India's Journey Towards a Robust Electric Vehicle Ecosystem

In an exclusive interaction with Industry Outlook, Nishant Arya, Vice Chairman & MD of JBM Group, discussed the thriving potential of India's EV segment and its transformative impact on transportation. With over a decade of experience, Nishant is a dynamic leader who has transformed JBM Group into a global conglomerate. A graduate of Bradford University and the London School of Economics, he is renowned for his innovative solutions in EV and sustainability and has received numerous industry accolades.

Can you give us an overview of how electric vehicles are currently being adopted in India? What trends do you see shaping the growth of the EV ecosystem?

India is a frontrunner when it comes to transitioning to electric vehicles, especially in 2W/3W and electric bus domains, thanks to the forward-looking policies of the government, etc. The EV sector in India has successfully overcome the initial challenges of an extensive charging infrastructure, an effective payment security mechanism, power infra, etc. which has led to a faster deployment of e-vehicles in the country and has also encouraged auto OEMs to launch new EV products.

The electric vehicle (EV) ecosystem is rapidly evolving, driven by technological advancements, policy support, and increasing consumer interest. Some of the latest trends in the growth of the EV ecosystem include battery technology innovations involving second and third-life applications, charging hubs and their integration with renewable energy, Vehicle-to-Grid (V2G) technology, integration with autonomous driving being seen as the future of mobility, sustainability in manufacturing, etc. These trends indicate a robust and dynamic evolution of the EV ecosystem, which is expected to continue accelerating as technology advances and the global demand for sustainable transportation solutions grows.

How has the Indian government’s FAME II policy influenced the development of the electric vehicle ecosystem?

The much-needed momentum required for the EV sector was provided with the announcement of the FAME policy. The government’s thrust towards converting public transportation to electric was the highlight of this policy. India’s electric bus segment is expected to grow 8-10 times in the next 5 years. With multiple other schemes like PMP, NEBP, and the recently announced PM e-bus sewa, the rate of e-bus adoption and deployment has gained further thrust. In fact, with the PM e-bus sewa program, the electric bus and EV infrastructure adoption will reach the grassroots level penetration in India i.e. the Tier 2 and 3 cities with over 10,000 e-buses and EV infrastructure in 169 cities in the country.

Given the increasing customer response and buying rates for EVs, what specific measures are industries implementing to enhance efficiency and sustainability?

It is now generally accepted that green technologies, such as EVs, EV aggregates including batteries, and renewable energy will play more impactful roles across industries to drive value. Several reports suggest that while in 2020 green tech and sustainability market was valued between $10 and $12 billion, by 2030 it is expected to reach close to $75 billion. Multiple global climate platforms have been advocating cooperation between countries on EVs and the components that go into manufacturing them. In this endeavor, India has taken significant steps in consultation with the government towards creating opportunities for self-sufficiency in EV and EV aggregate manufacturing. Moreover, developing economies, and most certainly India, are working towards introducing policies for promoting EV-focused training and skilling to drive greater efficiencies and expertise.

What recent advancements are being made in charging infrastructure and battery technology to facilitate the broader adoption of electric vehicles across India?

The rapid adoption of electric vehicles (EVs) is closely tied to advancements in charging infrastructure and battery technology. Several recent developments in these areas are helping to overcome challenges like range anxiety, charging speed, and battery cost, thus accelerating the transition to EVs. With the evolution of technology-led EV domains such as ultra-fast charging networks, wireless and automated charging, battery swapping, advancements in battery technology & battery chemistries, grid Integration and smart charging, charging protocol standardization, innovation in charging management systems are playing a pivotal role in making electric vehicles more convenient, affordable and accessible to a broader audience across the globe.

Could you highlight how Indian automotive manufacturers and startups are contributing to the EV market? Can you highlight any significant collaborations or partnerships in this sector?

The EV sector has given phenomenal opportunities to start-ups in the EV manufacturing ecosystem, especially the 2W/3W segment. The industry has witnessed multiple new companies launching electric bikes and scooters in the last couple of years. Further, with a focused approach towards increasing localization, large auto OEMs have been closely working towards developing their Tier-1/2 supply chains enabling them to develop EV components and assemblies indigenously in India.

Looking ahead, what upcoming innovations and developments do you anticipate in India’s electric vehicle ecosystem? How might these innovations reshape the country’s transportation landscape in the next 5 years?

As a leading player in the electric public mobility segment, we are working relentlessly towards achieving the government’s vision of transforming the country’s public transformation to electric. This will be a big leap contributing towards achieving India’s Net Zero 2070 targets. We foresee that in the next 5 years, the dependency on ICE vehicles across segments will diminish significantly with EVs taking a larger pie of the overall share. The development of an end-to-end EV ecosystem has been a significant innovation that has been witnessed by the industry. In fact, JBM has led this disruption by successfully developing and deploying a comprehensive in-house EV platform aligned with our ‘Well-to-Wheel’ philosophy. Today, we are a one-stop solution provider in e-mobility, encompassing manufacturing electric vehicles, lithium-ion batteries, power electronics, and EV charging infrastructure solutions with expertise in customizing them based on the operating pattern across various geographies across the globe.