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Seven trends shaping the future of EVs in India

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According to FADA, EV sales increased by 155% year-on-year from FY2008 to FY2010 to 4,29,217 units in FY2010.

Battery technology makes EVs more affordable and accessible than gasoline, diesel and gas vehicles, increasing demand.

Growing infrastructure technology makes EV charging convenient for everyone, whether at home or on the go.

India’s electric vehicle industry has seen a significant rise over the last few years. According to data from the Federation of Automobile Dealer Associations (FADA), EV sales increased by 155% year-on-year from FY2008 to FY2010 to 4,29,217 units in FY2010. Despite the recent sluggish EV sales, pandemic and concerns about a slowdown, this increasing trend does not seem to slow down.

One of the reasons behind this growth is the fast pace of innovation when it comes to technology. Fast charging and smart charging are just a few technologies that have accelerated the adoption of EVs around the world in recent years. However, this outcome can be overshadowed by ongoing economic uncertainties. It needs to pay attention to certain technological trends that are expected to reshape the electric vehicle market.

Notable future EV technology trends

We live in a dynamic economy. The economy is constantly evolving with changes in emerging markets, new technologies, government policies on sustainability, and consumer preferences for car ownership. Advances in automation and digitalization have revolutionized other industries, and automobiles are no exception.

The long-standing challenges of the industry require new solutions. This will bring several products to the EV segment over the next few years. For example, last year many EV manufacturers introduced low-cost technologies. Investment in these technologies will skyrocket over the next few years.

Artificial intelligence and the Internet of Things

Artificial intelligence (AI) is one of the major technological trends that dominate the current market. In fact, according to McKinsey, AI-generated voice will be behind more than 50% of people’s computer interactions by 2024. However, many EV companies and manufacturers are still looking for ways to use AI effectively. The report further states that less than a quarter of respondents report significant end-to-end impacts on AI adoption.

In addition, we are more likely to witness the EV segment warming up to the Internet of Things (IoT) over the next few years. IoT integration will take place at the service level as well as in the premium segment.

Both AI and IoT help the industry understand and monitor riders’ daily commute and suggest charging cycles.

Non-lithium-ion battery-powered vehicle

Lithium-ion battery is an advanced battery technology that uses lithium-ion as the basic and main component. Batteries are also advancing in chemistry in step with the rapidly evolving EV industry.

Many battery technology start-ups have already developed batteries that are compatible with InstaCharge stations. Some companies are also developing graphite battery powered electric scooters.

Technology in EV production

Improving battery technology will be an important step in increasing the demand for electric vehicles. In addition, manufacturers need to make electric vehicles production faster, more efficient, and suitable for deploying more vehicle types. Achieving an efficient mass production model also helps to leverage economies of scale and lower prices.

Over the next few years, EV players will need to focus on scaling up OEMs to increase EV production. This supports mass adoption at a much lower price and can achieve the same cost as an internal combustion engine vehicle (ICEV).

Personal Mobility Device (PMD)

A personal electric mobility device or PMD is a small one-person electric vehicle. These types of vehicles will soon become popular as affordable last mile mobility solutions in the country.

PMDs such as slow and low cost motorcycles and electric bikes will find many buyers in small towns and remote areas.

Smart charging

Unlike traditional chargers, smart charging can communicate with vehicles and grids to reduce energy consumption costs. It also promotes better use of energy. Smart charging technology allows people to decide to charge via renewable energy. This will reduce CO2 emissions and energy costs.

Infrastructure technology

Allowing convenient charging for everyone means that more EVs are on the road, requiring a broader charging infrastructure. In India, the charging infrastructure still has a long way to go. According to Inc42, in order to meet the charging requirements of 20 Lakh electric vehicles, India will need to install about 4 Lakh charging stations by 2026.

EV players need to allow people to easily adapt to this charging habit. For this reason, they need to increase the number of public charging stations. A typical charging infrastructure in public places needs to be prepared to handle this workload. This can be achieved by adopting the latest technology.

Most public charging stations today consist of regular chargers that take hours to charge the average EV. High-speed and ultra-fast chargers for electric vehicles are readily available on the market, but are not used in these charging stations. In addition, the harmonization of the payment system at the charging station can greatly help improve the charging experience.

load distribution

Load balancing can also be supported by smart charging, especially as energy demand on the National Grid increases with the sale of electric vehicles. Load balancing is a growing technology trend that helps distribute available capacity to all active charging stations. It also helps ensure that optimal charging is provided for all electric vehicles in a particular location, within the capacity limits of the charging station.

This technology allows charging point owners to balance the load and distribute current between the units. This is a dynamic, cost-effective and much more sustainable way to send energy to all stations.

Over the next few years, the electric vehicle segment will surely take over the automotive industry with growing innovative technology trends. Battery technology makes EVs more affordable and more demanding than gasoline, diesel and gas vehicles.

In addition, rapid production technology will make EVs available to the masses by allowing supply to meet increasing demand. Various charging technologies, such as bidirectional charging, will allow the grid to support more EVs, supporting a clean energy transition in the coming years. In addition, the growth of infrastructure technology makes EV charging convenient for everyone, whether at home or on the go.

Sources

1/ https://Google.com/

2/ https://inc42.com/resources/7-trends-that-will-shape-indias-ev-future/

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