Consumer Interest Boost's India's Electric Vehicle Revolution

India's electric vehicle (EV) revolution is growing. It is driven by dynamic policies, hefty investments, and a surge in consumer interest.

PM E Drive underscores India's policy dedication to innovation and sustainability in the EV sector.

Bloomberg NEF’s EV Outlook 2024 forecasts a leap to 5.9 million EV sales by 2040, with a remarkable 199% growth by 2027. Government initiatives, including the FAME and Production Linked Incentive (PLI) schemes, have strengthened local manufacturing and competitiveness.

EVs are the future. Bharat Mobility Global Expo saw nearly all other OEMs announcing their plans to launch and promote EVs.

While Tata Motors led the EV revolution by offering customers a choice of EVs to select from even as other OEMs took time, with its offerings of home, community, and public charging, Tata Power laid a robust foundation to bolster the charging infrastructure. To accelerate the transition towards electric mobility with more plans, suppliers, vendors and charge point operators create an ecosystem.

As India accelerates its transition to electric mobility, key innovations in critical areas are playing a supportive role in shaping the landscape and setting the stage for a sustainable future.

Battery Technology – Batteries significantly influence EV costs, depending on the vehicle segment. Traditional lithium-ion and lead-acid batteries have their limitations, and this is a rapidly emerging alternative.

Phinergy, an Israeli cleantech firm, which collaborated with Tata Motors to develop a prototype of the Tata Tiago EV, is utilizing its proprietary aluminum-air battery while Log9 Materials is close to commercializing their aluminum-air technology systems.

Charging Infrastructure - Bengaluru-based startup Exponent Energy claims it can charge EVs from 0 to 100% in just 15 minutes while Hopcharge, is revolutionizing convenience with its on-demand, doorstep fast-charging service. GPS Renewables has set up an EV charging station in Mumbai powered by biogas.

Sustainability - The sustainable journey of EVs encompasses eco-friendly manufacturing, efficient operation, and responsible end-of-life disposal and recycling. Many EV manufacturers have adopted green manufacturing practices and circular economy principles in their operations. Further, startups like Attero, Lico Materials, Metastable Materials, and Lohum Cleantech are pioneering technologies to efficiently recycle lithium-ion batteries. These companies focus on recovering valuable materials such as lithium, cobalt, nickel, and manganese, thereby boosting the battery circular economy and contributing to a more sustainable future.

Lightweighting – Gurugram-based startup Planet Electric, founded by former ISRO engineers, is making strides in manufacturing four-wheeled cargo EVs. They are developing cost-effective solutions that enhance performance while addressing the challenges of battery weight, by leveraging materials engineering for lightweighting technologies. Use of advanced lightweight materials is enabling EV manufacturers to either extend vehicle range or minimize size and cost of the battery pack required for a given range.

Energy Efficiency in Motors - Axial flux motors show potential for improving efficiency and reducing material dependency. Vecmocon is making strides in this arena, offering a comprehensive range of services—including battery management systems, vehicle intelligence, chargers, and instrument clusters.

Electric motors are a vital component of EV powertrains and here significant innovations are underway to reduce dependence on rare earth metals. The company plans to expand its offerings to include motor controllers specifically designed for EVs.

Retrofitting - Retrofitting—converting older vehicles into electric models—plays a vital role in accelerating the adoption of electric mobility and one notable startup in this space is RACE Energy, which specializes in creating retrofit kits for transforming conventional three-wheelers into EVs.Bengaluru-based E3V Industries is making an impact by producing both EVs and kits designed for the conversion of traditional vehicles to electric. The company emphasizes the use of renewable energy and off-grid power systems to optimize last-mile logistics.

Similarly, ETrio offers electric kits along with retrofitted electric light commercial vehicles (eLCVs).

Vehicle-to-Grid (V2G) Integration - This technology enables EVs to not only charge from the grid but also discharge energy back into it, potentially stabilizing the grid and creating additional revenue streams for EV owners. Delhi-based battery technology startup Sheru has developed a bidirectional energy flow platform called NetBat, which facilitates vehicle-to-grid (V2G) interactions, allowing EVs to draw power from the grid while also supplying energy back during peak demand periods, thereby enhancing grid stability and efficiency. A utility company, Sheru, has partnered with BSES Rajdhani to implement this. Advancing the potential of EVs in the energy ecosystem, startups like Magenta Mobility and VoltUp are exploring the integration of smart grid technologies and may expand into V2G services in the future.

Last Mile Mobility - India’s rapidly growing urban population and escalating air quality index (AQI) crisis make last-mile mobility a critical sector for innovation. In addition to established vehicle manufacturers including Tata Motors, Mahindra & Mahindra, several startups, such as Euler Motors, Bounce, Cell Propulsion, BGauss, Baaz Bikes, Amo Mobility, and Altigreen, are providing last-mile transportation solutions through two-wheeler, three-wheeler, and four-wheeler EVs designed for commercial use.

Many of these solutions are engineered to be cost-effective and accessible, ensuring that electric mobility can reach a broader audience and contribute to a cleaner urban environment.

Battery Swapping - Domestic companies like Sun Mobility, Chargeup, and Battery Smart provide customers with the ability to swap their EV batteries at designated swap stations, enhancing convenience and reducing downtime. Lithion Power is also exploring battery swapping solutions, particularly for two-wheelers and LCVs.

India's expansive automotive market and rapidly growing EV sector make it an attractive hub for collaborations between domestic and international players in the battery swapping space.