Editorial April 2024 How the Automobile Electric Vehicles Evs are Revolutionizing the Economies at Scale

Rajiv Parikh

16 Apr 2024
The latest buzz word is that Tesla is entering the Indian Markets. There is a lot of excitement to see Elon Musk visiting India in April 2024. The markets for fully electric vehicles is expanding at a rapid pace. There are naysayers in the industry which are controlled by hedge funds to control the rapid growth of the electric vehicle market because it will affect them as they are heavily invested and controlling the oil market but at the same time, the growth at which the EVs are being adopted is at an all-time high. The worldwide market size for EV was around USD 384.65 B in 2022 and is expected to be around USD 1.5T by 2030. PM Modi has also announced that the vehicles in India will be transitioned to EVs to reduce the dependence on oil imported from around the world! Accordingly, China remains the biggest EV market followed by Europe and then by North America, however with the speed at which the EV marketing in expanding in India may increase its market share of EV adoption. This not only will make EV manufacturers grow but it will also help
 
  • The energy market as more renewable energy will be used to charge the batteries that power the vehicles which in turn will also help increase the solar, wind and hydro power stations
  • The solvents and electrolytes that are needed to make these batteries.
  • The component manufacturers create components specially designed for EVs
  • Create more jobs for component designers and engineers
  • Create more jobs for semiconductor industry to design chips for the EVs
  • Create more jobs for the software industry to remotely manage charging stations and IOT industry to create sensors to record data and its analysis.
  • Recycling of the battery materials is in itself a big incentive which also involves a lot of chemicals to separate out the different materials after the battery has been used for defined recharging cycles.

Generating electricity is not a difficult task, however storing the generated electricity will need massive infrastructure to manufacturer these batteries.

The chemical industry will be at the forefront of all of this because the solvents, electrolytes and metals like Lithium, Cobalt, Nickle, Manganese, Lead, Zinc, Manganese and nonmetals like Graphite will be required to manufacturer large scale industrial size batteries and at the same time, car batteries to store this electricity to power the car. Just imaging a simple electric remote controlled toy car which are there in the market are charged by pencil cell batteries. This toy car has been expanded to a real world car which will run on the same principles but with more sophistication and technology including drive terrain, chemistry to store the energy and components to create the cars.

The governments are also working very hard to reduce dependency on the imports of oil and revolutionize the way we commute. More nuclear power plants will be needed and initially more coal will be needed to power these nuclear plants. The cost of replacing coal with other sources have been historically high but as more renewal energy will be generated and stored in industrial size batteries the coal can be replaced or reduced with the use of Natural Gas and/or Renewable Energy sources which includes solar, wind, hydro, biomass. There does exists concerns related to nuclear waste disposal, safety and proliferation risks but with technological advancement these issues will hopefully get ironed out.

The companies that are working on battery chemicals include Aether Industries, AMI Organics, Tatva Chintan, Himadri Chemicals, Toray Industries, Mitsubishi Chemicals, Hitach Chemicals, Contemporary Amperex Technology Co Limited (CATL) to name a few.

 

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