The steady expansion of the EV market in India has given suppliers of automotive parts a new outlook and a window of opportunity. Uno Minda, one of the oldest and most established businesses in this industry, claims that it plans to take 20 to 25 percent of the market share soon.
Nirmal Minda, chairman and MD of Uno Minda, recently revealed to Digitimes Asia that there is a concerted push by the industry and the government to expedite EV adoption. The company is dedicated to creating its own EV components and collaborating with OEMs, even though this takes time.
According to Uno Minda, the automotive industry was one of the early adopters of the electrification movement. “About three to four years ago, we began this adventure by creating individual components. A Randamp;D facility with 300 engineers is here. After receiving advice from abroad, we started creating parts independently before interacting with both established and new OEMs. Because they preferred not to import from China or other countries, the older OEMs took a little longer than their more modern competitors. They desired success in India.”
numerous fresh orders from OEMs
With more automakers producing cars and declaring their plans, India’s EV ambitions are gaining traction. For instance, Mahindra introduced a number of electric vehicles this month. One of the pioneers in the electric two-wheeler market, Ola Electric, has scheduled the introduction of its first vehicle for 2024.
According to Minda, his business has been collaborating with a number of OEMs, and work is now being done. Notably, the company is developing a variety of low-current goods, including LEDs, switches, horns, and other devices. The company is working with OEMs to deliver accelerator position sensors, brake pedal sensors, AVAS, etc. for the two-wheeler market.
On our proof of concept, we had done a lot of designing, and we’re still working with the OEMs, Minda stated. “Various OEMs have lately placed numerous fresh orders with us,”
The organization is open to joint ventures with partners who have a proven track record even if it adheres to the philosophy of in-house innovation. As an illustration, consider a recent agreement to supply battery packs, BMS, chargers, smart plugs, vehicle control units, telematics, etc. with the German power supply solutions company Friwo. Minda stated that the business is searching for additional collaborative ventures with established, knowledgeable partners.
When asked about their interest in foreign markets, Minda responded that they are currently primarily concentrated on the Indian market. The corporation operates plants in nations where there may be a market for electric two-wheelers, including Vietnam and Indonesia. Uno Minda may investigate those markets once it has a stable foothold in the Indian EV market.
attempting to establish the environment
Even though India’s EV market is expected to increase, there are still a number of obstacles. The creation of an ecosystem that makes it convenient to utilize electric vehicles is foremost on the list.
“I think we can all agree that the Indian EV ecosystem is growing quickly,” Minda stated. “The government is also quite supportive, proposing several legislative efforts to support this, like the FAME 1, FAME 2, PLI programmes, etc. Basically, efforts are being made by the government and the industry to accelerate the adoption of electric vehicles. They want the market to grow more quickly, but it takes time to develop the ecosystem for charging and set standards for component makers as well as for vehicle manufacturers.”
Minda emphasized that many businesses currently import components from China and manufacture them locally, particularly in the EV two-wheeler market. However, this has raised a number of safety issues, not just because of the quality but also because the imported parts could not be appropriate for Indian conditions.
However, there have been a number of safety concerns. “Many of the new age OEMs have been importing components,” Minda stated. “Unfortunately, a lot of them want to move quickly without receiving full approval. Additionally, there has been a component shortage, and some of the new OEMs lack a thorough understanding of the market.”
The EV components industry is expanding.
Component producers like Uno Minda are expected to experience high demand in the future as the need for EVs rises. Companies in this sector may end up becoming the backbone of the market thanks to internally produced solutions and smart collaborative partnerships. We will undoubtedly witness additional inventions as technology develops.