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'Indian EV market to grow in double digits'
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SME Times News Bureau | 12 Feb, 2018
The Indian electric vehicles (EV) market is expected to grow at double
digit rates till 2020, while the nascent telematics market is also
poised to develop at a much faster rate, industry chamber Assocham said
on Sunday.
The EV industry in the country is at a nascent stage,
comprising less than one per cent of total vehicle sales and is
dominated at 95 per cent by two-wheelers, an Assocham study done with
global advisory services firm EY said.
"Stricter emission norms,
reducing battery prices and increasing consumer awareness are driving EV
adoption in India, while EVs are not yet mainstream, government push
and other indications point to a growing momentum," stated the study
titled "Electric mobility in India: Leveraging collaboration and
nascency".
The report, however, noted the urgent need for
creating charging infrastructure at a rapid pace "as it is the
determining factor for growth of EVs".
"The required need at this
point in time is the presence of related support industry and
infrastructure as it will help the charging infrastructure thrive."
The
study also said that, as compared to public charging, home charging
would still continue to be the dominant source with a share of nearly 70
per cent in 2030.
"There is a growing need for a national regulated rate that can be applicable to all charging stations across India," it said.
Besides,
EV adoption will be highly dependent on the pace of fall in battery
costs as EVs are significantly more expensive than traditionally
propelled vehicles due to high cost of lithium ion batteries.
"With
improvement in technology and manufacturing efficiency, the cost is
expected to decline to $100/kWh by 2023," the report said with regard to
batteries.
India does not have any policy framework or mechanism for the battery recycling and second use market, the statement said.
"There is a need for long-term supply-side incentives that attract desired investments required for EV deployment," it added.
Describing
telematics as essential for EVs, Assocham said: "Growing use of
telematics across multiple services such as EV to grids interaction,
fleet/asset management, navigation and location-based systems,
insurance, V2V, V2X systems, remote alarm and incidence monitoring, and
safety and security, telematics is poised to grow at a compounded annual
growth rate (CAGR) of 31.2 per cent till 2020."
Telematics is
supporting new generation intelligent transport solutions by embedding
intelligence into vehicles using sensors and chips and improving
communication between different stakeholders to provide real-time
decision support through interconnected networks.
According to
Assocham, the global market size of telematics will be around $47.6
billion in 2020 from $20.02 bn in 2015, while 88 per cent penetration of
global integrated telematics for new cars is expected to be achieved by
2022.
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