battery swapping and higher battery capacity that are helping develop the market. Also, fast chargers and higher KW AC chargers are being deployed to reduce the charging time. However, with the mass deployment of these technologies, there would be requirement of grid management and load sharing technologies as well which will play a crucial role.
Private vehicle owners are expected to be the laggards in the EV market coming into the market as buyers in about a decades’ time. The self-rental cars are the one which would introduce them to electric cars and give them a first-hand experience of driving electric cars. We expect autonomous vehicles and cars with auto-pilot modes to be developed which would be clubbed with electric cars into a seamless experience for the users.