Poised at the cusp of a revolutionary transformation in 2024, Electric Vehicles industry has been driven by an amalgamation of mega trends and groundbreaking innovations. Specifically for the budding market of India, advancements in battery technology are set to redefine the range and efficiency of EVs, making them more appealing to the Indian masses.
In a candid talk with Aishwarya, some of the industry veterans namely, Chakarvarthi C, MD, Quantum Energy, Akihiro Ueda, CEO, Terra Motors, Prasanna Deshpande, Application Engineering Manager, MathWorks and R Vijayalayan, Senior Application Engineering Manager, MathWorks, Raghuveer Chandalavada, Founder and CEO, Aurita Bikes, Mayank Bindal, Founder & CEO, Snap-E Cabs, VG Anil, CEO, ARENQ, Manideep Katepalli, Co- Founder, BikeWo and Dinesh Arjun, Co-founder and CEO, Raptee gave their unique perspectives on the upcoming trends in EV sector in 2024.
Global Electric Vehicle Race: How Prepared are Indian OEMs?
According to Chakarvarthi C, Quantum Energy recognizes the intensifying competition in the electric vehicle segment, especially with leading global OEMs shifting their focus to electric powertrains. As an Indian electric vehicle OEM, we are committed to stepping up and competing with global leaders through our unique approach. Our emphasis on innovation, sustainability, and catering to local market needs gives us a competitive edge. We focus on addressing challenges like range anxiety and charging infrastructure while ensuring competitive pricing. Collaborations with international technology partners and investments in R&D showcase our commitment to stay at par with global standards. Despite challenges, we are strategically positioning ourselves to navigate and excel in this evolving landscape of the electric vehicle industry.
Akihiro Ueda of Terra Motors feels that according to his experience, Indian EV OEMs are capable of competing with global leaders in the ecosystem. However, the OEMs need to leverage their unique products, features, and service offerings and create a niche for themselves in the market. From my experience, I feel offering customizable solutions to customers, setting competitive pricing for products, and using market know-how to set up efficient charging systems can help domestic OEMs emerge as strong players in the global EV ecosystem.
Today, several Indian companies are keen on investing in their R&D efforts to enhance the efficiency of electric powertrains and improve their vehicle design. In fact, in the past few years, they have been actively investing in technological integration to keep up with changing market trends and align their product per global demand. Even Terra Motors had to work on its USPs in the early stage to establish its footing in the Indian EV market and believe me, we are still eager to learn, adapt, and evolve to stay relevant in the market.
So, looking at the current scenario, I feel that Indian EV OEMs need to be consistent in their innovation and efforts if they wish to position themselves as entities that can take on global leaders head-on and create a lasting mark for themselves beyond domestic boundaries.
However from the perspective of Prasanna Deshpande and R Vijayalayan from MathWorks, as a software vendor working closely with Indian electric vehicle OEMs, we have a unique vantage point on their readiness to compete with global leaders. While there are many challenges, such as the relative novelty of the EV sector in India compared to more established global manufacturers, our experience indicates that Indian OEMs are making significant strides to bridge the gap.
Here are some key insights that highlight the preparedness of Indian OEMs from a software vendor’s perspective:
- Digital Transformation: Indian OEMs embrace digital technologies to accelerate product development. Our software solutions are helping them to streamline design processes, simulate various use cases, and enhance vehicle connectivity, which is vital for modern electric vehicles.
- Data Analytics and AI: Leveraging our expertise in data analytics and artificial intelligence, Indian OEMs are enhancing their vehicles with smart features, such as predictive maintenance, advanced driver-assistance systems (ADAS), and personalized user experiences, which are competitive with global standards.
- Collaborative Ecosystem: We are part of a collaborative ecosystem that includes Indian OEMs, tech startups, and academic institutions. This network fosters innovation and accelerates the development of cutting-edge software for EVs, including battery management systems and energy optimization algorithms.
- Agile and Responsive: Indian OEMs have demonstrated an agile and responsive approach to software integration, quickly adopting new technologies and updates. This agility is essential for keeping pace with the rapid evolution of the EV industry.
- Focus on Training and Development: Recognizing the importance of skilled human resources, MathWorks works with Indian OEMs to provide training and development programs. This ensures their workforce is proficient in the latest software tools and technologies, enabling them to compete globally.
Indian OEMs are not only adapting to the evolving EV landscape with innovative products and services but are also actively seeking to close the experience and technology gaps through strategic initiatives and collaborations. MathWorks is committed to supporting its journey as a software vendor by providing advanced software solutions that enhance vehicle performance, safety, and user experience. These concerted efforts testify to India’s potential to become a significant player in the global EV market.
