CIO Insider

CIOInsider India Magazine

Separator

Green Technologies Could Push the Growth of EV Industry and Future

Separator

India's economy, which is expanding rapidly, is expected to become a manufacturing powerhouse for a number of industries, including the production of electric vehicles. Under the Make in India plan, the Indian government wants to produce all EVs entirely domestically. The Indian EV market, on the other hand, is still in its infancy and has a strategy for rapid expansion. According to reports, India's market for electric vehicles is predicted to grow to 17 million units by 2030, although the number of EVs sold last year was only one million. In order to promote domestic production and achieve its objective, the Indian government has announced a number of initiatives, including FAME India (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India), the PLI scheme for the Auto and the Auto Component, and the PLI scheme for manufacturing of ACC.

When overall sales in the United States reached 5.6 percent in 2022, the year when sales really began to take off in 18 other nations, many people will look back on that year as the turning point for electric cars (EVs). Globally, it is observed that EV demand increased in markets for automobiles that were otherwise weak. The delivery of 10.5 million battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), a 55 percent increase over 2021 sales, brought the number of EVs on the road worldwide to 20 million. These are some of the trends that are spreading as EV use increases. In order to successfully electrify transportation and have an abundant supply of renewable energy for homes and businesses, utilities, governments, auto and battery manufacturers, CPOs, eMobility service providers, and other important industry participants must collaborate to recharge our earth. The general consensus for 2023 is that EV sales will increase more slowly than in 2022. The eMobility sector will be shaped by these four key themes in 2023.

Electrification with New Models and Lower Price
As major automakers develop their nascent EV lines, dozens of new EV vehicles, including new premium models, middle-market sedans, SUVs, and pickup trucks, will make their debut in global markets in 2023 and 2024. Although initial costs have long been a barrier to EV adoption, major automakers like Tesla, Chevrolet, Nissan, and Hyundai are also lowering the cost of their current models. More mid-market models will make EV driving more accessible to a larger variety of consumers, especially when prices under $40,000 are coupled with government-sponsored incentives. Additionally, several brand-new EV vehicles will be released in 2023 for US purchasers that are eligible for federal tax incentives.

Zero-Emission Truck and Bus Markets
The market for electric commercial vehicles, such as vans, buses, and trucks, is anticipated to increase globally from $56.13 billion in 2021 to $848.94 billion by 2030 at a compound annual growth rate (CAGR) of 9.51 percent. Production of electric trucks is expected to rise by 300 percent in the United States in 2023, with major manufacturers releasing new models of everything from heavy-duty trucks to delivery vans, as well as implementing federal tax incentives supported by California Advanced Clean Fleets laws. While roadside high-speed DC charging stations will be necessary for long-haul (400 miles) trucking to flourish, commercial trucking fleets that make nightly returns to the base will find that the less expensive Level 2 charging infrastructure will be sufficient for the majority of needs, supporting the continued market expansion and fleet deployments.

EV Battery Advancements Focus on Cost, Chemistry, and Supply Chains
In 2023, academic research and investment will focus on batteries as a result of rising EV demand, worries over battery pricing, the availability of key minerals, and weak supply networks. EV drivers desire vehicles with lower prices, quicker charging times, and longer ranges, and developing battery technology is essential to achieving these goals.

The solid-state battery, which promises to provide higher energy density, quicker charging, and increased safety, is one new technology that is anticipated to make significant progress toward commercialization in 2023. Additionally, keep an eye out for developments in battery chemistries like lithium-air and magnesium-ion. The batteries that use sodium instead of the pricey and rare lithium are the ones that are the closest to being on the market. With major automakers already announcing intentions to employ LFP in some models, this year could witness a breakthrough in the adoption of batteries using safer, more affordable lithium iron phosphate (LFP) cathodes. In 2023, it's anticipated that businesses developing silicon-based lithium-ion anodes would advance toward commercialization.

The charge point operator (CPO) can store grid energy when it is affordable or locally produced solar energy and use it as backup power for rapid DC charging or during peak hours when electricity is expensive

The Inflation Reduction Act will offer billions of dollars in loans and incentives to battery manufacturers in order to enhance US battery supply chains. Additionally, there are EV tax subsidies that encourage automakers to purchase battery components from free-trade partners or the US as well as to produce batteries in the region.

Increased Use of Local Energy Storage
Speaking of electric vehicle batteries, 2023 will mark a turning point in the use of used EV batteries to store renewable energy and feed it back into the grid when the sun isn't out, or the wind isn't blowing. Battery storage on the grid is seen to be crucial for the switch to renewable energy. Similar to vehicle-to-grid (V2G) charging, the batteries in EVs themselves store energy during off-peak periods and release it to the grid during peak demand.

At public EV charging stations, fleet depots, commercial buildings, and other EV charging locations spent EV batteries are also being used for local energy storage. The charge point operator (CPO) can store grid energy when it is affordable or locally produced solar energy and use it as backup power for rapid DC charging or during peak hours when electricity is expensive.

Making local energy storage work for EV charging requires intelligent energy management. In order to assure dependable power distribution to EV chargers while minimizing costs, it orchestrates locally generated renewable energy resources, battery storage, and the grid.

Current Issue
ARETE: Pioneering Cyber Risk Solutions & Transforming The Future Of Cybersecurity