“Since we are getting into the HV space, our focus this year and beyond will be how we can add value in the passenger car as well. Currently, we are into the two and three-wheeler segments and now with HVs, our next target is to see how we can penetrate the passenger and the CV segments,” SEG Automotive India President & Managing Director Anil Kumar MR told PTI in an interaction.
Market penetration of electric variants is already on the rise among different vehicle categories in India and it is estimated that the country’s electric vehicle market size will touch USD 152.2 billion by 2030.
The electric two-wheeler segment has grown from 0.5 per cent market penetration in 2020 to 4.5 per cent at 2022-end and could scale beyond 30 per cent in the next five years, as per company estimates.
The electric three-wheeler segment has already reached a 6.8 per cent penetration in the first two quarters of 2022 and can go beyond 40 per cent over the next five years with consistency in policy and support incentives, it added.
Besides, the light commercial vehicles can grow from their current electrification share of 1 per cent to double digits by 2025, it noted.
“We want to further consolidate in the two and three-wheeler verticals because we have now learnt what the market needs and may need in the future. We are the highest producers of e-motors in the country today,” Kumar said. Even as the company focuses on the future, it will continue with solutions, which are compatible with the current range of internal combustion engines.
“We would balance the complete transformation to green mobility. So, we will keep the focus on our conventional products like starters and generators to make them more efficient to ensure we continue to support our customers in terms of stricter regulatory norms that are going to come in,” Kumar stated.
Besides, the company also has solutions for the intermediate phase before the complete shift takes place towards electric mobility.
“We have solutions in the hybrid space and when the transition happens towards hybrids in India we can straight away supply from our global portfolio. We are leaders for mild hybrids in Europe,” Kumar noted.
SEG Automotive Global CEO Ferdinando Sorrentino noted that the company’s key advantage is that it bundles electric machine and manufacturing competence.
“Now, we are leveraging this unique combination of know-how and speed to help create the electrified future of mobility. In India – and for the global markets, where as much as 70 per cent of cars will be hybrids or fully electric already in 2030,” he said.
SEG Automotive was earlier part of the Bosch group.
It employs 6,500 employees in 14 countries.