On the other hand, Raghuveer Chadalavada of Aurita Bikes feels that the landscape of electric vehicles (EVs) is undoubtedly evolving, and as global OEMs pivot towards electric powertrains, competition is becoming more dynamic. Indian EV OEMs are not just prepared; we’re strategically positioned with a unique value proposition. Our approach goes beyond merely keeping pace; we recognize the distinct needs of the Indian market.
While global leaders bring advanced technology, our strength lies in tailoring features and services that resonate with the diversity of Indian consumers. We’re focusing on creating a symbiosis between global innovation and local relevance, ensuring that our offerings stand out in a competitive global market.
Mayank Bindal from Snap-E Cabs explains that currently the 2 major power houses in the Indian context when it comes to manufacturing of Vehicles, that is, TATA and Mahindra are also the forerunner in the EV space in India. Globally there has been a shift in this space as you can see that the largest OEM’s in car manufacturing are not being talked about in EV space but companies like Tesla and BYD are the ones who are selling more numbers of electric vehicles worldwide in comparison to renowned OEM’s like Toyota and Honda.
In India, it’s not going to be very different since the technology for manufacturing EV’s, the key is to master battery tech since it’s the most essential part of EV’s. In India currently all the battery and the tech is being imported. To be successful and keep up with others, we will have to start developing this in India which can be a game changer for the entire segment.
However, according to VG Anil from ARENQ, Indian OEMs are prepared. Several Indian automakers, including Tata Motors, Mahindra & Mahindra, and Hero Electric, have already launched competitive EV models. This indicates their commitment to the EV market and their readiness to meet the growing demand.
Manideep Katepalli from BikeWo holds the opinion that Indian manufacturers are notably enhancing their quality standards as a greater array of products is now being manufactured within India. These products are tailor-made for the Indian markets, and meticulously crafted to align with the specific environmental and climatic conditions of the country. This focus on customization renders the ‘Made in India’ products exceptionally suitable for the local market, often surpassing the imported alternatives.
On that note, Dinesh Arjun from Raptee feels that the Indian electric vehicle (EV) market is experiencing rapid growth, attracting leading global OEMs. This influx of competition presents both challenges and opportunities for Indian EV OEMs.
While Indian EV OEMs face challenges, they also have unique opportunities to succeed by leveraging their cost advantages, local market knowledge, and government support. Collaborative efforts are underway as Indian EV companies forge partnerships with global players, leveraging their technological prowess, expertise, and securing vital funding.
Recognizing the price sensitivity of the Indian market, EV Original Equipment Manufacturers (OEMs) are keenly focused on developing affordable electric vehicles, aligning with the diverse economic landscape. To meet the surging demand for EVs, companies are proactively investing in expanding their production capacities, ensuring they are well-positioned to meet the evolving needs of the Indian market. By focusing on R&D, building partnerships, and offering unique features and services, Indian EV OEMs can compete effectively and establish themselves as key players in the global EV market.
Energizing Logistics: Will the Electrification Trend Power Through 2024?
Reflecting on the explosive growth of electrification in logistics this year, Chakarvarthi C explains that the massive growth of electrification in logistics that we’ve witnessed this year is poised to continue its upward trend into 2024. The increased focus on sustainability, combined with global efforts to reduce carbon emissions, is driving the adoption of electric vehicles (EVs) in the logistics sector. Government incentives and environmental regulations are encouraging businesses to embrace cleaner alternatives, contributing to the ongoing surge in electrification. As technology evolves, offering improved battery capabilities, faster charging, and enhanced vehicle performance, the appeal of electric logistics solutions will undoubtedly grow. At Quantum Energy, our versatile “Bziness” model, equipped with a 1200W motor, a top speed of 55 km/h, and an impressive range of 80-100 km across different riding modes, positions us as a key player meeting the changing needs of the logistics sector. The “Bziness” model has particularly gained popularity as a highly sought-after solution for last-mile delivery, showcasing the meaningful impact innovative electric vehicles can have on shaping the future of logistics.
The year 2023 has been revolutionary for the EV industry, particularly in terms of tangible efforts towards electrification of the logistics arena. However, it was not a shocker as several factors were at play for a long time that paved the way for the growth we see today. For instance, the introduction of multiple environmental regulations, burgeoning demand for green and sustainable transportation, and commendable advancements in battery technology drove logistics and last-mile companies to switch to electric solutions.
Since the EV wave has just begun in the logistics domain, I am confident that the trend of electrifying EVs will continue to grow in 2024. My confidence is rooted in the fact that more EV-friendly governmental policies, improvements in the battery segment, and availability of charging infrastructure will come into operation in 2024. Such efforts are likely to accelerate EV adoption not just in the logistics segment but also across automotive in the country.
