The Eluding Parity And Opportunities

The global EV adoption gives a picture of ambitious followers, emerging EV markets and the starter nations. Ashish Bhatia looks at the factors driving the eluding parity between EVS and ICE vehicles and opportunities.

- Ashish Bhatia

The global EV adoption continues to be "time displaced". Every region has a different rate of adoption leading to Management Consulting firm, Arthur D. Little categorising them as 'Ambitious Followers', 'Emerging EV Markets' and 'Starter Nations' in the Global Electric Mobility Readiness Index - GEMRIX 2022. While Norway, China, Germany, Singapore and the UK lead the pack as ambitious followers at the top end of the spectrum, Mexico, India, Brazil, Indonesia, Vietnam and South Africa find themselves at the bottom of the pack as starter nations. Rajan Wadhera, Former President, of Mahindra Automotive Sector and Former President, SIAM admits to the eluding parity between nations has India finding itself with a low, two per cent rate of adoption despite a heightened optimism. "It is largely due to a huge price differential with traditional engine counterparts and the absence of adequate EV infrastructure in the country," he opines. Stressing on the need to create indigenous solutions and support a domestic value chain, Wadhera backs India's potential to become a global EV powerhouse led by the two-wheelers ecosystem and backed by suppliers.