Here's what some industry players had to say about how the year shaped up and what they expect moving forwardAs 2024 wraps up, India’s automotive industry is taking a moment to look back on a year filled with big changes, challenges, and milestones. From the rise of electric vehicles to exciting new technologies and policy shifts, the year had its highs and lows. But one thing is clear: it’s been a year of transformation that’s setting the stage for an even more exciting 2025. Here's what some industry players had to say about how the year shaped up and what they expect moving forward:
Piyush Arora, Managing Director & CEO of Škoda Auto Volkswagen India, highlighted the company's strides in 2024 and its ambitious plans for the future. He emphasized their entry into the sub-4-meter SUV segment with the Kylaq. Arora said "The year 2024 was a bridge year for Škoda Auto Volkswagen India, during which we strengthened our foundation and prepared for an exciting future. As we step into 2025, we are excited to ‘Fuel Transformation’ in the Indian automotive landscape by ramping up our product portfolio and accelerating our efforts to meet the evolving needs of Indian customers. Innovation, efficiency, and sustainability remain our driving forces."
Madhumita Agrawal, Founder & CEO of Oben Electric, underscored the robust growth in EV adoption, attributing it to indigenous innovation and supportive policies. She noted "Between April and November alone, India achieved an impressive 13.06 lakh EV registrations, reflecting a 25.64% growth compared to the previous year. This momentum has been fuelled by the rise of indigenous manufacturers delivering groundbreaking innovations, supportive government policies, and a growing shift toward eco-conscious consumerism. As we look to 2025, India stands at the cusp of becoming a global EV leader."
Pulkit Khurana, Co-Founder of Battery Smart, reflected on the milestones achieved in the EV space, particularly in battery-swapping technology. He said "2024 was a defining year for electric mobility in India, marked by a surge in EV sales, significant advancements in battery-swapping technology, and a notable expansion of electric commercial mobility. The adoption of EVs in Tier 2 and 3 cities accelerated, driven by the strengthening of charging and swapping infrastructure, alongside strong government support."
Samarth Kholkar, CEO & Co-Founder of BLive, emphasized the booming two-wheeler EV market, which he described as transformative. "India's electric two-wheeler market is witnessing exceptional growth, with sales increasing from approximately 45,000 units in FY 2021 to nearly 950,000 units in FY 2024—a CAGR of over 176%. By 2025, the market is expected to redefine India's mobility landscape, setting new benchmarks for sustainable growth." he noted.
"This year marked significant milestones, including increased awareness of electric mobility and a growing awareness of EV. The future of mobility lies in collaboration and innovation. Together, we can create a greener tomorrow, one milestone at a time." said Nikhil Anand Khurana, MD and CEO, Folks Motors.
"The PM E-Drive scheme reflects a comprehensive vision to drive sustainability in the transportation segment. These policies, alongside state government efforts underline a robust commitment to clean energy and sustainable mobility. Investments in charging infrastructure and support for EV adoption are creating an ecosystem that fosters innovation and paves the way for a greener future.” said Vinod Aggarwal, MD & CEO, VE Commercial Vehicles.
Rakesh Kher, CEO of Uno Minda (Aftermarket), highlighted advancements in the automotive aftermarket industry, driven by technology and sustainability. He explained "The automotive aftermarket industry saw significant advancements in 2024, driven by rapid innovation to meet the changing needs of customers. This shift has given rise to the PACE (Personalized, Autonomous, Connected, and Electrified) paradigm, marking a rapid transformation with a clear focus on sustainability and electrification."
Deepak Pahwa, Chairman of Pahwa Group & Managing Director of Bry-Air, pointed to the critical role of innovation in addressing EV challenges. "To further expedite the deeper penetration of EVs across the country, industry players should focus on innovation and research to develop groundbreaking battery technologies. Advancements in Li-ion batteries and solid-state batteries can alleviate range anxiety and safety concerns, boosting consumer confidence in EVs." Pahwa said.
Ayush Lohia, CEO of Lohia Auto, stressed the need for long-term policy support and GST reforms to accelerate EV adoption. He suggested "The government should announce a long-term five-year policy support plan to help stakeholders plan investments accordingly. Additionally, reducing GST on batteries, which is a significant component of EV costs, will provide the much-needed boost to the sector."