In addition, active efforts on the part of EV ecosystem leaders like Terra Motors to bolster the EV environment are another factor that will drive the trend. To elaborate, we are already working to provide logistics and last-mile delivery businesses with a comprehensive four-in-one package – Terra Charge Blanket Solution. Such a package aims to address common issues that hamper the transition to EV for logistics companies by offering them access to an L5 Loader vehicle, a customizable loan to avail the EV, support to build EV charging infrastructure for fleets, and centralized management software to track fleet and charging capacity in real-time. I believe that more such efforts can further accelerate the pace of adopting EVs across the logistics and last-mile delivery segment in the next year, analyzes Akihiro Ueda.
On the other hand, Prasanna Deshpande and R Vijayalayan elucidates about how the logistics industry has reached a pivotal moment in its transition towards sustainability, with electrification taking centre stage. Electric three-wheeled (E3W) vehicles are mainly used for the last-mile mobility of parcels, cargo, and passengers in India. A report from the Society of Manufacturers of Electric Vehicles shows a 133% rise in the number of electric three-wheelers sold in FY2023 compared to the previous year.
MathWorks has been a part of the eMobility ecosystem in India, and we observe that three-wheelers are increasingly becoming a preferred choice for last-mile delivery of eCommerce providers. Because of the geographic diversity in India, these last-mile mobility vehicles must be agile enough to handle urban roads and rugged enough to handle potholes, puddles, and hills. These vehicles must also be charged quickly so their usage during productive hours is not affected. MathWorks helped Altigreen Propulsion Labs, an E3W OEM, solve their technology challenges and also worked with their battery supplier, Exponent Energy, to reduce the battery charging time for Altigreen‘s E3W neEV Tez’s charging time to a mere 15 minutes. This significant shift to electric mobility for logistics is a broader, long-term movement reshaping the industry. Based on the current trajectory and underlying factors, we believe the logistics industry’s electrification will continue and likely expand in 2024. Some of the reasons for this prediction are:
- The Integration of IoT and Connectivity: Integrating the Internet of Things (IoT) and enhanced connectivity in electric vehicles allows for real-time data collection and analysis, leading to improved fleet management, predictive maintenance, and overall operational efficiency.
- Improved Energy Management Systems: Advances in software enhance the efficiency and range of EVs through battery usage optimization. Better energy management contributes to longer life spans for EV batteries and reduces operational costs.
- Technological Advancements: The cost of batteries has decreased, making EVs more cost-effective compared to traditional vehicles. Innovations in battery technology are also resulting in faster charging times, as seen in the Exponent Energy case above.
- Development of FCEVs: Fuel cell electric vehicles, which use hydrogen to generate electricity, are emerging as a promising option for clean energy in logistics. They are especially advantageous for long-haul transport due to their extended range and quicker refueling capabilities.
The momentum behind the electrification of logistics is strong, supported by policy frameworks, market dynamics, and industry data. A Statistica.com report showed the penetration rate of the electric three-wheelers in India was 33 percent in 2023 and predicted that number to reach 90 percent in India by 2030.
Raghuveer Chandalavada mentions the observed surge in electrification within logistics is not just a trend; it’s a fundamental shift in how we perceive and manage transportation. Looking ahead to 2024, I am not only optimistic about the continuation of this trend but also foresee acceleration.
The economic and environmental advantages of electrification are compelling, prompting logistics providers to make a strategic shift. This isn’t merely a response to current regulations; it’s a strategic move towards operational efficiency and sustainability. In 2024, we anticipate a substantial increase in the adoption of electric vehicles in logistics, driven by a confluence of regulatory requirements and the tangible benefits of cost-effectiveness and a commitment to sustainability goals across the industry.
Mayank Bindal thinks that this shift will continue till 2030 and every year the adoption of EV is going to increase especially in the Logistics and mobility business. All the delivery partners, cabs and 3PL will convert into EV since its cheaper and more cost effective and the Govt push to ensure that these segments are converted into EV’s will ensure that there is a substantial increase in adoption of EV’s.
The remarkable surge in electrification within logistics witnessed this year is expected to persist throughout 2024. This enduring trend is sustained by several factors, including heightened environmental consciousness, government incentives, and the advancing technology of electric vehicles (EVs). Logistics firms increasingly perceive the lasting benefits of electric fleets, foreseeing reduced operational costs and a reduced carbon footprint. The expansion of charging infrastructure addresses concerns about range anxiety, further enhancing the appeal of EVs in the logistics sector. This trajectory aligns with the global drive towards sustainability. As a key player in the EV landscape, the anticipation is that the positive momentum of 2023 will continue into 2024, solidifying the growth of electrification in logistics, views Manideep Katepalli.
