EV market will reach 10 million annual sales, growing at 49% CAGR 2022-30
India is likely to have 55–75 million electric vehicles on the road by 2030, compared to 13.92 million EVs as of August 2022, according to Promoad Shettie, who has worked for 14+ years with OEMS in Japan and is now founder of Mooshek Motors in Maharashtra.
“I strongly feel that by 2030, the numbers will likely increase by 55–75 million EVs on the road,” he said in a release on 17 Oct 2022.
“A lot of work needs to be done to Make In India vision a reality while EV market is slowly and steadily gaining momentum. As far as my knowledge goes, there are around 13,92,265 EVs on Indian roads as on info dated in August 2022 (Ministry of Road Transport and Highways, India).”
Post-COVID pandemic, Indians wish to travel in their vehicle, and I strongly feel that by 2030, the EV market will reach 10 million annual sales, growing at a Compound Annual Growth Rate (CAGR) of 49% between 2022 and 2030,” said Promoad.
One of the recent start-ups, Mooshek Motors, will soon launch new cars in the automobile industry.
“Mooshek will lead the way to the future of mobility, enriching lives in India with the safest, eco-friendly, leading-edge technology,” he underlined.
The company aims to exceed expectations and be rewarded with encouragement through the commitment to high quality, innovation and respect for the planet.
Elaborating, he pointed out that India has already accomplished one of the benchmarks in the EV sector.
“The highway between Delhi and Chandigarh is the first in the nation to be made e-vehicle friendly by Bharat Heavy Electricals Limited (BHEL), successful commissioning 20 solar-based EV Chargers.
“Other states need to adapt and transform as well as start thinking ahead of time,” he said.
The country’s total number of charging stations climbed by 285% year over year in the financial year (FY) 2022; strong government measures are projected to accelerate the expansion to 4 lakh stations by FY 2026.
“In India, I understood the challenges OEMs are facing due to an overwhelming response from suppliers and their employees. I have adopted one of the best management and work culture in Mooshek Motors that will solve not only industrial problems but also the key problem of ‘work-life balance’ of employees.
“Apart from launching electric cars, we plan to launch Mooshek Mould, India’s first initiative to empower the supplier development chain,” he said.
“We envision this program to deliver new edge management solutions and break the silos. We want to emphasize building ‘Quality In India’ to improve the industrial standards,” Promoad assured.
He equipped, “Atmanirbhar Bharat, an initiative taken by the Indian Government, is a mission for all of us. India is dedicated to an aspirational goal of having at least 30% to 40% of private automobiles as EVs by 2030.
“Currently, the automobile industry adds around 7.1% of India’s Gross Domestic Product (GDP) and 49% of its manufacturing GDP, which to me, are good numbers.
“This means that India is poised to witness a significant impact on the nation’s economy and has the impetus to grow further.”
Before conceiving Mooshek, Promoad has worked with well-known OEMs in Japan for 14+ years and understands the importance of bringing “Diamond Quality” to the end products with his rich experience and management skills. fiinews.com
