Sustainability is the need of the hour. We as humans have developed a lot, we have more sophisticated systems and technologies than say millions of years ago. It is the best time to be alive. Science has come a long way, from using animals as a means of transportation, to petrol enabled vehicles, (which causes more pollution and is a limited resource), to now electric vehicles.
We are reaching closer to the time where we will not hear any noise of vehicles passing us by, no more noise, fumes of gasses to hit you every time you step out. Thanks to electric vehicles, we may extend our lives and leave the earth a little more livable than we thought. Though many sci-fi movies show that we should have had flying vehicles by now, the only reality we have come close to is Electric Vehicles (EV).
The EV industry is growing and how, let’s take a deeper dive into it and look at what the future entails for this industry. Let us also explore what skills are required to enter this growing market.
The Ever-growing EV Market
The EV market has seen a substantial growth in recent years. It is projected to grow $388.1 Billion (2023) to a staggering $951.9 Billion by 2030. This surge was attributed to the advancements in battery technology, the increase in environmental awareness, and by the incentives provided by the government. It is also believed that the switch to electric vehicles can reduce India’s carbon dioxide emission by 1 gigatonne. This is a huge number, which cannot be taken lightly.
The government is also giving incentives like tax incentives, subsidies for EV manufacturers and increasing charging points infrastructure. The EV market in India is still at its infant stage but it is expected to grow at 44.5% by 2020-2025. Not only this but many international companies are also eyeing India’s rapidly growing EV sector.
Challenges of the EV market
The purchase cost of the electric vehicle is often high, even though in the long term it is cheaper than the normal gasoline powered vehicles. The reason for their heavy cost is because of the expensive raw materials and batteries.
With petrol-powered vehicles, you just get into the car without any care, whether the gas station is near you or not, it doesn’t even cross your mind. But with an Electric vehicle, you have to constantly calculate whether you have the battery power to travel the distance you want to go or not. As charging infra is yet to grow in numbers, as compared to fuel stations, it is natural to worry about it.
Lack of Charging Infrastructure
The lack of proper charging infrastructure only increases the distance anxiety. The government needs to invest in proper charging infrastructure and make it ubiquitous to make its vision of EV future come to life.
Employment Opportunities & In-demand Skills
The share of hires in EV skills within the automobile industry has gone up from 4.34% in 2017 to 8.25% in 2022. So if you have skills pertaining to this industry, you are in for a ride.
Here are the most in demand skills in the EV industry:
Professionals with a Mechanical engineering background will be in great demand as they are required to design suspension, brakes and the steering systems
Electrical engineers with the knowledge in electronics, power electronics, batteries, electric motors will also be in great demand.
Electric vehicles are heavily dependent on their batteries. So, a professional who has the skills to enhance the performance of the batteries, development of batteries, battery design, and testing will be high in demand.
People with vehicle design skills who can design a good looking and efficient vehicle will be highly on demand.
The EV industry relies on the principles of sustainability. So having knowledge on sustainability is very crucial.
Marketing & Sales
Marketing and sales are essential skills to promote the electric vehicle and making people aware of why to choose sustainable vehicles over the traditional gas powered vehicles.
What Does the Future Look Like?
The EV industry will only soar higher and the major obstacle in its way is charging infrastructure. Development of charging infrastructure across the nation is the only way to soothe the distance anxiety. Having said that, we also need to train individuals so that they can acquire the skills needed to take us even further in our EV journey.
(Author: This article is written by Gaurav Mukherjee & Karishma Chandnani for TechDoQuest.)