World EV Day: Experts Share Challenges Needed To Be Addressed In EV Sector

With government support and private investment, the electric vehicle revolution is on the right track to achieve the net zero by 2070. The widespread awareness, efforts to come up with better technology in manufacturing of the electric vehicles have increased the accessibility and contributed in green environment. As per India Energy Storage Alliance (IESA), the Indian EV industry is expected to expand at a CAGR of 36 per cent. NITI Aayog aims to achieve EV sales penetration of 70 per cent for all commercial cars, 30 per cent for private cars, 40 per cent for buses and 80 per cent for two and three-wheelers by 2030.

We have seen a significant growth in the electric vehicles in the automotive sector in recent years. However, there are various challenges in this sector which are needed to be addressed. On World EV Day, Opportunity India talked to various players in the electric vehicles industry who shared their thoughts on these many challenges.

Saurav Goyal, Co-Founder and COO, Metastable Materials said that there is a need to bring down the ownership cost of the vehicles which is very high making EV an expensive product for the masses.

“While the government has been actively pushing the EV industry and domestic manufacturing of its various components, there is still a need to bring the cost of ownership of an EV further down in order to accelerate its adoption amongst the masses. Integrated supply chains for consistent availability of raw materials and higher salvage values for end-of-life vehicles, especially their lithium-ion batteries, can certainly be the game-changers. Also, there is a need to shift the consumer preferences towards EVs to overcome their reservations regarding the vehicle’s safety, range and overall performance,” Goyal told Opportunity India.

Meanwhile, Mitull Batraa, Co-Founder and CEO, Udaan Vehicles said, “While the EV industry across the globe is growing at an enviable pace, the mass adoption of electric mobility is still a distant dream that is contending with some significant challenges. The unclear regulatory environment coupled with the constantly changing compliances is causing instability in the industry. The high retail price is also weighing in on the adoption of EVs and to make matters worse is the lack of public charging infrastructure in the country. Further, the absence of an EV ecosystem makes it difficult for stakeholders to access quality components, batteries, and other important supplies required offering superior EV products to target markets.

Terming lack of charging infrastructure for EV a major setback, Dr Lalit Singh, CEO, TelioEV said that the EV industry has indeed come a long way. However, despite growth and progress, there are still challenges that demand our attention and innovation to accelerate the global transition to electric mobility.

“One of the key setbacks hindering the widespread adoption of EVs is the issue of charging infrastructure. Limited charging stations result in range anxiety and inconvenience for EV owners and potential buyers, scaring them away from embracing this technology fully,” he said.

“Additionally, advancing the battery technology to increase their range and lifespan while reducing charging time is crucial. Striving for breakthrough advancements in battery innovation will enhance consumer confidence in the reliability and convenience of EVs as a viable, daily transport alternative,” he added.

On this World EV Day, let us acknowledge these challenges genuinely, knowing that collaborative efforts and bolstered investments are key to future EV growth. Together, we have the power to revolutionize the transport sector, pursuing horizons of clean and sustainable mobility.

Nehal Gupta, Director, AMU Leasing said, “In the ever-evolving landscape of electric vehicles, the industry grapples with multifaceted challenges that require urgent and comprehensive solutions. Expanding the charging infrastructure to meet the growing demand for EVs is crucial, as is the sustainable sourcing of battery materials and developing effective recycling processes. These challenges are pivotal in shaping the future of transportation.”

Gupta said, “As we navigate these hurdles, it is imperative to foster innovation through research and development, encourage collaboration among industry stakeholders, and advocate for policies that support the widespread adoption of electric vehicles. By addressing these challenges collectively, we have the opportunity to accelerate the transition to electric vehicles, significantly reduce our carbon footprint, and chart a course towards a cleaner, more sustainable automotive industry."

Meanwhile, Sushant Kumar, Managing Director & Founder, AMO Mobility said that it makes it important for us to address challenges like less awareness about EV’s environmental perks to promote growth.

“The EV industry in India has immense potential to flourish and revolutionize how we commute or contribute to carbon emissions. However, the sector is plagued with major headwinds impeding its growth. This makes it important for us to address top challenges such as high upfront costs affecting EV demand, lack of innovation, and less awareness about EV’s environmental perks to promote growth. Firstly, we need to focus on creating demand for electric scooters and electric bikes in India, which can be achieved if more government policies like the FAME-II scheme and tax rebates are available. There is also an urgency for impetus on research and development to develop efficient EVs like e-bikes and e-scooty models, which is possible through proper funding and dissemination of technological innovations. I believe a boost to the electrical bike manufacturing segment is crucial for producing high-quality and efficient electric vehicles to draw in customers. If we as an e-bike company in India can overcome these roadblocks and educate the consumers, we can cater to customers’ needs related to better electric scooters in India and facilitate the adoption of e-bikes in India and the overall growth EV sector.”

Raaja Kanwar, Chairman and Managing Director, Apollo Green Energy and Apollo Supply Chain said that insufficient charging infrastructure represents a significant barrier to the widespread adoption of EVs.

Kanwar said that as we advance toward a greener tomorrow, it becomes evident that electric vehicles symbolize more than just a technological shift; they signify a profound transformation in our relationship with the environment. On World EV Day, we celebrate the freedom of choice, the ability to reduce emissions, and the capacity to shape a sustainable world.

The adoption of electric vehicles is closely tied to the availability of charging infrastructure. Currently, insufficient charging infrastructure represents a significant barrier to the widespread adoption of EVs. Despite ongoing challenges in the charging infrastructure, substantial investments are paving the way for the EV industry to thrive, generating millions of jobs, and aligning with India's commitment to environmental protection. Building a robust charging infrastructure is pivotal, ensuring that this sustainable revolution thrives and reshapes our future, he added.