The surge in electric vehicle (EV) adoption within the logistics sector is fueled by various interconnected factors. Firstly, mounting environmental concerns propel the shift towards EVs, aligning with ambitious sustainability goals set by governments and corporations. Government incentives, including subsidies, tax breaks, and infrastructure grants, amplify the appeal of EVs for logistics businesses. Declining lithium-ion battery costs contribute to the cost competitiveness of EVs against traditional counterparts, while ongoing technological advancements enhance energy density, charging times, and range.
Consumer demand for eco-friendly practices exerts pressure on logistics companies to embrace EVs, aligning with the economic benefits they offer, such as lower operating costs and reduced maintenance. The expanding charging infrastructure addresses range anxiety, fostering the widespread adoption of EVs.
In a competitive landscape, leading logistics companies invest heavily in EVs, setting a precedent for others to follow suit. The burgeoning market attracts substantial investments from venture capitalists and private equity firms, driving technological innovations and infrastructure development. Ultimately, the overarching focus on sustainability propels the growth of electric vehicles in logistics, positioning them as a pivotal solution in the global pursuit of environmental responsibility and efficiency, comments Dinesh Arjun.
Indian Electric Vehicles: Issues in Market Maturation
Quantum Energy analyzed that establishing a foothold in the emerging electric vehicle (EV) segment in India has proven challenging, with manufacturers grappling with significant bottlenecks. The inadequate charging infrastructure poses a notable hurdle, creating concerns about range anxiety among potential buyers. Educating consumers about the benefits of EVs, such as lower operating costs and reduced emissions, remains crucial. The higher initial cost of EVs compared to traditional vehicles, primarily due to battery expenses, serves as a barrier for some consumers. Advances in battery technology are essential for improving range and charging times. Clear and consistent government policies, including incentives, are critical for fostering EV adoption. Establishing a robust supply chain for EV components and developing a local manufacturing ecosystem is essential for long-term sustainability. Collaboration with various stakeholders, including energy providers and municipalities, is crucial for creating a supportive ecosystem. Despite these challenges, Indian EV manufacturers, including Quantum Energy, actively work on solutions, collaborating with government bodies, investing in R&D, and innovating to make electric vehicles more accessible and appealing.
Terra Motors feels that since the EV ecosystem is still relatively new, the OEMs continue to shoulder multiple challenges that are thrown their way at every step of manufacturing. However, some of the most prevalent and deep-rooted challenges that bother a majority of the Indian EV segment, include a lack of provisions to access financing to support EV manufacturing and R&D efforts to enhance battery technology. In addition, the lack of a robust network of charging infrastructure across India continues to hamper the adoption rate of EVs, which slows down the OEMs’ market demand. The lack of financial support to address the technological limitation that leads to range anxiety also deters customers from investing in EVs, which again hampers the growth and EV adoption rate.
However, as someone from the industry, I believe that OEMs and industry leaders need to become self-reliant and should not depend entirely on the government or external stakeholders to invest in the ecosystem. This approach will help lower expectations and help address major issues internally. Fortunately, today, the government is very proactive in promoting EV adoption through incentives and is also working with entities to increase the number of EV charging stations to boost the adoption rate. With more focus on R&D efforts and stricter laws favoring the EV segment, EV players can address these dominant issues successfully and pave the industry for more widespread growth in the coming years.
The Indian EV segment has been growing steadily, but manufacturers face several challenges intrinsic to a nascent market transitioning from traditional automotive technologies to electric mobility. These challenges include infrastructural, technological, and economic barriers, which collectively impact the pace and scale of EV adoption. Below is a detailed look at the key issues and challenges that have been influencing the growth trajectory of the Indian EV segment:
- Electrifying existing conventional vehicle designs: Converting an existing conventional vehicle into an electric vehicle is how many established OEMs choose to get started with vehicle electrification. This requires benchmarking the performance of the current vehicle and using this information to define the performance requirement of the EV, component sizing, design trade-offs, etc. This requires building vehicle behavioral simulation models and optimizing the design.
- Overcoming the “range anxiety of the driver/owner: Fear of running out of battery and getting stuck before reaching the destination is a common fear affecting the adoption of electric vehicles. A robust algorithm for vehicle range prediction, which considers the vehicle-related parameters and the effects of external factors like temperature, road conditions, and traffic, is critical for creating a realistic vehicle range prediction. A widespread and reliable charging infrastructure is also necessary to drive EV adoption.
- Doing in-house software development and setting up software development workflow: The amount of software on the vehicle has increased with electric vehicles. Software has become one of the primary key differentiators, and now there is a need for OEMs to do in-house software development, at least for their vehicle control unit. Setting up best-in-class software development and verification and validation processes is essential to ensure safety standards and workflow compliance.
