The process of converting petrol or diesel-powered vehicles into electric vehicles is called EV retrofitting. Even without retrofitting, electric vehicles, in general, are making waves in the Indian manufacturing industry, with record sales of 1 million last year, and EVs making up 62% of the total 2-wheeler share.
As India is advancing towards becoming a developed country and with climate change also lurking just around the corner, there is a significant push towards reducing ICE (Internal Combustion Engine) vehicles and adopting more greener and cleaner energy-sourced vehicles, like EVs.
But building EVs can demand time and huge investments; this can be resolved with the emergence of retrofitted electric vehicles, which have become much more popular in recent months. Retrofitting is a cost-effective method to reduce our reliance on ICE vehicles and upgrade existing vehicles by replacing traditional parts like engines with batteries and controllers that rely on electricity. Retrofitted EVs (xEVs) are also less disruptive and more feasible as they don’t require altering the vehicle’s body or frame.
Retrofitted EVs can be a major influence in promoting an ESG (Environmental, Social, Governance) future. With government initiatives supporting sustainable and eco-friendly products and infrastructure, there is a need in the automotive industry for more environmentally friendly production goals. These ESG goals can help mitigate the consequences of climate change and prioritize sustainable development.
Potential of Retrofitted Electric Vehicles in India
The Indian vehicle fleet has a huge number of aging vehicles, which can be detrimental to the environment if they are not successfully repurposed. These aging vehicles can be converted to EVs instead of being scrapped. There is a huge potential for retrofitting adoption as even the Government of India is promoting sustainable development with its novel regulations and approvals.
xEVs or Retrofitted EVs will also be affordable to the general public. It is the need of the hour that car manufacturers start to critically strategize the adoption of retrofitted EVs that can capture the attention of fleet drivers (logistics, public transport, delivery services) and private owners.
ESG Benefits of Retrofitted EVs
Retrofitted electric vehicles are one of the best ways to promote ESG to businesses, companies, investors, and stakeholders.
Environmental: Retrofitted EVs are integral for reducing the impact of carbon emissions generated by traditional vehicles; they can also help to reduce fuel dependency and lessen air pollution.
Social: Retrofitted EVs are (xEVs) very cost-effective, so they are a very affordable option for consumers who can’t afford new EVs but still want to contribute towards sustainability.
Governance—Retrofitted EVs are compliant with global sustainability goals and norms, as well as aligning with India’s Net Zero Goal by 2070. So, this innovation is going to be quite revolutionary when it can be adapted in India by a majority and gradually but successfully totally replace traditional ICE vehicles.
Future of Retrofitted EVs in India
The government and private sector must move hand in hand to build a sustainable and green future. Innovations like retrofitted EVs can become an essential part of this endeavor. The government should be proactive in generating awareness about sustainable innovations and continue to refine or introduce policies that help promote eco-friendly innovations like xEVs (retrofitted EVs). There is a need to push for mandatory ICE to EV conversion, at least for commercial fleets.
The private sector can also benefit from sustainable development. Startups and automotive OEMs play a significant role in scaling retrofitting solutions. They are at the forefront of developing and promoting these practices to the general public. Collaboration between the government and private sector can also prove to be beneficial in sustainable development.
India is gearing up to be the global frontman in sustainable mobility, with the government targeting a strong 49% CAGR in the electric vehicle market from 2022 to 2030. This is expected to generate 5 crore direct and indirect jobs in India by 2030.
Retrofitted EVs can be the future of India’s e-mobility industry if it gains significant attention from the government and private sector. It is still a long road ahead with many challenges. Despite that, retrofitted vehicles offer innovative solutions for the common man wanting to contribute towards a sustainable future in developing India.
By Nikhil Anand Khurana, MD and CEO, Folks Motor
