India
Suppliers of Powertrain components have their work cut out in the wake of ongoing and expected EV penetration at home and around the world.
Niti Aayog wants to electrify India's 2W segment (under 150-cc engines that make up for 90% of the total 2W market) by 2025 and the 3W segment by 2023. The government's efforts also focus on getting the buses and commercial fleets to adopt electric vehicles. According to industry experts, though a complete shift to EVs would not happen so fast considering the state of the overall ecosystem, India's mass mobility vehicle segment including 3Ws, 2Ws, and buses could see 40% or higher EV penetration by 2030. Forecasts for global EV penetration stand at 30% by 2030 across several vehicle segments including private cars.
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Innovation sector
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Challenges