- Robust Battery and Thermal Management Systems: Designing a robust battery and thermal management system for the overall vehicle is one of the main challenges for an electric vehicle manufacturer. There have been instances of fire in the battery/vehicle, and incidences like this can affect the credibility and reliability of the OEM.
- Smart use of Data, Artificial Intelligence, and Cloud Technologies: With digital transformation, much more data is available from the vehicle, and it can be used during development and throughout the vehicle’s lifecycle. This has led to workflows like building digital twins, predictive maintenance, and vehicle personalization based on driving habits and terrains.
With the need for efficiency improvement and meeting the shrinking timelines, there’s a significant need for virtualization of the electrified vehicle development and simulation testing. MathWorks provides vehicle model templates to lower the barrier to start design. Engineers can use these models for design trade-off analysis, component sizing, control parameter optimization, and hardware-in-the-loop simulations. This approach, coupled with data analytics, enables engineers to perform virtual testing or calibration, saving time and cost. With the increase in software content in today’s electric vehicles, companies are also turning toward virtual vehicles to test their software as soon as possible, notes MathWorks.
Aurita Bikes discusses how growing in the nascent EV segment has been an exciting journey, but not without its challenges. A key hurdle has been the establishment of a comprehensive charging infrastructure. As the EV ecosystem matures, the need for easily accessible and widespread charging stations becomes paramount.
Additionally, there’s a requirement for extensive awareness campaigns to dispel myths and educate consumers about the benefits of EVs. Overcoming these challenges necessitates collaborative efforts from industry players and government bodies. Addressing infrastructure gaps, fostering awareness, and building trust in EV technology will require a united front. These challenges are not roadblocks but stepping stones towards a more mature and sustainable EV ecosystem.
One of the major challenges is the battery and the tech. Today all our EV manufacturers are just getting ready with EV and most of them are converting their current ICE models into EV. There is still a lot to be learned and a lot of R&D needs to be done for manufacturing a good EV car with range and negligible snags at software level especially in BMS.
Second is the cost of the vehicle. All the EV’s are very expensive and since Indians are usually price sensitive, there has to be more options in each segment. This will only improve with time and once economies of scale hit, this will change, mentions Snap E-Cabs.
ARNEQ explores some of the specific challenges Indian EV manufacturers have encountered while trying to expand their presence and growth in a budding market.
Limited charging infrastructure: The current charging infrastructure is inadequate to support a large-scale EV transition. The number of charging stations is still low, and they are concentrated in major cities, leaving many rural and remote areas underserved. This lack of readily available charging options creates range anxiety among potential buyers, hindering their willingness to switch to EVs.
High upfront cost: EVs are still significantly more expensive than their petrol/diesel counterparts. This is primarily due to the high cost of batteries, which are the most expensive component of an EV. The higher upfront cost acts as a deterrent for many potential buyers.
Power grid limitations: Integrating a large number of EVs into the power grid requires significant upgrades and investments. The current grid infrastructure may not be able to handle the increased demand for electricity, which could lead to power outages and other grid-related issues.
In the words of BikeWo, Indian electric vehicle (EV) manufacturers in the budding market face several hurdles in establishing and expanding their footprint. One notable challenge is the limited charging infrastructure, impeding the widespread adoption of EVs. This, combined with range anxiety, affects consumer confidence and hampers the shift toward electric mobility. Additionally, the initial high costs of EVs pose concerns for price-conscious Indian consumers despite promising long-term savings.
Consistent government policies and incentives are crucial for supporting the growth of the EV industry, providing a stable environment for manufacturers and investors alike. Educating consumers about the advantages of EVs and dispelling misconceptions holds significant importance. The key lies in striking a balance between innovation and affordability while addressing infrastructure gaps. This approach is vital for Indian EV manufacturers to overcome these challenges and flourish in the rapidly evolving electric vehicle market.
India’s EV segment faces numerous challenges as it strives to gain a foothold in this nascent market. Dependence on imported components, a fragmented supply chain, and fluctuating government policies hinder growth. Consumers are discouraged by high initial costs, limited awareness, and range anxiety, exacerbated by an inadequate charging network. Technical challenges like battery technology and safety concerns add to the difficulties. Emerging threats include competition from global players and the need for sustainable used battery disposal and grid upgrades. Addressing these issues requires a multi-pronged approach, including policy stability, increased R&D, consumer awareness campaigns, charging infrastructure expansion, affordability initiatives, workforce development, and collaborative efforts. Only through such measures can India overcome these obstacles and establish itself as a major player in the global EV market, notes Raptee.
