Mr Samridh Singh, FOUNDER & CEO, RIKARICA
Environmental degradation continues to pose an existential threat to mankind. Thanks to the follies we’ve made over the last few decades, a rapid transition towards sustainability remains our only hope going forward. In this paradigm shift, widespread adoption of EVs will play a groundbreaking role. After all, a single EV on the road can help eliminate around 1.5 million grams in CO2 emissions in just one year. However, this seemingly utopian promise doesn’t come without its share of challenges.
To make EVs a household affair, we’ll need to make significant infrastructural changes in less than a decade. For Indian roads to become 100% EV-dependent, we’ll need to manufacture over 2 million EVs by 2026. Furthermore, the EV charging infrastructure also needs revolutionization. To rid consumers of ‘charge-point anxiety’, easy and near-universal access to EV charging stations needs to become a reality.
The Future of EV Charging Stations
On the surface, erecting a nationwide EV charging infrastructure in less than a decade may seem like some techno-optimistic pipe dream. However, the truth is not as grim as cynics may want to believe. With parallel technological innovation in the IoT space, the future of EV charging stations is likely to be automation-heavy. Meaningly, charging point operators will not need to pour extensive resources into hiring and training staff for managing operations. Instead, they can rely on IoT-based charging stations that deliver an automated and efficient customer experience. Furthermore, IoT-based charging stations can also give drivers access to easy diagnostics whenever they pull over for a recharge. To smooth things further, an IoT-powered network can also be developed to help CPOs with demand management, thereby skyrocketing the pace at which EVs get recharged. All in all, IoT can turn EV charging stations into hyper-efficient terminals that quash all concerns about the plausibility of worldwide EV adoption.
IoT and Business Growth
To inspire the entry of new stakeholders into the EV space, monetary incentives are key. After all, it is unfair to expect investment-savvy entities to make a gamble on the future of EVs without any means to hedge their bets. Thankfully, IoT comes to the rescue on this front as well. From owners of charging stations to stakeholders rendering the EV market green with their resources, everyone can benefit from AIoT-powered predictive analytics.
For instance, charging station owners can use powerful business insights to make important procurement decisions. Based on average demand patterns, they can better allocate business resources in a bid to maximise growth potential. Even at the B2B level, data-driven insights gathered from IoT-based networks can improve risk management and fuel pragmatic decision-making. In essence, IoT can help scale the EV market in ways that are neither reckless nor laggard.
The Infrastructure Conundrum
India’s EV ecosystem has the potential to become a goliath if it sustains steady growth. As of 2020, it exercised dominion over a valuation of $5 billion. Even accounting for pandemic blues, the ecosystem is still on track to become a $47 billion entity by the year 2026. However, rapid infrastructural expansion is a challenge we dare not take lightly. After all, two daunting numbers still cloud over our goal of achieving 100% electric mobility. The first is that of the 4 lakh electric charging stations we need to set up by 2026. The second concerns the 2 million EVs that we need to manufacture by the same time. In both cases, IoT-based applications can conjure the push we need. More clearly, the EV market can leverage RPA or robotic process automation to expedite delivery cycles on the EV manufacturing front. From EV batteries to charging docks, several elementary components pivotal to scaling the EV ecosystem can benefit from RPA-fueled manufacturing processes. Thus, if proper synergistic alliances emerge, tackling the EV ecosystem’s infrastructure conundrum will not prove insurmountable.
Though policy interventions and cultural factors also have a significance that can’t be understated, technology remains the catalyst driving India’s EV revolution. Even when we narrow our focus to maintaining EV charging stations, we can’t diminish the role that IoT has to play. Thus, it would be interesting to see how the interplay of technology and other factors impacts India’s emerging EV ecosystem. Regardless, one thing is for sure. We’re in for a ride!