EV Boom & Its Impact On The Automotive Industry: TeamLease

Abhijeet Singh
07 Mar 2024
08:30 AM
2 Min Read

An overview of the EV sector's trajectory, emphasising the need for skilled talent, technological advancement, and robust infrastructure to sustain growth.

EV Boom & Its Impact On The Automotive Industry: TeamLease mobility outlook

In a conversation with Mobility Outlook, Munira Loliwala, AVP- Strategy and Growth at TeamLease Digital, we delve into the dynamic shifts and burgeoning opportunities in the automotive sector, particularly focusing on the electric vehicle (EV) evolution. Loliwala shares her in-depth analysis and forecasts, shedding light on how the EV surge is reshaping the automotive landscape and the workforce within.

How significant is the EV sector's contribution to the automotive industry's growth?

The EV sector is poised to be a significant contributor to the GDP, with an anticipated 30% EV market share by 2030. This growth is not only enhancing the automotive industry but also propelling a synergistic evolution across various segments, including two-wheelers, commercial vehicles, and passenger cars.

What trends are we observing in EV adoption across different vehicle segments?

There's a notable surge in EV adoption, particularly in the two-wheeler and commercial vehicle segments. While two-wheelers are expected to see a 5-6% growth spike, commercial vehicles, especially those used in B2B sectors like cargo and passenger transport, are set to experience significant expansion.

How is the integration of AI and connected cars influencing the automotive sector?

While the industry is at a nascent stage concerning AI and connected cars, there's a clear trend toward technological integration, enhancing vehicle automation and user experience. This transformation is set to redefine the automotive sector, offering advanced features and smarter, safer vehicles.

Can you discuss the challenges and strategies in talent acquisition within the EV sector?

The sector is currently facing a 33% skill gap, especially in design, testing, and quality assurance. To bridge this gap, companies are engaging with educational institutions to design relevant curricula, focusing on reskilling and up-skilling, particularly in mechatronics, battery design, and AI/ML programming.

What initiatives are EV companies taking to foster employee loyalty and brand engagement?

EV companies are investing heavily in employee engagement programs, competitive compensation packages, and creating inclusive work environments. This is evident in the increasing intake of women freshers in ER&D and product development sectors, projected to constitute about 33% of the new hires.

How is the EV infrastructure evolving to accommodate the growing number of electric vehicles?

With the government's focus on enhancing EV infrastructure, there's a concerted effort to develop more charging stations and support services. However, a significant challenge remains in training local mechanics and service providers to cater to the unique needs of EV maintenance and repair.

As the automotive industry continues to evolve, embracing these changes and preparing for the future becomes imperative for businesses and professionals alike.

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