Indian EV Segment: 2023’s Breakthroughs and 2024’s Horizon
In 2023, the electric vehicle (EV) segment in India witnessed several key trends shaping the industry. Notable developments included an increased focus on range extension and faster-charging solutions, addressing concerns related to range anxiety and enhancing the convenience of EV adoption. The year also saw a surge in collaborations between EV manufacturers and technology partners to accelerate innovation, especially in battery technology and energy storage. Government incentives and policy support continued to play a crucial role in incentivizing EV adoption, with a growing emphasis on sustainable mobility solutions.
Looking ahead to 2024, some anticipated trends in the Indian EV segment include further advancements in battery technology, with an emphasis on increased energy density and faster charging capabilities. The expansion of charging infrastructure is expected to be a key focus, promoting the accessibility and convenience of EV charging stations across the country. Additionally, an uptick in electric two-wheeler adoption is anticipated, driven by innovative models and increased consumer awareness. Collaborations between EV manufacturers and financial entities may also become more prevalent to facilitate easier financing options for prospective EV buyers, views Chakarvarthi C from Quantum Energy.
Akihiro Ueda from Terra Motors describes that several trends garnered our attention in 2023, which will continue to grow in 2024. Some of the most notable trends that caught my and everyone else’s attention this year include a robust surge in EV adoption rate backed by government policies and awareness about the environment. In addition, EV charging infrastructure development was also a hot topic in the industry, with recognized players, including Terra Motors making significant contributions towards its growth. Plus, advancements in battery technology were also quite commendable as we witnessed an improved EV range across the segment backed by the upgrades.
Judging by the momentum, I think trends that could be a talking point in 2024 might include diversification of electric vehicle models in different price segments, integration of smart technology and renewable energy sources to support EV charging infrastructure, and more EV-centric policies and subsidies to incentivize consumers. Being a part of a company involved with vehicles, financing, and charging infrastructure for EVs, I believe the upcoming year will be more exciting for the entire EV ecosystem.
According to Prasanna Deshpande & R Vijayalayan from MathWorks, in 2023, the Indian EV market experienced significant developments and is poised for further evolution in 2024.
Here’s a concise summary of the key trends from the past year and the anticipated trends for the coming year:
- Increased adoption of EVs: There was a notable rise in EV adoption, especially in the two-wheeler and three-wheeler segments.
- Continued government initiatives and support for the EV industry: The Indian government boosted consumer confidence by supporting the EV industry with incentives and infrastructure.
- “Make in India” initiative: More companies started or expanded the local manufacturing of EVs and their components, driven by government policies favouring domestic production.
- Innovations and advancements in battery technology: There was a focus on developing advanced battery technologies this year, including efforts to set up local battery manufacturing and recycling plants.
- Strategic partnerships and collaborations within the industry: With the rise of electrification in the automotive industry, there is a shift in the typical OEM – supplier relationship. Many OEMs and suppliers have started working in more collaborative way. For example, suppliers are taking responsibility for ECU hardware and base software while OEMs own application software. Also, many OEMs are establishing strategic collaborations with battery research and cell manufacturing firms for competitive advantage.
As we look to 2024, the sector is expected to evolve due to the following trends:
- Growth in charging infrastructure: Investments in building more charging stations across India will likely increase.
- New market entrants: Given businesses and consumers’ aggressive adoption of EVs, new companies will likely enter the EV space, adding to the competition and innovation.
- Focus on last-mile delivery: EVs are expected to become more common in last-mile delivery due to their lower operational costs and sustainability.
- Technology Solutions to “range anxiety”: Range anxiety is now getting addressed by having realistic battery charge (SoC) estimation by using better software algorithms; and, with use of solutions like battery swapping, or having removable batteries etc.
- Software-Defined Vehicles: With introduction of Software-Defined Vehicles, the EV owner experience is elevated to a new “wow” level with better connectivity to cloud based services, subscription of various vehicle features on the go with the help of over-the-air (OTA) upgrades to vehicle software etc.
In 2023, the Indian EV segment experienced significant trends that are shaping the future of mobility. One noteworthy trend was the increased focus on sustainability across the entire value chain. This includes not only the vehicles themselves but also the manufacturing processes and materials used. Another key development was the integration of Artificial Intelligence (AI) for intelligent energy management, enhancing overall efficiency and range.
The rise of vehicle-to-everything (V2X) communication was another crucial aspect, facilitating seamless connectivity in the EV ecosystem. Looking ahead to 2024, we anticipate a surge in energy-efficient EV models, catering to the growing demand for eco-friendly transportation. Moreover, there will be an intensified emphasis on recyclability and sustainability in manufacturing processes.
