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Oct 15, 10:23
US sees battery shortages by 2025
South Korean battery suppliers are expected to be the main suppliers for the US electric vehicle market until at least 2025, indicated industry sources. The US has begun building capacities to produce EV batteries locally, but given the long preceding set-up process, the undersupply of batteries in North America will continue until 2025.
India's annual sales of two-wheelers once exceeded 20 million units but dropped to about 15 million units in 2020 due to the impact of the pandemic. Hero was the top motorcycle brand, with sales of 4.73 million units followed by Honda's 3.06 million units. Homegrown manufacturer, Chennai-based TVS, was in third place with 1.8 million units, and Bajaj with 1.42 million was fourth. Japan's Suzuki and Yamaha both have deployments in India. These companies are still in their inception stages of investment in electric vehicles (EV) except Hero Group, who invested in Hero Electric to capitalize on business opportunities for electric motorcycles.
Before studying India's electric vehicle (EV) market, you may need to understand the Indian modes of transportation. According to NSSO, 62.3% of Indians prefer public transport such as buses and trains, and 46.7% of Indians use three-wheeled tuk-tuk. During weekdays 15.6 % of Indians regularly take trains while 9.8 % of them take a taxi. We can observe the future means of transport for Indians from the perspectives of "new technology" and "mode of operation".
Ever since Tesla launched the world's first self-driving car, the automotive and startup industries have been rushing to the development of self-driving technology, marking yet another science fiction invention turned reality. According to research from the Boston Consulting Group, the global self-driving car market is expected to reach US$42 billion in 2025, and the market size is expected to further double by 2035.
Startups are the growing force of India's economy. One of India's unicorn startups launched Ola Cars online car-shopping platform, while electric vehicles (EV), especially two-wheelers, are seeing increasing sales in India.
Geopolitical tension and the net-zero carbon emission policy deadlines of governments worldwide are driving up demands for rare earth metals. However, trying to secure local supplies only by investing huge capital to build domestic production in the US or the EU alone is mission impossible. To achieve their carbon neutrality plan, innovation for rare earth demand reduction is also needed.
Who is the leader in the Indian car market? Suzuki accounts for almost 50% market share of the world's fifth-largest market of 2.71 million cars per year. Suzuki is not a top-tier brand in Japan. The key factor of Suzuki's success in India is that Suzuki Motor embraces a one-stop-shopping service strategy for the Indian market from car manufacturing to maintenance, insurance, and driving training courses. On top of that, its integration in the upstream and downstream of supply chains along with half a century of long-term in-depth operation in the Indian market is unrivaled. Perhaps owing to its satisfactory operation, Suzuki Motor is not active in the electric vehicles (EV) market.
India's huge population and potential economic growth have attracted investments from foreign IT enterprises, such as Samsung, Netflix, and Oppo, while local large enterprise groups such as Tata and Reliance have been pushing for innovations across industries in India with increasing investments as well.
Granted access to the local EV market in the US by acquiring Lordstown Motors' Ohio factory, Foxconn will be producing Lordstown's Endurance electric truck and will be able to provide manufacturing services to other clients such as Fisker.
Indonesia is poised to become the top electric vehicle (EV) battery supply base among all Southeast Asian countries, thanks to abundant mineral reserves and incoming foreign investment. The Indonesian government has also given solid support to grow the local industry.
If there will be an Apple Car, who will assemble it? Sources at suppliers speculated that Apple might have had a grip on most key components up until now and that the speed Apple makes adjustments with suppliers seems faster than before.
India's per capita income is far lower than China's. Raw materials such as steel, coal and cotton are produced in India and shipped to China with processed products sold back to India. China's mobile phones, TVs and various commodities are sweeping the Indian market, with a trade deficit of more than US$50 billion a year in favor of China, partly fueling the tensions between the two countries.