While Electric cars have been around for over a century, although it wasn’t until the last decade it became widely accepted option amongst consumers. As their designs and manufacturing become more efficient, environmentalists and individuals with the means to afford these cars are transitioning to electric transportation.
Although the shift to electric was once considered far off and unlikely for many people, the rising concern for climate change and sustainability has helped sway public opinion towards the need for transportation based on alternative energy. As more people invest in electric vehicles, the automotive industry is bound to experience some serious changes.
The global appeal of EVs is growing, with consumers in several major automotive markets interested in purchasing a hybrid or fully battery-electric powertrain as their next vehicle. Hence, manufacturers and re-manufacturers will have to
identify potential opportunities from vehicle electrification that will benefit Indian consumers.
Effects on manufacturers
Manufacturers should consider both the short- and long-term consequences of vehicle electrification. Massive investments will almost certainly be required to propel EV technology to the next level, where consumers' performance expectations will not have to be compromised. Collaborations and strategic partnerships are going to become more important in order to gain access to the latest innovations while spreading the associated costs across a larger number of players.
Original equipment manufacturers of commercial and passenger vehicles can improve overall vehicle efficiency, reliability, safety, and driveability through electrification. In the hybrid or fully electric vehicles, Demand for Onboard chargers, DC-DC convertors, traction motors, invertors, transmissions products and thermal Cooling systems will rise. Increased regulation and demand for improved fuel efficiency and lower emissions will open up new opportunities for advanced technologies
Effects on re-manufacturers.
The emerging market of EV offers challenges and opportunities for companies that are already operating in the re-manufacturing of mechanical parts, as well as for companies that are not yet currently operating in re-manufacturing. The main parts like battery will pose a major challenge for re-manufacturing along with recovery rate as re-manufacturing process for EV parts are not yet defined.
The opportunities including recycling of battery packs for other applications like storage invertors for home or commercial use. Opportunities for new players in this field will raise as the demand for EV will steadily grow.