These trends collectively signify the industry’s commitment to evolving responsibly and meeting the evolving needs of consumers, describe Raghuveer Chandalavada of Aurita Bikes.
We saw a lot of announcements on new variants coming in from our existing OEM’s. We are anticipating a huge number of new variants coming in 2024 as well. In 2024 we expect this to continue. There will be a couple of anticipated announcements like FAME3 subsidy is expected from the govt to continue the faster adoption of EV’s. The 2nd biggest announcement for reducing the import pricing for global players to bring in their EV’s in India is also big news and opens up a huge market for options, views Mayank Bindal from Snap E-Cabs.
VG Anil from ARENQ explains that the overall EV sales grew significantly, but still represented a small fraction of total vehicle sales. This growth was driven by government incentives, rising fuel prices, and increasing awareness about environmental benefits. Two-wheelers dominated the EV market, followed by four-wheelers and three-wheelers. This trend is likely to continue in the near future, as electric two-wheeler is more affordable and accessible to a wider range of consumers.
There was an increased focus on electric buses and commercial vehicles. The government’s push for electric buses and commercial vehicles, particularly for public transportation, started gaining traction.
In the meantime, Manideep Katepalli from BikeWo feels that the EV sector saw defining trends in 2023 that are set to sculpt the industry in 2024. A significant trend was the swift uptake of electric two-wheelers and three-wheelers, propelled by rising environmental consciousness and government incentives. Collaborations between EV manufacturers and tech firms to bolster battery technology and charging infrastructure gained traction. Moreover, the integration of smart features and connectivity in EVs became increasingly common, elevating user experience and convenience.
Looking into 2024, the anticipated trend revolves around the expansion of charging infrastructure, alleviating a current bottleneck in EV adoption. Ongoing strides in battery technology, potentially leading to heightened energy density and reduced costs, aim to broaden access to EVs for a wider consumer base. Additionally, there’s a growing emphasis on sustainability and eco-friendly transportation solutions, likely to steer product development and influence consumer preferences, reshaping the dynamic landscape of the Indian EV segment.
However according to Dinesh Arjun of Raptee delved into the key trends that shaped India’s EV market in 2023 while anticipating the likely developments in 2024.
Key Trends in 2023
- Emergence of New Players: Several new startups entered the EV market in 2023, offering innovative solutions and catering to specific niches. This trend signifies the increasing dynamism and entrepreneurial spirit within the Indian EV sector.
- Growing Market Share of Indian Players: Indian EV manufacturers saw a significant increase in market share, challenging the dominance of international players. This trend indicates the growing capabilities and competitiveness of the domestic EV industry.
Upcoming Trends - Smart Charging and IoT Integration: The integration of smart charging technologies and Internet of Things (IoT) will gain momentum in 2024, optimizing charging efficiency, grid management, and user experience.
- Rise of Mobility as a Service (MaaS): Mobility as a Service (MaaS) solutions that integrate different modes of transportation, including EVs, are expected to gain traction in 2024, offering users greater convenience and flexibility.
- Advancements in Battery Technology: Further improvements in battery technology are expected in 2024, leading to longer ranges, faster charging times, and lower costs. This will significantly enhance the appeal of EVs to consumers.
From Research to Expansion: Our Company’s Path in the Year
As the Managing Director of Quantum Energy, I’m proud of the innovations we’ve introduced this past year to set new standards for performance, safety, and sustainability in electric mobility.
A major area of focus has been advancing our proprietary battery technology. Extensive testing on our advanced Battery Cycler and Cell Cyclic machines has validated the pack’s durability over thousands of charge-discharge cycles.
Additionally, we now have a state-of-the-art vehicle testing facility with cutting-edge equipment like the Chassis Dyno, Bump Test Rig, and Suspension Endurance Test Rig. Using these instruments, our engineers have tested and validated that our two-wheelers comply with the highest national and international standards for mechanical performance. This gives our customers full confidence in the safety and reliability of owning a Quantum E-scooter.
In the upcoming year, we plan to expand into a new manufacturing facility in India to meet our goals of producing extensively more two-wheelers annually by 2025. This expanded production capacity, along with our continual innovation in EV technologies, will help us deliver greener transportation alternatives to communities across India as we work towards a sustainable future in mobility.
This year, Terra Motors invested more time and energy towards research and development to enhance the performance and efficiency of our EV products and offerings. One of the most notable efforts was made towards innovation, in the scope of our battery management system. Through our consistent efforts, we extended the range of our EVs and optimized their battery usage.
Moreover, 2023 was about innovating and enhancing our charging infrastructure offerings to help fleets reduce downtime and boost their operations. In the past year, we collaborated with an all-electric ride-hailing service, SNM Cabs, to set up a dedicated EV charging hub for their fleets near Pune airport and have planned 4 more hubs under the same partnership. Our persistent research and drive to innovate helped us provide tailored charging setups to our customers, and we aim to pursue the same in the upcoming years.
