By : Profectus Magazine / 20 May 2022 / Entrepreneur Story / Success Story
With over 1.3 billion population, India is one of the biggest markets for the automobile industry. Currently, India manufactures 22.7 million vehicles per year from which 4.1 million are exported. By the year 2026, India is estimated to be a ‘Five Trillion Dollar Economy’ in which the automobile industry may play a crucial role. One of the hindsight of this industry is the pollution and greenhouse gases emitted by the ICE (Internal Combustion Engine) vehicles.
The ongoing heatwave across India is proof of how global warming affects mother earth. Intending to curb its carbon emission, India is setting a stage for a more eco-friendly approach to transportation. As an alternative to ICE vehicles, electric vehicles are the new go-to for every environment-conscious driver. As soon as we hear electric vehicles, ‘Tesla’ instantly pops up in our heads. Due to the Make In India initiative Tesla might not be coming to India, nevertheless, the cost of the car was not a fit for the targeted segment in India.
The transition of the automobile industry won’t be easy in India as there’s a lack of resources and awareness. Though the Indian EV industry has seen a rise as the government is pushing for the adoption of these e-vehicles. Here are some key players responsible for the transition of the Indian Automobile industry:
Suhas Rajkumar (Simple Energy)
Launched in August 2021, the Simple One e-scooter by Simple Energy has claimed the highest riding range of 236 km per charge in India. Created and designed by Suhas Rajkumar, Simple One has already been booked by more than 30,000 Indians and is expected to be in the market by June 2022. With over four startups in five years, Suhas is set to conquer the EV world. ‘Art Gives Birth to Design, and design gives solutions, solutions lead to form and that is what entrepreneurship is all about,’ Rajkumar.
Tarun Mehta and Swapnil Jain (Ather Energy)
Founded back in 2013 by two IIT graduates Tarun Mehta and Swapnil Jain, Ather Energy has played a crucial role in the transition of the automobile industry. According to Forbes magazine, co-founder Tarun recalls that in 2013 they were betting that ‘electric vehicles were inevitable’. The duo recently raised a funding of $128 million led by NIIFL. Their flagship e-scooter 450x is known for a true riding range of 85 km per charge.
Bhavish Aggarwal (Ola Electric)
Another IITian who saw the future of electric vehicles, Bhavish Aggarwal is the founder of Ola cabs and Ola electric. Currently Ola electric has S1 and S1 pro-e-scooters which are being loved for their gadgets, riding range, and performance. With a riding range of 181 km per charge, Ola has one of the largest two-wheeler factories in the world.
Jeetender Sharma (Okinawa)
Jeetender Sharma founded Okinawa scooters back in 2015 intending to deliver value, technology, and support to the customers. With a motto of ‘Made in India’ and ‘Vocal for Local’, Okinawa is the second best-selling electric scooter in 2021 with one lakh sales. They offer a riding range of 139 km per charge. Okinawa has achieved several remarkable tie-ups with the Indian Navy, Delhi Transport Corporation, and Tirupati Smart City. they’ve also won several awards like Best Electric Two-Wheeler Company from MSME.
Apart from these startups revolutionizing the Indian automobile industry, major automobile players like Bajaj, Mahindra, TATA, Hero Motocorp, and TVS also play a major part in this transition. Bajaj hopped into the market with its iconic Chetak electric and plans to invest about ₹300 crores for an EV plant. After e-scooters, Indian companies are now looking vastly towards developing autonomous cars.
Although electric vehicles have benefits to it, there are several drawbacks to this industry in India. The lack of charging grids, poor road conditions, and recent incidents of e-scooters catching fire have led to resentment in Indians. With the government’s initiative and brilliant entrepreneur's minds, India might achieve its 100% EV transition.
TagsAther, Ola electric, Okinawa, Simple Energy, Electric vehicle , Automobile, Entrepreneur , India, Business, Home