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Thursday
December 2022
3:55 AM IST
News Headlines
Mumbai City FC win 4-0 as Bengaluru FC’s misery deepens        Australia thrash undermanned England in first ODI        AIBEA decides to go ahead with Nov 19 bank strike, discussions with IBA & Managements fail        Erdogan announces extension of grain deal by 120 days        Musk hints at new chief for Twitter        PM to deliver opening address at 'No Money for Terror' event        Transparency, accountability are essence of governance in parliamentary democracy: Birla        Rajiv Gandhi assassination: Centre moves SC seeking review of its order on per-mature release of six convicts        Modi interacts with Biden, Sunak and Macron on sidelines of G20 summit        Rahul says only Congress can protect Constitution which is under constant attack from BJP        Centre misuses offices of Governors: Sitaram Yechury        Pollard announces IPL retirement, appointed as MI's batting coach        Twitter very slow in India: Elon Musk        Amazon plans to lay off 10,000 people in coming days: NYT        PM Modi arrives in Bali for G20 Summit and bilateral meetings with key world leaders        Kharge accuses BJP of divide and rule        CM Mamata Banerjee apologises for Bengal minister's remarks on President Murmu        Sharath Kamal to receive Khel Ratna on November 30        Top police official held in gang rape case        Biden says US will 'vigorously' compete with China        
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Business News
Auto component industry to see 9-11% revenue from EV parts by 2027: Crisil
 
Mumbai: Auto component industry is expected to see 9-11 per cent of its revenue coming from EV (Electric Vehicle) parts by 2027 amid increasing electrification, according to Crisil.

This growth will come even as the supply of parts for the conventional internal combustion engine-driven vehicles will also grow during the period, it said.

EV components' share in the sector's overall revenue during last fiscal stood at a meagre 1 per cent.

Revenue of the electric vehicle components is likely to rev up at a compound annual growth rate of around 76 per cent to Rs 72,500 crore in fiscal 2027 from Rs 4,300 crore last fiscal, it said.

As much as 60 per cent of this revenue is expected to come from the battery segment and 15 per cent each from drivetrains and electronics, with 90 per cent of the EV component supplies likely to be for two-wheelers and PV (Passenger Vehicle) segments, it forecast.

An analysis of 220 manufacturers, which account for a-third of the auto components market, indicates the transition to EVs will create both opportunities and challenges for domestic auto component makers, it said.

"EV components such as batteries, drivetrains, electronics and others present an opportunity for auto component makers to diversify their revenue base beyond ICE (Internal Combustion Engine) vehicles.

"Companies are already investing in developing electric components, both with established ICE Original Equipment Manufacturers (OEMs) and with new-age, pureplay EV makers," said Naveen Vaidyanathan, Director at Crisil Ratings.

Improving cost viability of EVs versus ICE vehicles, and rising consumer demand for cleaner mobility will drive the transition to EVs, according to Pushan Sharma, director at CRISIL Ratings.

Among the key auto segments, two-wheelers and passenger vehicles are seen driving the transition, with their penetration rising to 19 per cent (from around 2.5 per cent currently) and 7 per cent (from less than 1 per cent currently), respectively, over the next five fiscals, he said.

Commercial vehicles, however, will see far lower penetration at around 3 per cent (0.3 per cent currently) because of unfavourable economics, Sharma added.


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KERALA NEWS
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INTERNATIONAL NEWS
Erdogan announces extension of grain deal by 120 days
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NATIONAL NEWS
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