EV transition in India: Impression on automotive element producers
One of many key revelations of the examine is the projected impression on auto element producers, with 45-84 % of elements for inner combustion engine (ICE) autos, primarily powertrain parts, anticipated to change into out of date because of the EV transition.
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States like Haryana, Maharashtra, and Tamil Nadu to take the hit
The evaluation of 729 ACMs throughout the nation signifies that roughly 34 % of them will face vital impression, significantly in states like Haryana, Maharashtra, and Tamil Nadu, the place auto manufacturing is concentrated.
Moreover, projections anticipate a considerable enhance in EV penetration within the Indian automotive market over the following decade. EV manufacturing is poised to surge, reaching between 36 to 51.4 million models by 2036-37, the report additional added. This progress might be significantly prevalent within the two-wheeler and three-wheeler segments, with as a lot as 100% market share within the latter.
EV transition will create extra jobs
Whereas the transition to EVs will result in the depletion of conventional job roles, significantly in ICE manufacturing, it’s anticipated to generate a web enhance in employment alternatives, with passenger automobile manufacturing jobs projected to double by 2036-37, from 1.7 million to three.3-3.7 million.
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