5 Industries That Will Benefit From The Upcoming EV Boom
The rise of the EV industry has led to large-scale adoption across the country.
While initially, the goal was to get more personal vehicles on the road for better adoption, EV manufacturers are now eyeing B2B opportunities that can further expedite the sales numbers.
However, the thing to note is that no matter who the final customer is, large-scale adoption of EVs is always good news for the entire industry, leading to a more robust charging infrastructure.
Here are some industries that can capitalize on the upcoming EV boom in India.
Also Read: India's New Found Lithium Reserves: What does it mean for the future of EVs?
Credits: The New York Times
The use of electric vehicles in public transport isn’t new per se. There have been developments in the past that have led to electric vehicles becoming a part of the mainstream public transportation system across India and the world.
One of the earliest examples can be the humble Trams of Kolkata, which got them in 1902 and run to this date.
More modern examples can be the induction of electric buses into a city’s public bus fleet or the Metro network.
As electric vehicles become more common, the entry of ride-hailing startups like BluSmart, which is India’s largest app-based electric ride-hailing company, can change the game for how electric cars become a part of mainstream taxi services.
DISCOMS and power-generating companies are other industries that can benefit massively from the large-scale adoption of electric vehicles.
As more and more electric vehicles are deployed on the roads, these companies will have to further expedite their operations and make themselves available and more efficient to cater to the rising demand.
Apart from the rising demand for setting up EV charging stations and infrastructure, consumers would also want a more reliable power supply to charge their vehicles in their homes.
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The industry helping electric vehicle manufacturers will be the most obvious winner of large-scale EV adoption. According to a recent report, if electric vehicle sales cross 8 million vehicles globally, the battery market will have to grow at a similar rate and reach a size of $60 billion.
As countries rush to cater to the rising demand for electric vehicles, battery manufacturing companies must invest more in R&D.
In order for companies in the battery manufacturing industry to rise, they will look up to the central government for incentives and PLIs (production-linked incentive schemes).
Logistics, Delivery, and Last Mile Connectivity
Delivery startups and companies are always on the move and are often on the list of industries consuming the most fossil fuel worldwide, making them one of the largest emitters of fossil fuels as well.
As more and more people shift to online means to get their clothes, apparel, appliances, groceries, food, and in fact most of the things that you can think of, the industry needs to adapt accordingly.
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The good news is that there has been progressing in adopting electric vehicles as a mode of transportation and last-mile connectivity when it comes to transportation.
Automobile companies & OEM Manufacturers
While there are pre-existing automotive companies already offering some exciting electric vehicle options as a part of their lineup, the newer entrants might face some initial hurdles to penetrating the competitive market.
Automobile brands like Tata are quite bullish about EVs and are continuing to add more to their vehicles.
With a spike in the awareness of EVs and their benefits, the rise in demand for them is unprecedented. Automobile companies will rely on OEM (original equipment manufacturers) companies to ensure there are on-time, top-quality deliveries that enhance the customer experience.
Conclusion: The Rise of EVs
There’s no uncertainty about the fact that the rise and adoption of EVs in India has begun and will eventually seep into the mainstream.
As that happens, and the costs of ownership and maintenance of an electric vehicle in India begin to come down, we can see large-scale adoption of these vehicles swiftly across the country.
The industries mentioned above have been at the forefront of adopting EVs in their initial stages and are expected to further expedite their adoption across the country.
Let’s see where we stand after a long wait of years.