India: The most leading electric vehicle company of China, Sunra is seeing India to emerge as the world’s biggest market for the electric bikes and hence it has plans of setting up a factory in India. The firm is mainly in to exporting the e-bikes and its spare parts to nearly 70 countries out of which India is also one, says it is upbeat about the investment in the country, especially in light of the Prime Minister Narendra Modi’s policies for the electric vehicle (EV) sector and the invitations to the companies for manufacturing the e-vehicles in India. This venture will further have a positive impact of the emerging market of electric vehicles in the foreseeable future.
“We are studying the policies and we want to set up a factory in India, most likely in Bangalore (Bengaluru),” Sunra’s General Manager Victor Lu told IANS at the company’s headquarters here in Wuxi, a fast-developing city in China’s eastern province Jiangsu.
“We have 16 small-time partners in Delhi. We send our engineers to these companies to assemble e-bikes. Now, we want to go big,” he said, adding that India already has two Sunra bike models on its roads. “There are six models that are currently under ARAI (Automotive Research Association of India) test,” Victor said. “At present, we make only 20 percent bikes for the Indian market, but we want it to be 80 percent in the future,” he added.
According to BlueWeave Consulting, the wave towards the increasing demand for Electric Vehicles, owing to its positive impact on environment, has already been established within the major automobile players, and are working towards their upcoming models of Electric vehicles. The shift to electric vehicles from the conventional combustion engine vehicles will fetch a change in the overall ecosystem of Automobile industry. China has emerged as the leader in both the supply of — and demand for — electric vehicles. In the year 2017, nearly 777,000 EVs were sold in china when compared to those sold in the year 2016. Victor thinks that India will outpace China in the upcoming four to five years in terms of demands for the e-vehicles. India is the world’s biggest market for e-bikes. There is so much pollution in Delhi and other Indian cities. People would switch to e-bikes very soon. And, the Modi government’s decision to encourage the use of e-vehicles is all the more reason for Sunra to invest in India. India is also said to be the second largest greenhouse gas emitter after China and also tops the list of those having the biggest number of two-wheelers those run on petrol. Most of the polluted cities of the world are in India. This is the main reason why Modi government is planning to switch India to e-vehicles. The estimates will significantly cut the country’s oil bill and will also bring down the emissions by 37 per cent. Sunra already has its presence in India as it is exporting the batteries, spare parts of vehicles and the e-bikes in the country. This venture will have a positive impact on the automotive market industry in the near future.
According to a recently published report by BlueWeave Consulting, on “Global Electric Commercial Vehicles Market by Propulsion type (BEV, HEV, PHEV, FCEV), by Vehicle type (Bus, Truck, Van, Others), by Component (Motor, Battery, Others) – Industry Analysis, Size, Share, Growth, Trends, and Forecast by 2018-2024”, the Global Electric Commercial Vehicle is projected to grow over a CAGR of 12% during the forecast period of 2018-2024 by value. The market is expected to reach around USD 149,316 Million by 2024. The expansion of the electric vehicles market is influenced by growing demand for fuel-efficient, high-performance and low-emission vehicles coupled with, stringent rules and regulations in several countries and growth of public charging infrastructures in countries like Norway, France, China and other developed countries. This is in-turn creating an opportunity for automakers to flood the market with electric vehicles. The highly populated developing countries like India, China will provide the future market for Electric vehicles.