NEW DELHI: India’s transition towards cleaner energy solutions in the automobile sector will involve a mix of electric vehicles, hybrids, and plug-in hybrids, rather than exclusively relying on EVs, according to a report by Elara Securities.
The Indian EV market has witnessed significant growth, with global EV sales reaching 14 million in 2023 and India witnessing a 90 per cent growth rate.
The government has set a target of 30 per cent EV penetration by 2030, supported by the expansion of charging infrastructure, advanced battery management systems, and the introduction of new EV models.
“In the next 5-6 years, around 200,000 chargers will be needed, with 1 charger for every 50 vehicles. By CY30, connected car adoption is expected to reach 75-80 per cent, and ADAS adoption should hit 45 per cent, making BEV acquisition more attractive,” said Gaurav Gupta, chief growth officer at JSW MG Motor India.
The report further stated the emergence of software-defined vehicles (SDVs) as a key trend shaping the future of the Indian automotive sector. These vehicles integrate electronics, software, and electrical architecture into a unified system, enabling advanced features and services that can be monetized. This shift is pushing OEMs to adapt their business models from hardware-focused to software and smart solution-driven operations.
Bevin Jacob, Partner & Co-Founder of Automobility, said, “On-demand mobility services, powered by internet connectivity, electrification, autonomous driving, and mobility-as-a-service, represent a transformative development for the industry’s future.”
The report said that India’s automotive sector is on the cusp of a significant transformation, driven by technological advancements, collaborative efforts, and a strong focus on sustainable mobility. The transition to clean energy will involve a combination of EVs, hybrids, and plug-in hybrids, supported by a robust ecosystem of localized production and smart solutions.
The Indian EV market has witnessed significant growth, with global EV sales reaching 14 million in 2023 and India witnessing a 90 per cent growth rate.
The government has set a target of 30 per cent EV penetration by 2030, supported by the expansion of charging infrastructure, advanced battery management systems, and the introduction of new EV models.
“In the next 5-6 years, around 200,000 chargers will be needed, with 1 charger for every 50 vehicles. By CY30, connected car adoption is expected to reach 75-80 per cent, and ADAS adoption should hit 45 per cent, making BEV acquisition more attractive,” said Gaurav Gupta, chief growth officer at JSW MG Motor India.
The report further stated the emergence of software-defined vehicles (SDVs) as a key trend shaping the future of the Indian automotive sector. These vehicles integrate electronics, software, and electrical architecture into a unified system, enabling advanced features and services that can be monetized. This shift is pushing OEMs to adapt their business models from hardware-focused to software and smart solution-driven operations.
Bevin Jacob, Partner & Co-Founder of Automobility, said, “On-demand mobility services, powered by internet connectivity, electrification, autonomous driving, and mobility-as-a-service, represent a transformative development for the industry’s future.”
The report said that India’s automotive sector is on the cusp of a significant transformation, driven by technological advancements, collaborative efforts, and a strong focus on sustainable mobility. The transition to clean energy will involve a combination of EVs, hybrids, and plug-in hybrids, supported by a robust ecosystem of localized production and smart solutions.