The Indian Electric Vehicle Market Achieved a Significant Milestone
In 2022, EV retail sales surpassed one million units or 4.7% of all vehicle sales. The government’s Vahan website states that approximately 9,89,000 EVs have been registered with regional transport offices as of 29th December 2022. The figures already indicate an increase of more than three times from 2021 (without Telangana data).
The major drivers of the rise have been EV automotive and mobility fleet operators and individuals purchasing two-wheelers. New models, more charging stations becoming available, and reduced operating costs have all attracted customers. Manufacturers like Tata Motors, Ather Energy, and Ola Electric stand to gain the most from the rising use of EVs.
In October, November, and December, EV sales per month exceeded the 1,00,000 mark due to high demand during festival season and year-end purchases. 1,02,000 electric vehicle registrations were made in December, compared to 115,000 and 119,000 sales in October and November.
Even though sales for the industry were down in December, Tata, the dominant player in the four-wheeler market, passed the 50,000 EV mark. It became the first vehicle manufacturer in India to do so this year thanks to its aggressive strategy in the EV market and automotive executive search firms, which helped increase its customer base and raise the necessary awareness. Tata Motors currently control 85% of the market for electric passenger vehicles. According to predictions from the industry, if this year’s trends continue, EV sales might reach 1,00,000 each month over the following 12 months.
Challenges Ahead
The Society of Manufacturers of Electric Vehicles predicts that by 2025, internal combustion engines will have transitioned to electric power by 30%. However, the auto industry’s reluctance to spend more on EVs, the lack of a long-term strategy, and an increase in Covid cases put the sector in severe danger. To prevent over-dependence on suppliers like China, automotive executive headhunters embarked on a long-term policy with a strong emphasis on sourcing great resources within India. Additionally, executive recruiters in the automotive industry are important for a solid supply chain of personnel and essential raw materials like rare earth metals. The EV industry’s expansion goals could be hampered if these aren’t in place.
The ambitious target set by the government is for EVs to account for 30% of private automobiles, 70% of commercial vehicles, and 80% of two- and three-wheelers by 2030. Especially for passenger cars, the auto industry today has a fairly solid order book. Since most of these orders are for high-end models, servicing them will require larger quantities of semiconductors.
The FAME Scheme
In 2015, the government adopted the Faster Adoption and Manufacturing of Hybrid and EV (FAME) scheme for INR 8.95 billion (USD 130 million) to prioritise the transition to e-mobility. This scheme provided subsidies for electric two-wheelers like scooters, electric three-wheelers, and e-cars. INR 8597 crore has been granted incentives under Phase II of the FAME Scheme, which was introduced in 2019. INR 1000 crore has been designated for the construction of charging infrastructure, giving rise to recruitment agencies for the automotive industry due to the rise in workforce demand.
EVs are regarded as the future of the automotive industry as the global energy landscape shifts in favour of renewable and sustainable energy sources in all spheres of life. The demand for EVs will only increase with new government policies and incentives.
Krehsst has continuously reviewed and improved its processes, and as a result, its systems and procedures keep up with the speed of automotive executive recruiters in the industry. Whatever your sector, you can rely on Krehsst’s experience for cutting-edge talent solutions while concentrating on attaining higher savings.
In E-mobility we have extensively worked on powertrain technology, battery management system, and the complete ecosystem of hardware/power electronics, and embedded software in the Electric Vehicle industry. We stand out from other recruitment consultants with our in-depth knowledge of electric vehicle integration.
In 2022, EV retail sales surpassed one million units or 4.7% of all vehicle sales. The government’s Vahan website states that approximately 9,89,000 EVs have been registered with regional transport offices as of 29th December 2022. The figures already indicate an increase of more than three times from 2021 (without Telangana data).
The major drivers of the rise have been EV automotive and mobility fleet operators and individuals purchasing two-wheelers. New models, more charging stations becoming available, and reduced operating costs have all attracted customers. Manufacturers like Tata Motors, Ather Energy, and Ola Electric stand to gain the most from the rising use of EVs.
In October, November, and December, EV sales per month exceeded the 1,00,000 mark due to high demand during festival season and year-end purchases. 1,02,000 electric vehicle registrations were made in December, compared to 115,000 and 119,000 sales in October and November.
Even though sales for the industry were down in December, Tata, the dominant player in the four-wheeler market, passed the 50,000 EV mark. It became the first vehicle manufacturer in India to do so this year thanks to its aggressive strategy in the EV market and automotive executive search firms, which helped increase its customer base and raise the necessary awareness. Tata Motors currently control 85% of the market for electric passenger vehicles. According to predictions from the industry, if this year’s trends continue, EV sales might reach 1,00,000 each month over the following 12 months.
Challenges Ahead
The Society of Manufacturers of Electric Vehicles predicts that by 2025, internal combustion engines will have transitioned to electric power by 30%. However, the auto industry’s reluctance to spend more on EVs, the lack of a long-term strategy, and an increase in Covid cases put the sector in severe danger. To prevent over-dependence on suppliers like China, automotive executive headhunters embarked on a long-term policy with a strong emphasis on sourcing great resources within India. Additionally, executive recruiters in the automotive industry are important for a solid supply chain of personnel and essential raw materials like rare earth metals. The EV industry’s expansion goals could be hampered if these aren’t in place.
The ambitious target set by the government is for EVs to account for 30% of private automobiles, 70% of commercial vehicles, and 80% of two- and three-wheelers by 2030. Especially for passenger cars, the auto industry today has a fairly solid order book. Since most of these orders are for high-end models, servicing them will require larger quantities of semiconductors.
The FAME Scheme
In 2015, the government adopted the Faster Adoption and Manufacturing of Hybrid and EV (FAME) scheme for INR 8.95 billion (USD 130 million) to prioritise the transition to e-mobility. This scheme provided subsidies for electric two-wheelers like scooters, electric three-wheelers, and e-cars. INR 8597 crore has been granted incentives under Phase II of the FAME Scheme, which was introduced in 2019. INR 1000 crore has been designated for the construction of charging infrastructure, giving rise to recruitment agencies for the automotive industry due to the rise in workforce demand.
EVs are regarded as the future of the automotive industry as the global energy landscape shifts in favour of renewable and sustainable energy sources in all spheres of life. The demand for EVs will only increase with new government policies and incentives.
Krehsst has continuously reviewed and improved its processes, and as a result, its systems and procedures keep up with the speed of automotive executive recruiters in the industry. Whatever your sector, you can rely on Krehsst’s experience for cutting-edge talent solutions while concentrating on attaining higher savings.
In E-mobility we have extensively worked on powertrain technology, battery management system, and the complete ecosystem of hardware/power electronics, and embedded software in the Electric Vehicle industry. We stand out from other recruitment consultants with our in-depth knowledge of electric vehicle integration.
