The EV revolution lay in limbo until Tesla picked up the baton with the launch of the Roadster in 2008. A little over a decade later, Tesla’s Model 3 became the bestselling EV of all time, having retailed 6.4 lakh units until August last year. The world is now on the cusp of mass EV adoption. But Rippel’s concerns still hold true, especially in India, the fourth-largest auto market in the world.
“It is not going to be a total disruption. For at least 10 years, ICE (internal combustion engine) is not going to disappear,” Nirmal K. Minda, Chairman and Managing Director, UNO Minda Group, says bluntly. The numbers bear that out. India’s EV component market was worth around $536 million in 2019, according to market research firm P&S Intelligence, and is expected to grow at a CAGR of 22.1 per cent between 2020 and 2030. This, companies say, will come on the back of both ICE vehicles and EVs.
This story is from the January 09, 2022 edition of Business Today.
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This story is from the January 09, 2022 edition of Business Today.
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