Castrol’s new global study called ’Switching ON the rEVolution: The road to EV readiness for markets, carmakers, and consumers’ reveals an analysis of forecasts versus the reality of the global automotive industry. According to the survey, 97% of automotive companies say they’ll be able to meet government-set targets for mobility transition. But, only 40% seem well equipped to experience a smooth transition from ICE vehicles to EVs. 66% of all surveyed companies are willing to prioritize the transition and increase their R&D budget. In the last 7 years, the R&D allocation of companies has doubled and is expected to undergo a 10% increase by 2025.
In the Indian consumer base, the survey found that 44% want their next vehicle purchase to be electric. This is due to concerns regarding carbon footprints, urban air pollution, and low maintenance costs of EVs. Castrol cited obstacles in this transition, the major ones being battery costs, lack of charging infrastructure, and lack of competent tech people. In India, it will be a while before the appropriate number of charging spaces get established because 73% non EV users feel a lack of fast-charging stations. Companies are partnering up to broaden the EV charging network and manufacturing or technological collaborations.
Castrol mentioned improving the EV battery life and vehicle range and bringing down upfront costs will help India enter a greener future. Government-supported incentives and infrastructure initiatives will also be supportive of the change.
Sandeep Sangwan, MD of Castrol India Limited, said, “In India, the transition to EVs might take place sooner in the two-wheeler and three-wheeler space compared to four-wheelers. Castrol India is keen to support the transition to EVs, and we are working with our industry partners to bring forth the next generation of technologies.”