When it comes to expansion, Terra Motors recently expanded to six major cities in India – Pune, Kolkata, Gurgaon, Chennai, Hyderabad, and Bangalore, by opening new offices for our Terra Charge vertical. Through this strategic expansion, we aim to increase our presence in the Indian market and improve our attractive offerings with lucrative business opportunities. In 2024, we expect to announce more meaningful collaborations and launch EV solutions that ensure the greater good of the electric vehicle ecosystem and the economy.
MathWorks has invested in helping engineers and scientists in the auto industry augment their domain knowledge with our solutions and resources. MathWorks follows a twice-yearly general release schedule. Each release synchronizes the full MATLAB® and Simulink® product families, delivering new features and bug fixes for existing products and, when available, new products.
In the last year, we have launched new products that help engineers accelerate the pace of EV systems development and testing.
Simscape Battery
Simscape Battery, one of the innovations introduced in the R2022b release, provides design tools and parameterised models for businesses designing these battery systems. Engineers and researchers use Simscape Battery to create digital twins, run virtual tests of battery pack architectures, design battery management systems, and evaluate battery system behaviour across normal and fault conditions. The tool also automates the creation of simulation models that match the desired pack topology and includes cooling plate connections to evaluate electrical and thermal responses.
Simulink Fault Analyzer
Simulink Fault Analyzer performs fault injection simulations without modifying your design. Faults can be timed or triggered by system conditions. You can manage faults modeled in Simulink, Simscape, and System Composer. Fault effects can be analyzed with Simulation Data Inspector. You can conduct fault sensitivity analyses using the Multiple Simulations panel. You can perform safety analyses, like Failure Mode and Effects Analysis (FMEA), while leveraging simulation.
Polyspace Test
Polyspace Test provides tools for developing, managing, and executing unit and integration tests for C and C++ code in embedded systems. Polyspace Test lets engineers execute tests on host computers or embedded targets, automate test execution, and link tests to requirements for traceability. Engineers can use automatic test generation to achieve desired code coverage, test boundary values, and extend requirements-based test cases.
This year has been marked by significant strides in innovation for Aurita Bikes, particularly in the realm of battery technology. Our emphasis has been on elevating battery performance to new heights, aiming for extended ranges and faster charging capabilities. We recognize that accessibility is a key factor in accelerating EV adoption, and our innovation in battery technology aligns with making EVs more practical and appealing to a broader audience, in particular, increasing reliability in terms of battery life and stable mileage. Also, we have improved our power train, specifically motor technologies to reach a life of 1.5Lakh Km+ concerning applications like cargo for last mile deliveries through our strategic partnerships. A lot of new form factors have been explored in the micro-mobility space to reach a wider audience.
Looking forward, strategic collaborations are in the pipeline, aiming to enhance our technological prowess and expand our footprint. Exploring untapped markets and forging partnerships align with our vision of bringing sustainable mobility to a global scale. On the topic of expansion, while staying true to our commitment to innovation, it is an integral part of our roadmap for the near future.
Snap E Cabs claims that they are a service providing company and have limited area for innovation and research. What we have done is simplified the way current app cab operators used to operate. We provide the customers the ease of booking a cab via using an app and ensure that the cabs are not cancelled and the commuter gets the cab in time.
On the expansion mode, we are offering services in Kolkata and expect to continue this growth in Kolkata for time being. Currently we have approx 600 vehicles and we plan to add another 1200-1500 Cars in the next 5 Quarters. Along with this, we do plan to add cabs in other cities which is still under strategy planning.
According to ARENQ, we’re developing a game-changing semi-hybrid 3-wheeler powered by advanced technology and manufactured in our new, cutting-edge facility. Our innovative semi-hybrid 3-wheeler, coupled with our highly automated and efficient manufacturing unit, will reshape the Indian 3-wheeler landscape.
Through extensive research, BikeWo has identified a significant gap in the financial options available for EVs in India. In response, BikeWo is gearing up to introduce its own EV finance solutions in the upcoming year. These initiatives aim to empower consumers, making it easier for them to invest in the EV industry with greater convenience and accessibility.
We at Raptee are reimagining the powertrain on e2Ws. We are developing the first High Voltage drivetrain for electric two wheelers. This will help us to deliver to the customer a high-performance motorcycle equivalent to a 250cc engine. We are also the first electric 2wheeler motorcycle to have an onboard charger (OBC) that is compatible with the public charging stations. We are also working with the state government for a larger facility that will break ground in 2025 to help with further expansion.
